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World Gold Production Valued in U. S. Money

United

|Chile

Source: The Federal Reserve Board; figures show thousands of dollars.
Esti.
Africa
North and South America

Far East
Year World
(Cal.) Produc- South Rho- West Can-

Col-
Austra-

Brit.
tion
Africa | desia Africa ada States Mexico ombia Chile

Japan India $1=25-8/ 10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$ 20.67 1929.. 382,532 215,24211,607 4,297 139,862 45,835 13,463 2,823 683 8,712 6.927 7,508 1930.. 401,088221,52611,476 4,995 43,454 47,123 13.813

3,281

428 9,553 8,021 6,785 1931., 426,424 224.863 11,193 5,524 55,687 49.524 12,866 4,016 442 12,134 8,109 6,815 1932.. 458,102 238,931 12,000 5.992 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933. 1 469,257 227,67313,335 6,623 60,968 52,842 13,1696,165 3,009 116,873 8.968 6.919

$1=15-5/21 grains of gold 9/10 fine: 1. e., an ounce of fine gold=$35 1933. . 1 794,498 385,474 22,578 11,214 103,224 89,467 22,297 10,438 | 5,094 128,568 15,183 111,715 1934.823,003 366,795 24,264 12.153 104,023 108.191 23,135| 12,045 8.350 30,559 16,354 11,223 1935. / 882,533 377,090 25,477 13,625 114,971 126,325 23,858 11,515 9.251 31,240 20.043 11,468 1936.. 971,514 396,768 28,053 16,295 131,181 152,509 26, 465) 13.632 9,018 40.118 23,684 11,663 1937.. 1,041,576 410,710 28,296 20.784 143,367 168,159 29,591/ 15,478 9.544 46,982 25,065 11,607 1938.. 1,136,360 425,649 28,532 24,670 165,379 178.143 32,306 18,225 10,290 154,264

11.284 1939 1,212,796 448,753 28,009 28,564 178,303 196.391 32,300 19,951 11,376 56.182

11,078 1940. . 11,285,060 491,628 29,155 32,163185,602 206,994 30.87822,117 11.999 55,878

10,157

United States totals include the Philippines.

World totals exclude estimates for Soviet Russia, as follows, in millions of dollars-(1929) 15: (1930) 31; (1931) 34; (1932) 40; (1933) 56; (1933) 95; (1934) 135; (1935) 158; (1936) 187; (1937) 185; (1938) 180.

The second 1933 figure for Russia and those since are based on $35 value per fine ounce.

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Source: United States Treasury Circulation Statement
Money Held in Treasury

Money Outside of Treasury
Total

Amount held in
Reserve

In Circulation June

trust Stock of

against 30 money in

Total
gold and silver against U.S.

Total
U. S.

certificates (and notes (and
Treasury

Per
Treas. notes
notes

Amount
of 1890)
of 1890)

