GOLD

since the rise of the spanish empire in the new oe over £4,000,000,000 of gold has been produced. only 15°% of this amount was produced between 1493 and the californian alluvial discoveries of 1848, and nearly half has been produced in the first quarter of the century. it is worth while to turn back to the earlier figures in order to measure the rapidity of the advance. value of world output world's output piviod eroportion 1493-1600 1601-1700 1701-1800 is801- 1900 iqo1-1925 103,000,000 125,000,000 259,000,000 1,568,000,000 2,026,000,000 4,081,000, 000 total 433 vears of the total the united states has contributed 22°, the trans- vaal 21°% and australasia 19%. the following table shows the value of the production in different arcas:— amount produced in i912—26 £ § 894,000,000 844,000,000 total amount united states eee y since 184 ) transvaal (since 1884) 203,000,000 519,000,000 australasia (since 1851) 709,000,000 92,000,000 russia and sibcria =e 1814) 370,000,000 40,000,000 mees (since i 521) . 140,000,000 40,000,000 canada (since 1858) . 116,000,000 58,000,000 india (since 1880) . 67,000,000 29,000,000 rhodesia (since 1898) 61,000,000 41,000,000 west africa (since 1880) . 26,000,000 17,000,000 227,000,000 i ,039,000,000 south america, etc. (since 1493) : ; 8 $4,000,000 113,000,000 4,081 ,000,000 1,1 52,000,000 total 433 years mr. eduard suess has calculated that during the period 1848- 75 the annual yield of £22,000,000 was obtained as to {19,300,000 or 88% from alluvial and as to {2,700,000 or 12% from lodes. by 1890 the output of £24,500,000 was derived as to £11,000,000 or 45% from alluvial, as to {11,500,000 or 47% from lodes and as to £2,000,000 or 8% from the stratified banket of the trans- vaal. so productive has the last source of the metal] become, that of the world’s gold production of £81,500,000 in 1925, £41,- 000,000 or 50% came from banket, while lode mining yielded £34,000,000 or 42°, and alluvial had fallen to £6,500,000 or 8% thus has the day of the individual digger disappeared; much of the alluvial production is now obtained by dredging, and exploi- tation by organised capital has taken the place of earlicr methods. though production has advanced so rapidly in the course of the present generation, there are indications that, apart from any new discoveries which may yet be made, the output reached its zenith in 1915. thereafter, partly as a result of restriction of production due to the increased costs resulting from the world war, but partly also as a result of exhaustion of mines, the annval total fell from £96,400,000 to £65,500,0c00 in 1922 (a year excep- tionally affected by a white miners’ strike in the transvaal), recovering to {81,500,000 in 1925. the principal figures of the output for the period 1911 to 1925 are given in tabular form on opposite page. this table shows clearly the commanding position of the british empire, which was responsible in 1925 for 70% of the production, and particularly of the transvaal, which yields three-fourths of the empire’s and half of the world's total. it also indicates gold coast world's gold production, ro1r to 1925 (in millions of pounds at 84s. r13d. per fine oz.) brit- ish rho- desia india,) em- and \v.| pire africa | total rest can- ada l'nited oavns oy abw dh wokhg “iauumwowwwwpowwhn sand boww o6mmmoowwe as ctc cct sit it cast nests on on on ow saan bo hato ks dl wh ww & on qs coo = me to that such countries as australia and the united states are de- clining. so far as can be foreseen the recovery from the post- war year 1922 has largely spent itself. the destination of the gold taken out of the carth in the period since 1493 can be fairly gauged and is given in the following table, the first line of which is necessarily conjectural:— consumption of the world's aggregate gold output, 1403-1024, with proportions of production consumed (in millions of pounds at 84s. 113d. per fine oz.) available as money (dliffer- ence) industrial arts (europe and america)! world’s inclia? out- 1875-1884 1885-1894 1895-1904 1905-1914 1915-1924 1 based-on soetbeer for 1831-80 and on the bureau of the united states mint for 1890-1913, the later figures being approximated by the writer