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Hokitika Guardian, 14 June 1927, Page 2

I JtE largest supply of monetary gold ever accumulated by any country in the history of the world—a total of £918,000,000 —was held in the United States at the beginning of last month, according to figures supplied by the Federal Treasury, writes a San Francisco correspondent under date of May 3rd. in an interesting summary of the position. Slightly more than £600,030,000 of the gold is held in the vaults of the Federal Reserve Banks of llie country. Ihe remainder is divided between the vaults of the U.S. Treasury, banks which are not in the reserve system, and scattered miscellaneous holdings. Imports of the precious metal from all parts of the world are responsible for the increase. On Ist. July. 1914. the amount of gold held in the United States was not more than £378.000,000. The immense gold supply in the country is responsible for the abundant credit facilities and low money rates that are ruling. The only other country which has gold, worth more than £200,000.000 is France, whose supply is being increased through the transfer of the metal which "as pledged in London as security for a wartime loan from Great Britain. The third largest amount is held by Great Britain, with £142.000,000. Japan is building up gold reserves in the United States, under a programme that calls for a return - of gold standard during the present year.