C'pita
Dollars
Dollars
Dollars

Dollars

Dollars Dollars Perc't 1915. 4,050,782,821 1.967,664,597 1,619,428,701 152,977,037 3,702,546.925 3,319,581.654 32.96 1920. 8,158,495.864 2,379,663,573 704,637,755 152.979,026 6,483,470.046 5.467,588,616 51.38 1925.. 8,299,382,000 4,176.381,450 2,059,798,696 153,620.986 6.187.048,829 4,815,207,508 41.73 1926. 8,428,971,329 4.210.358,026 2,139,770,428 154,188,886 6,358,383,731 4.885,266,064 41.71 1927. 8,667,281,866 4,159,055,896 2,096,205,453 155,420,721 6,604.431,423 4,851,321,131 40.90 1928..8,118,090,754 3,725,649,727 1,986,761.140 156,039.088 6,379,202,167 4.796,626,257 39.97 1929, 8,538.796.192 3,789,880,214 1.854,372,591 156,039,088 6.603,282,569 4,746.296.562 39.08 1930.. 8,306,564,064 4,021,936,763 1,978,447,640 156.039,088 6,263,074,941 4,521,987,962 36.71 1931 9,079,623 698 4,277,734,850 2.196.103.165 156,039,088 7.047.992,013 4.821,933,298 38.86 1932..9,004,504,534 3,493,121,805 1.979.137.320 156,039,088 7,490,520,049 5,695,171,375 45.63 1933. 10,078,416,523 3,797, 691,605 1,711,721,413 156.039.098 7.992,446,3315,720.764.384 45.51 1934.. 13,634.380.567 8,408,392,036 5,453,712,918 156.039, 431 6,679, 455,159 5,373,469.752 42.50 1935. (15,113,034,715 9.997.361.686 7,131,431.261 156,039,431 6,714,514,339 5,567,092,519 43.78 1936., 17.402,493,297 11.851,635,026 9,355,223,763 156,039,431 9,602,054,644 6,241,200,493 48.60 1937., 19,376,690.005 13,685,480,147 10.240.964,078 156,039,431 9.901,261,037 6,447,056,447 49.88 1938.. 20,096,864,767 14,535,626.578 12,233,067,576 156,039.431 9.964,467.385 6.460,891,315 49.62 1939 23.754,736,31917,862,671,169 15.299,262,384 156,039,431 10.483,210,020 7,046,742,702 53.72 1940.28,457,959,874 21,836,935,523 19,651,066,772 156,039,431 11,333,196,1817,847,501,324 59.48 1941.. 32,774,554.351/24,575,186,185! 22,300,087,392 156,039,431 (12,993,288.84419.612,375,332 72.39

Note. There is maintained in the Treasury-(1) equal to the face amount of such gold certificates. as a reserve for United States notes and Treasury Federal Reserve notes are

obligations of the

United States and a first lien on all the assets of notes of 1890-$156.039,431 in gold bullion; (ii) as

the issuing Federal Reserve Bank. Federal Reserve security for Treasury notes of 1890-an equal dollar amount in standard silver dollars (these notes are

notes are secured by the deposit with Federal

Reserve agents of a like amount of gold certificates being canceled and retired on receipt); (ii) as security for outstanding silver certificates-silver chased paper as is eligible under the terms of the

or of gold certificates and such discounted or purin bullion and standard silver dollars of a monetary

Federal Reserve Act, or, until June 30, 1943, of value equal to the face amount of such silver direct obligations of the United States if so authorcertificates; and (iv) as security for gold certifi. Ized by a majority vote of the Board of Governors cates--gold bullion of a value at the legal standard l of the Federal Reserve System.

U. S. Gold and Silver Exports and Imports, by Years

Source: U. S. Department of Commerce; figures in thousands of dollars.

Gold

Silver

Gold

Silver

Year

Year (Cal.) Exports Imports Exports Imports (Cal.) Exports Imports Exports Imports 1910. 58,775 59.223 57,361 45.878|1930

115,967 396,054 54,157 42,761 1915. 31,426 451.955 53,599 34,4841931.

466,794 612,119 26.485 28.664 1920. 322,091 417,068 113,616 88,060 1932

809,528 363,315 13,850 19,650 1921. 23,891 691,248 51,575 63,2431933

366,652 193,197 19,041 60,225 1922. 36,875 275,170 62,807 70.807 11934

52,759 1,186,671 16.551 102,725 1923. 28,643 322,716 72,469 74,454||1935,

1,960 1,740,979 18.801 354,531 1924 61.648 319,721 109,891 73,945||1936

27,533 1,141,117 11.965 182,816 1925 262.640 128, 273 99,128 64,596|1937

46,020 1.631,523 12,042 91.877 1926 115,708 213,504 92,258 69,5961938

5,889 1.979.457 7.082 230,531 1927 201,455 207,535 72.625 55,0741939

508 3,574.659 14.630 85,307 1928. 560,759 168.897 87.382 68,117 | 1940

4,995 4.749,467 3.674 58,434 1929.

116.5831 291.649 83,4071 63.940|1873-1940. 6,775,189 29,546,824 3,514,194/3,256,672 Silver export figures, 1936 and 1937 do not include pesos coined for the Cuban Government, Net United States imports of gold-(1934), $1,- The world's industrial consumption of gold and 131,994,000; (1935) $1,739,019.000; (1936) $1,116,- silver, in 1938, was-gold, $58,039.320: silver. 53,584,000; (1937) $1,585,503,000: (1938) $1,973,569,000; 013,498 fine ounces. (1939) $3,574,151.000; (1940) $4,744,472,000.

