INTERNATIONAL FINANCE 



Table II. Stocks of Gold in Lending Countries, 

 a. Bad Credit Period, 1892-96. 



7 



b. Good Credit Period, 1908-12. 



1 Includes about 17,000,000 of silver. 



The comparison becomes the more striking when 

 (Table III) of the world's gold productions in 1893-96 



supplemented by a statement 

 and in 1909-12 respectively. 



Table III. World's Gold Productions in 1893-96 and 1909-12. 



Bad Credit Period. 



Total 4 years 



32,600,000 

 37,200,000 

 40,800,000 

 41,500,000 



152,100,000 



Good Credit Period. 







I9O9 ,-;.;;, . . . 93,4OO,OOO 

 I9IO 96,200,000 



1911 ..... 97,3OO,OOO 



1912 (approx.) . . 100,000,000 



Total. 4 years 



386,900,000 



It will be noticed that, whereas in 1893-96 the world's production of gold was only 

 152,000,000, and the accumulation of gold in the three principal lending countries 

 was 42,000,000, in the past four years, in which the world's production of gold has 

 been 387,000,000, the accumulation of gold in these countries came to less than 16,- 

 000,000. It is unnecessary to make similar comparisons as to the chief borrowing 

 countries in the two periods; it suffices to state that whereas in the period of bad credit 

 they held little or no gold, at the end of 1912 they possessed enormous stocks. 



Some notion of the immense sums of gold accumulated by the chief borrowing 

 countries, in comparison with the amounts held in 1896, may be obtained from Table IV. 



Table IV. Gold Held by Debtor Countries in 1896 and 1912. 



