As gold shipments between the United States and foreign countries, particularly Europe, are an important factor in foreign-exchange transactions, it is well to learn how they are handled and the expense attending them.

Whether in coined pieces or bars (bullion), the gold is packed in strong kegs or boxes, securely strapped with hoop iron, and carefully sealed with private seals; the latter to discover if tampered with en route. Space is chartered from the steamship company, as in the case of merchandise, although nearly all large fast steamers have rooms especially constructed for such valuable cargo. At a cost of 3/16 of 1 per cent, or $1,875 for each million dollars in value, the shipper has the gold insured against loss. The steamship company charges for carrying the shipment as freight a rate of about 1/8 per cent of its value, or about $1,250 for each million dollars. As an extra safeguard in case of large shipments, the steamship company details special armed men to guard the room day and night, and sometimes the shipper employs special detectives in citizen's clothes to watch the passengers on the trip, since it is generally known several days in advance when large shipments of gold are to be made.