Gold Reserves of Central Banks and Governments
Source: The Federal Reserve Board; figures show millions of dollars; at par of exchange.
Swit-

Ar-
Unit.

Ger-1 Hol-
France

Ja

RusDec. U. S.

zer- Spain

Bel Can -
Italy
gen-

World
King.
ma'y land
land

sia
gium ada

tina
pan

dia

78

212

1920 2.451 7548
685 260 256 105 474

204 51 113 474 556 116 7,239 1925 3,985 695 711 288 178 90 489 94 219 53 157 451 576 109 8.974 1930 4,225 718 2.100 528 171 138 470 249

279

191 110 412 412 128 10,917 1931 4.051 588 2.699 234 357 453 434 328 296 354

253 234 162 11,291 1932 4.044 583 3,254 192 415 477 436 368 307 361 84 249 212 162 11.897 1933 4,012 928 3.022 92 371 386 436

416 373
380 77 239

162 11,930 1934 8.238 1.584 5.445 32 573 624 740 744 518 590 134 403 394 275 21,051 1935 10.125 1.648 4,395 33 438 454 735 839 270 611 189

425 275 21,604 1936 11,258 2,584 2,995 27 491 657 718

208 632 188

501
463
275

22.630 1937 12,760 2,689 2,564 28 933 650 718

210 597 184 469 261 274 23,964 1938 14,512 2,690 2.430 29 998 701 525

193

581 192 431 164 274 25.468 1939 17,644 1 2,709 29 692 549 525

144 609 214 466 164

274

25,702 1940/21.995 1 2,000

617 502

734 7 353 164 274 Others not in the above table (millions of dollars)--Brazil (51); Chile (30); Colombia (17); zechoslovakia (58); Denmark (52); Egypt (52); Greece (28): Hungary (24); Java (140); Mexic (47 Netherlands (617); New Zealand (23); Peru (20); Portugal (59); Roumania (158); South Africa (367); Sweden (160); Turkey (88); Yugoslavia (82); Uruguay (90); Venezuela (51).

Gold reserves, Dec., 1940, not included above-- United States. $48,000,000; Belgium, $17,000,000.

U. S. Gold Exports and Imports, by Countries

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[In thousands of dollars at approximately $35 a fine ounce)

Source: The Federal Reserve Board.
Total

Net imports from or net exports (-) to:
net
imports

United
or net

Bel-
Neth-

Swe

Switz-
France
King-
exports

er-
gium

den

erdom

lands

land

Year or month

Canada

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The total for 1934 includes January figures at $20.67 a fine ounce. "All other countries include (1938) $31.830,000 from Argentina.

(1939) $28.097,000 from China and Hong Kong, $15.719.000 from Italy, $10,953,000 from Norway, $10.077.000 from Chile, and $37.555.000 from other countries.

(1940) $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851.000 from U. S. S. R$26.178.000 from Hong Kong, $20,583,000 from Netherlands Indies, $ 16,310,000 from Yugoslavia, $11.873,000 from Hungary $10.802,000 from Chile, $10,775,000 from Brazil. $10,416.000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.

History of U. S. Monetary Standards, 1785-1933

Source: Office of the Secretary of the Treasury Under the Articles of Confederation, the Congress gold coins were full legal tender. Silver coins for in 1785 adopted the dollar as the monetary unit of fractional parts of a dollar, except for the halfthe United States, and in 1786 fixed its value at

dime which was abolished, were continued, as pro375.64 grains of pure silver. This unit was derived

vided in the Act of 1853. with only a slight change from the Spanish piaster, or milled dollar, which

in their silver content (and without change in their

limited legal tender qualities). Former provision had constituted a large part of the metallic circula

for silver dollars (of 371.25 grains of pure silver) tion of the English colonies in America.

