By this may be understood either the " gold import point " or the " gold export point " to which subjects reference may be had.

Gold Product of the United States. The Secretary of the Treasury, in his report for 1920, gives the product of this country for the calendar year 1904 as $80,464,700; for 1905, $88,180,700; for 1906, $94,373,800; for 1915, $101,035,700, and for 1919, $60,333,400.

1 Since the Secretary of the Treasury has established the precedent as explained under the first foot-note to "International Movement of Gold" this changes the "import point."

Gold Product of the World. From the time of the discovery of America to 1520, Dr. Adolph Soetbeer estimates the average annual product of gold as only $3,855,000. At no time did the average output exceed $16,500,000 until the decade ending 1850, during which time the average was $36,393,000. Beginning with 1876, the average did not drop below $100,000,-000 except in 1883, for which time it was $95,392,000. In 1896 it exceeded $200,000,000 and in 1915 reached the amount of $470,466,214. The estimated total world's product from 1493 to 1919 inclusive is $17,754,324,651. The above averages, unless otherwise stated, are based upon 5, 10, or 20 year periods.1

Comptroller of the Currency estimates (1920) world's total stock of gold at $10,000,000,000.