Great Britain and Ireland............... $130,000,000,000 German Empire.................0000005 65,000,000,000 France... ... ccc tc cece teeeee 50,000,000,000 Russia... 2... cece cence eaee 40,000,000,000 Austria-Hungary.................- 200005 25,000,000,000 DE) 5 20,000,000,000 Belgium............-0 cece cece rec eeeee 9,000,000,000
Probably the above figures are more or less conjectural in every case. Economic studies on this subject have not as yet been carefully developed anywhere. Some further data on this subject are given in Appendix D.
Bullion
The estimated stock of gold and silver in the United States, on June 30 of each year, as reported by the Director of the Mint, was as follows:
Gold Silver 1913 $1,866,619, 157 $745,585,964 1914 1,871,611,723 753,563,709 1915 1,973,330,201 758,039,421 1916 , 2,450,516,328 763,218,469 1917 3,018,964,392 772,908,391 1918 3,075,339,748 745,747,094 1919 3,112,320,547 568,329,597 1920 2,707,866,274 548,938,429 1921 3,223,351,644 *600,000,000
- Estimated.
It appears from the above table that from June 30, 1913 to June 30, 1916 we gained about $600,000,000 in gold. Up to June 30, 1919 we gained about $600,000,000 more, but at the middle of 1920 we had only about $250,000,000 more than at the middle of 1916. Between the middle of 1920 and that of 1921, however, we gained more than $500,000,000.
We lost silver in 1918 owing to the surrender of a large quantity to Great Britain for use in India as a war