was omitted, (a trade dollar containing 378 grains Congress, by the Act of April 2, 1792, established of pure silver, intended for export to the Orient the first monetary system of the United States in exchange for goods, was authorized; its free under the Constitution. That Act provided "that coinage was discontinued in 1878). the money of account of the United States shall The Act of February 28, 1878. (Bland-Allison Act) be expressed in dollars or units, dismes or tenths, again provided for the coinage of the silver dollar cents or hundredths, and milles or thousandths." of the weight (412.5 grains) and standard (900 fine) and established two units of value: the gold dollar as provided by the Act of January 18, 1837, and containing 24.75 grains of pure gold (27 grains of provided that all such silver dollars together with standard gold 0.916 -2/3 fine), and the silver dollar those previously coined should be legal tender at containing 371.25 grains of pure silver (416 grains their nominal value for all debts and dues, public of standard silver 0.8924 fine), the proportionate and private, except where otherwise expressly mint ratio of the two metals being 1 to 15. A mint stipulated in the contract. was established at Philadelphia, and provision The Act of July 14, 1890, (Sherman Act) which made for the coinage of both gold and silver coins. provided for the purchase of silver (see page 11) The coinage was unlimited and there was no mint and the issuance of Treasury notes of the United charge. Both gold and silver coins were legal States (see pages 25-26) in payment therefor stated tender.

"that upon demand of the holder of any of the The Act of 1792 undervalued gold, which was Treasury notes herein provided for the Secretary therefore exported. To remedy this the Act of June of the Treasury shall, under such regulations as he 28, 1834, reduced the content of the gold dollar may prescribe, redeem such notes in gold or silver from 24.75 to 23.20 grains of pure gold, and reduced coin, at his discretion, it being the established the standard weight from 27 to 25.8 grains, thus policy of the United States to maintain the two reducing the fineness to 0.899225, and since the metals on a parity with each other upon the fine content of the silver dollar was unchanged, present legal ratio, or such ratio as may be promaking the mint ratio between gold and silver i to vided by law." 16.002. By the Act of January 18, 1837, the fineness The Act of November 1, 1893, repealed the purof both gold and silver coins was fixed at 0.900, chasing clause of the Act of July 14, 1890, and and the weight of the gold dollar was fixed at 25.8 declared it to be "the policy of the United States grains of standard or 23.22 grains of pure gold, and, to continue the use of both gold and silver as since the fine content of the silver dollar was standard money, and to coin both gold and silver unchanged, a new mint ratio of 1 to 15.988 for gold into money of equal intrinsic and exchangeable and silver was thereby established.

value, such equality to be secured through internaThe acts of both 1834 and 1837 undervalued silver tional agreement, or by such safeguards of legislain terms of gold, and silver was attracted to Europe tion as will insure the maintenance of the parity in by the more favorable ratio there obtaining, value of the coins of the two metals, and the equal

By the act of February 21, 1853, the fine silver power of every dollar at all times in the markets content of silver coins for fractional parts of a and in the payment of debts." dollar was reduced approximately 7 percent (previ. The Act of March 14, 1900, reaffirmed the Act of ously their silver content had been exactly propor- 1873 by providing that, "the dollar consisting of tional to that of the silver dollar), and they were 25.8 grains of gold nine-tenths fine, *. # shall be made legal tender to the amount of $5 only the standard unit of value, and all forms of money (previously they had been full legal tender). This issued or coined by the United States shall be mainAct also discontinued free coinage of fractional tained at a parity of value with this standard, and silver coins, and provided that thereafter they it shall be the duty of the Secretary of the Treasury should be coined only for the account of the to maintain such parity." This Act also provided Treasury, any profit accruing to the United States that nothing contained in the Act "shall be conthrough their coinage to be covered into the strued to affect the legal-tender quality as now Treasury as seigniorage. The Treasury was to provided by law of the silver dollar, or of any other redeem these "subsidiary'' coins at their face money coined or issued by the United States, value in standard money, upon demand.

In 1913, Congress provided in the Federal ReThe Act of February 12, 1873, codified the coinage serve Act that nothing in this Act contained shall laws then in effect and made a number of changes be construed to repeal the parity provision or proin the monetary structure. This Act declared that visions contained in an Act approved March 14, a gold "one-dollar piece" (of unchanged fineness 1900 ... and the Secretary of the Treasury may and content, 25.8 grains of standard gold 0.900 fine, for the purpose of maintaining such parity and to or 23.22 grains of pure gold) should be the unit of strengthen the gold reserve, borrow gold on the value"; coinage of gold was to be unlimited, and security of United States bonds ...