on the bureau of the united states mint’s incomplete statistics, years to march 31 following. net imports plus country’s own production, 3 egypt from 1879 only and china from 1889 only, plus, in the case of the latter, the country’s own production. ‘“nlostly based on figures supplied by the bureau of the united states mint. the industrial arts and india have the first call on gold pro- duction. they largely increased their demands after the out- pourings of gold by california and australia after 1848 and 1851, thereby serving to moderate the great increase of prices of com- moditics which took place, and largely maintained their rate of absorption for some time after the gold output had commenced to decline. again, after production in the ’nineties started its great climb to the height of 1915, they increased their demands exceptionally until for the 20 years to 1924 industry absorbed £20,000,000 and india £15,000,0co per annum. on the whole they have taken 46% of the aggregate gold production, and all of this has been effectively withdrawn from the amount avail- able as money, for india’s imports and its own production have been wholly turned into jewellery, possessions and hoards, gold not circulating. the proportion left for addition to the world’s stock of gold money to date has been a little more than one-half. the distribution and re-distribution of the aggregate output between the end of 1913 and the end of 1924 1s as follows:— 241 distribution of world's ageregate gold production tn 1913 and 1924 dec. 31 1913 dec. 31 1924 £ go £ 70 state banks and ‘treasuries 960,000,000] 30-8 | 1,750,000,000] 43-7 other banks 130,000,000] 4-2 160,000,000] 4-0 in circulation 497,000,000! 15-9 110,000,000] = 2-8 hoarded 3 aa 80,000,0co} 2-0 world's stock of gold money. ; . | £,587,000,000| 50:9 | 2,100,000,000| 52°5 absorbed by indus- trial arts (europe and america) 1,062,000,000| 34-0 | 1,263,000,000] 31-6 ahsorbed by [ndia . 398,000,000, 12-8 560,000,000; [4-0 absorbed by china and egypt 73,000,000] 2:3 77,000,000] 1-9 world's gold output (from 1493) 4,000,000,000] 100 4,120,000,000] 100 the figures set down for money in circulation and hoarded are necessarily guesswork and may be too high, but the table serves to show that while about £400,000,000 has been taken out of the pockets of the public as the result of the monetary changes pro- duced by the world war, about twice that amount has been added to the stocks in central banks. biptiograppuy.——" the mincral resources of alaska, with reports of various goldmining districts,” u.s. geol. surv., bull. 542, 592, 622, 642, 662, 692, 712 (1913-20); d. f. macdonald, ‘‘ notes on the gold lodesof the curville district, cal.,”’ u. s. geol. surv., bull. 530 (1913); ht. g. ferguson, ‘‘ gold lode of the weaverville quadrangle, cali- fornia,” u.s. geol. surv., bull. 540 (1914); m.n. alling, “ ancient auriferous gravel channels of sierra country, california,” trans. amer. inst. afin. engin. no. 49 (1914); a. gibb-maitland, ‘'mis- cellaneous reports in the coolgardie, dundas—and other gold- fields,"’ geol, surv. west australia, bull. 59, 64, 74 (1914-7); e. t. mellor, “‘ the conglomerates of the witwatersrand,” 7rans, inst, min, mch., vol. 25 (191§~6); ministry of interior of canada, ottawa, the yukon territory; its history and resources (1916); p. e. hop- kins, “‘ ontario gold deposits, etc.,” rep. of the ontario dept. afines, vol. 30 (1922); a. l. webb, “ the future of centra) canada as a gold producer,”” mining mag. (march 1923). see also annual reports of the transvaal chamber of mines, and of the depart- ments of mines of south rhodesia (salisbury), victoria (melbourne), queensland (brisbane), new south wales (sydney), and west australia (perth). jie) gold coast (sce 12.203).