Conservative.
to develop an ascertained field. From
1890 the world's production lias been as
follows :
At this writing , official returns for
the product of 1898 have not been
received from all countries , but it is
known that the gains in South Africa
and Australasia amounted to about $80-
000,000 , and in the United States , Can
ada and Mexico to about $15,000,000.
The world's product was probably
about $285,000,000.
And what of 1899 ? We can make
something of a forecast as to that. If
the Rand aud Australasia simply main
tain throughout 1899 the rate of pro
duction which each reached in the latter
part of 1898 , they will together make a
gain over 1898 of $20,000,000 ; while , if
we presume a progressive yield , such
as they have been making for the past
two years , and include an estimate for
North America , from. Mexico to the
Klondike , a greater gain is indicated for
1899 than was made in 1898.
Mr. George F. Becker , a distinguished
mining engineer , formerly chief of the
United Stutes geological survey , esti
mated , upon careful examination two
years ago , that the area in the Baud
within twenty miles of Johannesburg
now producing gold can scarcely fail to
yield $3,500,000,000 , if mining opera
tions are carried on at a depth of 5,000 ,
feet , which has been proved to be feas
ible. The West Australian field , which
for ten years has shown a continuously
progressive increase , in 1898 reaches a
product of $20,000,000. It is an arid
region presenting many difficulties to
the miner ; but the great investments
now being made in pipe-linos for con
voying water , and in ore crushing
plants , indicate that it is a region of
great possibilities. Colorado , Utah ,
Washington , British Columbia , the
Klondike , aud Alaska may all bo ex
pected to show a progressive yield for
years to come. All of these districts ,
except the Klondike and parts of
Alaska , are quartz districts , requiring
capital for their workiag , and promising
longer life than placer deposits. The
probabilities seem to be that the output
will not decline while the present gener
ation of men is interested in affairs.
The estimates of the bureau of the
mint as to production and consumption
are sustained by the increase in visible
stocks. The following showing is of
fered of the disposition of the world's
new gold between December 81 , 1892 ,
and December 81 , 1897.
For the five years , 1898 1897 , the
bureau of the mint , at the end of each
year , has estimated the production of
the world as follows :
1693 $157,494.800
1894 181,175,000
1895 109,304,100
1890 202,5)50,000 )
1897 237,504,800
Total 4078,485,800
The estimates of the bureau , made an
nually , of industrial consumption , have
been as follows :
1893 $ 50.177,800
1894 52,188,780
1895 68,579,100
1890 59,251,040
1897 59,005,080
Total $270,107,810
The stocks of gold in the principal
banks of Europe on or about December
81 , 1892 , and December 81 , 1897 , re
spectively , are given below. The fig
ures , if not for the last day of the
mouth , are from the statements nearest
thereto. The sums for Russia and
Austria-Hungary include amounts in
government treasuries , as reported by
the official representatives of the United
States in those countries.
Gold Coin ami Bullion in European I Jim Us and Treasuries on December 31 , 1803 ,
and oil December 31 , 1807 , Respectively.
Bank of England
Bank of Franco ,
* Imperial Bank of Germany ,
f Austria- Hungary
Bank of Spain
Bank of the Netherlands. . .
National Bank of Belgium.
Italy :
Bank of Italy. .
Bank of Naples ;
Bank of Sicily .
Russia :
Imperial Bank and Treasury
Bank of Finland
National Bank of Rounmnia
Switzerland : Banks of Issue
Bank of Norway
National Bank of Denmark
Sweden : Royal and private banks.
Banks of Scotland
Banks of Ireland
Totals.
1892.
$117,807,200
820,770,100
184.780.7H4
100.540,530
80,727,000
15,400,200
14,871,000
74,227,800
882,507,001
4,188,100
10,570,400
r'.OGo.ooo
5,558,400
15,729,500
0,542.700
23,100,000
13,510,000
$1,304,008,805
1897.
$140,950,200
870,909,700
184.744,000
227,051,855
45,834,000
12,770,940
18,724,040
70,078,000
070,780,000
4.803,900
11,007,500
17,087,000
7,835,800
17.447,200
10,190,400
20,055,000
18,027,500
$1,820,002,401
Not increase $515,094,090.
* Tlio Imperial Bank of Germany does not report its gold and silver separately. One-third
of the stock of coin and bullion reported has been deducted for silver.
( Total stock in country , olllcially estimated.
The banks of Australasia , South
Africa , and Canada held gold on the
dates under comparison practically as
follows ( the Colonial bank statements
are averages for the years named ) :
Australasia. .
South Africa.
Canada
Totals.
tion over exports in the five years under
review -18,500,000 , which may reason
ably be counted as the gain by the East.
Four of the five years of the period
under examination were years of heavy
gold exports from the United States ,
consequently the gain in the stock of
this country was comparatively small ,
the net addition being $95,457,958.
About one-half of this is shown by the
reports of the government treasury aud
the national banks , the remainder being
considered to have gone testate aud
private banks and into general circula
tion. If the period is extended to in
clude the year 1898 , the statement will
show a gain of $200,000,000 for the
United States in that year.
In the countries of the world not cov
ered by the foregoing statements the
change in stocks is not important.
The new gold of the period 1892 97 ,
as estimated , has now practically been
all traced into use as follows :
1892.
$101,580,705
18,233,100
0,520,724
$120,290,085
Little allowance for error in these
figures need be made ; for they are defi
nite returns of gold in sight and counted.
A similar statement of gold stocks in
the East in 1892 and 1897 cannot be
compiled from data at hand ; but the
movement between the East and Great
Britain is obtainable. For the British
East Indies , China , and Japan , the ex
cess of imports and estimated produo-
Gain.
$29,148,000
47,130,000
4,200
121,105,825
9,100,700
2.451,100
204,210,005
115.800
521,100
5,018,000
2,277,400
1,717,700
8,047,700
2,805,000
$510,352,810
Gains in Gold Stocks of the World , and
Kstimales of Industrial Consumption ,
from December 31 , 1803 , to December
31 , 1807.
European banks and treasuries. . . . $515,004,000
United States 95,457,038
1897.
$118,001,780
82,831,040
8,003,103
$154,400,845
Loss.
$2,029,200
1,140,000
482,500
$4,258,720
Increase.
$11,404,941
14,508,780
2,180,480
$28,200,100
British East Indies , China and Japan 43,500,000
Banlcs of Australasia , South Africa
and Canada 28,200,100
Industrial consumption 270,107,810
Total $001,440,505
Subtracting this total from the pro
duction , $978,485,800 , we have but
$10,985,795 unaccounted for. The calcu
lation comes out too close to be entirely
satisfactory. A larger sum than this
must have been absorbed in general oir-