Which standard.

The Gold Standard

Source: The January 1941 Federal Reserve Bulletin There seems to be a confusion of thought, not price. Moreover, gold movements have continued only among laymen but bankers, as to the ques

to affect the volume of bank reserves and bank tion, “Is the United States on a gold standard?"

deposits in the United States in the same way as One group maintains we are on a "restricted gold before 1933. In fact, we have operated for the past standard" or "modified gold standard,

while

seven years in a manner that does not differ in others state we are off the gold standard."

its economic effects from those of the old gold is correct or is there another answer to the ques- Perhaps the most important difference between tion? Whether our monetary system rests on a gold our present arrangement and the gold standard as standard depends on the way that standard is we used to know it is the fact that the price of gold defined. Formerly the gold standard might have and the Treasury's willingness to buy or sell it are been defined as a monetary system under which the rot guaranteed by law, but are discretionary. Or. authorities were required to buy gold from any one dinarily this is more a theoretical than a practical and to sell it to any one, in any amount, at a fixed difference; but at least on two occasions since 1934 price, and to allow gold to move into or out of the rumors that the price of gold would be changed country without restriction.

gained currency here and abroad and had considerIn the sense of this definition, we are not now on able effects on international gold movements. a gold standard. Private individuals may not, as a It should be added that in any event a single rule, buy or own gold coin, gold bullion, or gold country obviously can not be on an "international" certificates, and all gold transactions are subject to gold standard. The United States, however, has Treasury regulation. This has been true since the kept the dollar stable in terms of gold, as it would spring of 1933. The Treasury, however, has pur- have been under the gold standard; but, with other chased at a fixed price of $35 an ounce all the gold countries off gold, their currencies have not been offered, and on the few occasions when the sale of held in a fixed relationship to the dollar, as they gold to settle international balances was requested, would have been had an international gold standard gold was released by the Treasury also at a fixed been in effect.

Foreign Monetary Units Valued in U. S. Money

Source: Official Bulletin, the Treasury Department Pursuant to the Tariff Act of 1930, the following estimates by the Director of the Mint of the values of foreign inonetary units are hereby proclaimed to be the values of such units in the money of account of the U. s. in estimating the value of all foreign merchandise during the quarter beginning July 1. 1941.

If no such value has been proclaimed, or if proclaimed varies by 5% or more from the buying rate in the New York market

at noon on the day of exportation, conversion shall be made at such buying rate. Argentine Republic, peso ($1.6335). Given value milligrams of fine gold per lira established by is of gold peso.

Paper nominally convertible at monetary law of Oct. 5, 1936. 44% of face value. Convers. Suspend. Dec. 16, 1929. Japan, yen ($0.8440). Embargo on gold exports

Australia, pound ($8.2397). Control of gold Dec. 13, 1931. stocks and exports authorized Dec. 17, 1929.

Latvia, lat. Currency pegged to sterling Sept. Belgium, belga ($0.1695). By decree of Mar. 31, 28, 1936, at 2,522 lat = £100; on Sept. 13, 1939, a 1936. One belga equals 5 Belgian francs. The law was passed providing that if the pound sterling Anglo-Belgian financial agreement of June 7, 1940, should depreciate by more than 5 per cent with fixed the rate of exchange of the Belgian franc and respect to the United States dollar, or the Swedish the franc of the Belgian Congo at 176.625 francs krona, the Bank of Latvia shall take steps to keep for £1 sterling.

the rate of exchange of the lat stable by basing it Bolivia, boliviano ($0.6180). Conversion of notes on gold or some other monetary unit. into gold suspended Sept. 23, 1931.

Liberia, dollar ($1.6931). British money is prinBrazil, milreis ($0.0606). Based upon official rate cipal circulating inedium. for milreis in terms of the dollar as announced by Lithuania, litas ($0.1693). Free export of gold the Bank of Brazil. Conversion of Stabilization suspended Oct. 1. 1935. Office notes into gold suspended Nov. 22. 1930.

Mexico, peso. Decree of Aug. 28, 1936, left the British Honduras, dollar ($1.6931)). Conversion monetary unit, the peso, to be later defined by law. of notes suspended.