—the british territory in west mrica known as the gold coast includes gold coast colony proper (23,190 sq. m.), ashanti (24,560 sq. m.), the protected northern territories (30,600 sq. m.) and the british mandated portion of the former german colony of togoland (13,040 sq. m.) making a total of 91,690 sq. m., with a population of 2,298,383, of whom 1,173,439 are in the colony proper. the colony, which is under a governor assisted by an executive and a legislative council, consists of an agglomeration of small, self-contained and mutually independent native states, each of which is under the immediate management of its own tribal organisation. the paramount chiefs are chosen by the tribesmen from families from among whose members alone a chief can be selected. each paramount chief is the occupant of a stool, which is reputed to be the seat of office of the original founder of the tribe, and he is assisted by a number of sub-chiefs whose jurisdic- lion is personal rather than territorial. permanent cultivation due to the extensive planting of cocoa has led to the detinition of the territorial limits of tribal areas. the remarkable economic advance of the gold coast has been accompanied by a great extension of the means of communication. under sir wugh clifford (1912-9), the railway extension from muangoase via koforidua to tafo was completed, and numerous important public works were constructed. under his successor, brig-gen. sir gordon guggisberg, the railway was carried west-north-west to kumasi, the capital of ashanti (july 5 1923), which had previously been reached by the line from sekondi (oct. 1 1903). railwavs.—railway communication now consists of the sekondi-kumasi line (167 m.), with branches and the accra- 242 kumasi line (196 m.); and a railway is being constructed from huni valley, on the sekondi-k umasi line, to the neighbourhood of kade (120 miles). these railways are on the 3 ft. 6 in. gauge. there is also a system of good roads, 1,268 miles in jength, main- tained by the department of public works, and other roads main- tained by the chiefs. motor transport has been introduced with good effect. the harbours at accra and sekondi have been greatly improved, but have not been adequate to the growing trade of the colony, which was valued at £17,408,075 (mports £8,448,862: exports £8,959,212) in the year 1923. in 1921 it was decided to construct a deep-water port at takoradi, not far from sekondi, at a cost of £1,600,000, and this work 1s now in progress. industries —the chief agricultural industry is cocoa growing, and the united kingdom now receives fully two-fifths of its cocoa imports from the gold coast. cultivation is almost entirely in the hands of the native peasantry, who have made a great suc- cess of this industry; the value of the cocoa export in 1923 being £6,566,973. other products are kola, timber (especially mahog- any), palm oil and a small quantity of cotton. mining is an important industry, especially of gold and manganese. ‘the former is widely diffused throughout the colony, ashanti and some parts of the northern territories, while the latter exists in large quantities close to the railway line within 40 m. of the port of sekondi. the shipments of manganese ore reached 181,623 tons in 1923-4, valued at £410,182, and the value of the gold exported in the same year was £852,548. diamonds are also ex- ported and valuable deposits of bauxite have becn discovered. binliography.—w. w. claridge, history of the gold coast and the ashanti (1915); lady clifford, our days on the gold coast (1919); the red book of west africa, ed. hy allester macmillan (1920); sir charles lucas, the gold coast and the war (1920); sir hugh clifford, the gold coast regiment in the east african campaign (1920); j. maxwell, gold coast hundbook (1923); brig.-gen. sir g. guggisberg, the post-war gold coast: a review of the events of 192 3 u1 ae tac en oe goldie, sir george dashwood taubman (1846-1025), the founder of nigeria (see 12.211), from 1908 to igig was an alderman of the london county council, on which he served as chairman of the finance committee. from 1905 to r914 and from 1915 to 1920 he was president of the national defence associa- tion. he died in london on aug. 22 1925. goldmark, karl (1832-1915), austrian composer (see 12.212), died at vienna jan. 2 igrs. goldziher, ignaz (1850-10921), jewish hungarian orien- talist (see 12.219), died at budapest nov. 13 1921. since gro he has published “ the influence of parsism on islam,” trans. in c. p. tiele, the religion of the iranian peoples (1912, etc.); die richtungen der islamischen koranausleguig (leiden, 1920).