The creation of vast international debts by the War has led to considerable pressure on the gold standard system. The amount of gold in the world is smaller than the debts owed by foreign countries to the U. S.; moreover, half of the world's gold supply is here already.
In countries whose currencies are not on a gold basis, and not at par with dollars, a premium is consequently placed upon gold production. This is largely the reason for the record gold production of the African Transvaal field. In July last, the Rand produced 829,437 ounces...
To continue reading:
or
Log-In