Netherlands and colonies, guilder (florin). Bulgaria, ley ($0.0122). Exchange control estab- ($0.6806). Suspension of convertibility of notes lished Oct. 15, 1931.

into gold and restrictions placed on free gold exCanada, dollar ($1.6931). Embargo on export of ports-- Sept. 26, 1936; gold export prohibition regold, Oct. 19, 1931; redemption of Dominion notes

pealed by decree June 28, 1938; prohibition restored in gold suspended April 10, 1933.

by Act. of Nov. 25, 1938. The Anglo-Netherlands Chile. peso ($0.2060). Given valuation is of gold financial agreement of June 14, 1940, established peso. Gold pesos are received for conversion at the the official rute of exchange between the Netherrate of 4 paper pesos for one gold peso. Conversion lands Indies guilder and the pound sterling at 7.60 of notes suspended July 30, 1931.

guilders for fi sterling. By act of Sept. 20, 1940. China, yuan Silver standard abandoned by de- the Netherlands Indies Volksraad decided, subject cree of Nov. 3, 1935, bank notes made legal tender to later ratification by law, that the Java Bank under Currency Board control; exchange rate for shall fix the value of its stocks of gold coin and British currency primarily fixed at about I s. 212 d., bullion at Fl. 2,121 per kilogram fine. or about 2972C U S., per yuan.

Newfoundland, dollar ($1.6931). Newfoundland Hong Kong, dollar. Treasury notes and notes of and Canadian notes legal tender, the three banks of issue made legal tender by sil.

New Zealand (pound ($8.2397). Conversion of ver nationalization ordinance of Dec, 5, 1935; ex- notes into gold suspended and export of gold rechange fund created to control exchange rate.

stricted, Aug. 5, 1914; exch. regula. Dec., 1931. Colombia, peso ($0.5714). Obligation to sell gold Nicaragua, cordoba ($1.6933). Embargo on gold suspended Sept. 24, 1931. New gold content of exports Nov. 13, 1931. .56424 grams of gold 9/10 fine established by mone

Norway, krone ($0.4637). Conversion of notes tary law of Nov. 19, 1938, effective Nov. 30, 1938,

into gold suspended Sept. 29, 1931. Costa Rica, colon ($0.7879). Conversion of

Panama, balboa ($1.0000). U. 8. money is prinnotes into gold suspended Sept. 18, 1914; exchange cipal circulating medium. control established Jan. 16, 1932.

Paraguay, peso (Argentine) ($1.6335). ParaCuba, peso ($1.0000). By law of May 25, 1934.

guayan paper currency is used; exchange control Czechoslovakia, koruna.

established June 28, 1932. Denmark, krone ($0.4537). Conversion of notes

Persia (Iran), rial ($0.0824), Obligation to pay into gold suspended Sept. 29, 1931.

out gold deferred Mar. 13, 1932; exchange control Dominican Republic, dollar ($1.6931). U. S. established Mar. 1. 1936. money is the principal circulating medium.

Peru, sol ($0.4740). Conversion of notes into Ecuador, sucre ($0.3386). Conversion of notes gold suspended May 18, 1932. into gold suspended Feb. 9, 1932.

Philippine Islands, peso ($0.5000). By act apEgypt, pound (100 piasters) ($8.3692). Conver- proved Mar. 16, 1935. sion of notes into gold suspended Sept. 21, 1931,

Poland, zloty ($0.1899). Exchange control estabEstonia, kroon ($0.4537). Conversion of notes lished Apr. 27, 1936. into gold suspended June 28, 1933.

Portugal, escudo ($0.0749). Gold exchange standFinland, markka ($0.0426). Conversion of notes ard suspended Dec. 31, 1931. into gold suspended Oct. 12, 1931.

Rumania, leu ($0.0101). Exchange control estabFrance, franc.

Provisions of monetary law of lished May 18. 1932. Oct. 1, 1936, providing for gold content of frano,

Salvador, colon ($0.8466). Conversion of notes superseded by decree of June 30, 1937, which stated

into gold suspended Oct. 7, 1931, that the gold content of the franc shall be fixed

Spain, peseta. ultimately by a decree adopted by the Council of Siraits Settlements, dollar ($0.9613). British Ministers. Until issuance of such decree a stabili

pound sterling and Straits dollar and half dollar zation fund shall regulate the relationship between legal tender. the iranc and foreign currencies.

