The World’s Gold.

Pelorus Guardian and Miners' Advocate., Volume 29, Issue 43, 5 June 1917, Page 2

The World’s Gold.

Taking the present position of the world at large, there is no doubt whatever as to the fact of paper money inflation. Between July, 1914, and the beginning of 191 G, Germany's paper currency increased £300,000.000, or something like 320 per cent. France added £303,800,000 to its note circulation within that period, or 113 per cent. In Russia the Imperial Bank’s note issues alone rose £392,600,000, or 217 per cent.,- and there was probably other currency put out. Austria has not ventured to publish the figures of her war-time paper money issues, but they are certainly very large. The Bank of England’s note circulation at the end of 1915, together with the special currency— authorised when the war began, put out by the Treasury for account of the English joint-stock banks, and secured by Government bonds and commercial paper —showed a total increase of £138,400,000, an Expansion of 367 per cent. , The national banks of the United States, a law passed shortly after the panic of 1907, issued £76,000,000 of “emergency currency’’ in the first three months of the European War, as against a previously outstanding national banknote circulation of £150,000,000.