ECONOMICS 289 



of tin- imports over the exports for 1912 was $12,800,000 

 \\lnch form-- a striking contrast with the conditions in 1909 

 when tin- exports exceeded the imports by $88,793,855. The 

 imported gold in both ore and bullion came from Mexico, 

 Canada, England, France, Central and South America. The 

 exports consisted of refined bullion and coin and went largely to 

 France, South America, Canada, and Japan with smaller ship- 

 ments to the West Indies. 



World's Production. According to Frederick Hobart, the gold 

 production of the world for 1912 exceeded that of any previous 

 year. It was an increase of $10,000,000 or 2.2 per cent, over 

 the output of 1911. The gain in the Transvaal alone was 

 approximately $18,225,000. The mines of Rhodesia and West 

 Africa also showed notable gains. The total African production 

 was $21 1,789,000 while the Transvaal alone produced $188,285,000. 



The Asiatic mines, especially those in the Kolar district in 

 British India, increased their annual output. Australasia, 

 which at one time produced nearly one-third of the world's 

 total output of gold, now produces only 12 . 1 per cent, of the 

 total. Western Australia is the largest producer in Australasia, 

 The steady decrease in the value of the ore mined and the fact 

 that no new gold-bearing ore bodies are being discovered are 

 matters of moment in the consideration of the future of the 

 industry. New Zealand also records a lessened production due 

 to labor difficulties which it is expected will not materially affect 

 the output of 1913. The decline in Russia was due also to labor 

 difficulties and to the shortage of water in many of the important 

 places, notably the Lena Gold Mining Company which in recent 

 years has been the largest producer of Siberia. A decline was 

 recorded also for Mexico which is attributed to the disturbed 

 political condition of the country. 



The total output of gold for 1912 was $469,618,083. There 

 has been a steady annual increase in the production of gold for 

 the last 14 years, save in 1910 when there was a decrease of 

 approximately $5,000,000. Since 1893 the world's annual 

 production of the yellow metal has increased $311,180,532. 



SILVER 



Price and Production. The conditions surrounding the silver 

 mining industry from 1908 to 1912 were not altogether satis- 

 factory. The average price for silver in 1908 was 53 cents per 



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