Sweden, krona ($0.4537). Conversion of notes Germany. reichsmark ($0.4033). Exchange con- into gold suspended Sept. 29, 1931. trol established July 13, 1931.

Switzerland, franc. Order of Federal Council Great Britain, pound sterling ($8.2397). Obliga

enacted Sept. 27, 1936, instructed the Swiss Nation to sell gold at legal monetary par suspended tional Bank to maintain the gold parity of the Sept. 21. 1931,

franc at a value ranging between 190 and 215 millGreece, drachma ($0.0220). Conversion of notes

grams of fine gold. into gold suspended Apr. 26, 1932.

Thailand (Siam), baht (tical) ($0.7491). ConGuatemala, quetzal ($1.6931). Conversion of

version of notes into gold suspended May 11, 1932. notes into gold suspended Mar. 6, 1933.

Turkey, piaster ($0.0744). 100 piasters equal to Haiti, gourde ($0.2000). National bank notes re

the Turkish £; conversion of notes into gold susdeemable on demand in U. S dollars.

pended 1916; exchange control established Feb. Honduras, lempira ($0.8466). Gold exports pro

26, 1930. hibited Mar. 27, 1931; lempira circulates as equiva

Union of South Africa, pound ($8.2397). Converlent of half of U. S. dollar. Hungary, pengo ($0.2961). Exchange control es

sion of notes into gold suspended Dec. 28, 1932. tablished July 17, 1931.

Union of Soviet Republics, chervonetz ($8.7123). India (British). rupee ($0.6180). Obligation to Uruguay, peso ($0.6583). Conversion of notes sell gold at legal monetary par suspended Sept. 21, into gold suspended Aug. 2, 1914; exchange control 1931.

established Sept. 7. 1931. New gold content of Indo-China, piaster. Plaster pegged to French

.585018 grams of pure gold per peso established by franc at the rate of 1 piaster = 10 French francs: monetary law of Jan. 12, 1938. conversion of notes into gold suspended Oct. 2, 1936 Venezuela, bolivar ($0.3267). Exchange control

Ireland. pound ($8.2397). Conversion of notes established Dec. 12, 1936. Isto gold suspended Sept. 21, 1931.

Yugoslavia, dinar ($0.0298). Exchange control Italy, lira ($0.0526). New gold content of 46.77 established Oct. 7, 1931,

Foreign Exchange Rates, Yearly Averages

Source: The Federal Reserve Board (Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency)

Year Arg'tina Aust'lia Austria Belgium Brazil Brit. Ind. Bulgaria Canada (Cal.) (Peso) (Pound) (Schilling) (Belga) (Milreis)

(Rupee) (Lev) (Dollar) 1930.

83.505 458.60 14.089 13.952 10.7136 30.067 0.7209 99.842 1931. 66.738 351.50 14.023 13.929 7.0290 33.690

0.7163 96.353 1932 58. 443 279.93 13.960 13.914 7.1223 26.347

0.7193 88.090 1933 72.801 337.07 15.448 17.900 7.9630 31.816

1.0039 91.959 1934 33.579 400.95 18.793 23.287 8.4268 37.879

1.2852 101,006 1935 32.659 388.86 18.831 18. 424 8.2947 36.964

1.2951 99.493 1936 33. 137 395.94 18.792 16.917 8.5681 37.523

1.2958 99.913 1937 32.959 393.94 18.770 16.876 8.7190 37.326

1.2846 100.004 1938 32597 389.55 18.916 16.894 5.8438 36.592

1.2424 99.419 1939 30.850 353.38 16.852 6.0027 33 279

1.2111 96.018 1940 29.773 305.16 16.880 6.0562 30.155

85.141

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World War Debt Owed the U. S., As of July 1, 1941

Source: (Official data. Funded debt is included in total debt)
Total Funded

Total
Total debt payments debt Country Total debt payments
dollars
dollars $1.000

dollars

dollars

Country

Funded

debt $1,000

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