the exception of Colombia
and Korea, no one of them yields 1 per cent of the world's gold.

French interests control about a tenth of the production of the
Transvaal, and minor supplies in Mexico and South America--in all about
6 per cent of the world's production. Germany and Austria control less
than 1 per cent of the total gold production. German interests formerly
had extensive holdings in South Africa and Australia, but during the war
this control was eliminated.

The United States, the second largest gold-producing country, supplies
about 20 per cent of the world's total. Commercially it controls
production of another 5 per cent in foreign countries, chiefly in
Canada, Mexico, South America, and Korea. About one-fourth of the United
States production comes from California. Other producing states in order
of importance are Colorado, Alaska, South Dakota, Nevada, Arizona,
Montana, and Utah. These eight states supply 95 per cent of the
country's output, and most of the remainder is obtained from other
western states.

International movements of gold depend chiefly upon its use in the
settlement of trade balances, and are not governed by the considerations
which control ordinary mineral commodities. Imports and exports vary
with changing foreign trade balances. Large amounts of gold normally go
to London, because Great Britain requires all gold produced in the
colonies to be sent to England; but since England ordinarily has an
unfavorable balance of trade, much of this gold is reexported. The
United States up to a few years ago was also a debtor nation, and more
gold was exported than was imported. During the war, however, this
country became the greatest of the creditor nations and imports of gold,
chiefly from Europe, were several times the exports.

The total world's gold production up to 1920 has been upwards of 19
billions of dollars, of which about 10 billions have gone into the arts
or been hidden and lost, leaving 9 billions in monetary reserve.

At the present writing the United States government holds an unusually
large fraction of the world's gold reserve, about 28 per cent or 2
billion dollars,--an amount equal to two-thirds of the aggregate
production of the United States to date. Other large stocks of gold are
held, in order, by Great Britain, France, and Russia, these three with
the United States holding over a half of the world's total gold reserve.
Germany has about 1-1/2 per cent of the total r