WEATHER FORECAST
Compiled by U.S. Dept, of Commerce.
Weather Bureau
Cloudy with occasional light
showers tonight and Tuesday.
Northerly winds 10-15 mph.
Temperatures last 24 hours:
highest 1, lowest -17.
Temperatures a year ago: high
est 7, lowest -4.
Data for other selected stations
as of 7 a.m. today:
Station Temp. Weather
Barrow -29 Clear
Pt. Hope -29 Clear
Kotzebue -35 Clear
Wales -9 Clear
Gambell 13 Cloudy
Nome -2 Cloudy
Unalakleet -18 Clear
Bethel -14 Cloudy
McGrath -45 Fog
Anchorage 16 Snow
Fairbanks -15 Cloudy
Juneau 25 Cloudy
Ketchikan 40 Cloudy
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86 PROOF • THE OLD HERMITAGE
COMPANY, FRANKFORT, KENTUCKY
British See Little Chance For Raise
In Price of Gold Above $35 Ounce
We are indebted to Mr. N. C/
Stines for this interesting view
on some of the changes in the
gold picture from the English
point orf view:
—.
A few months ago the London
Economist published some fig
ures on world gold production
and the movement of gold, which
are highly illuminating. They
showed very distinctly that newly
mined gold is no longer flowing
into normal channels of feeding
the monetary reserves of the
world. It is being increasingly di
verted to industrial uses. In 1950
gold production of the world, ex
cluding the Soviet Union for
which there are no figures avail
able, amounted to approximately
$840,000,000. Of this total it is
estimated that $720,000,000 or 83
per cent was absorbed by indus
try or hoarding. In 1949 world
gold production was approximate
ly $824,000,000 and apparently
$744,000,000, or 90 per cent of this
total, was diverted to industry
and hoarding. As between 1948
and 1950, there has been a reduc
tion of $400,000,000 in the world
monetary gold reserves.
Economists believe that the
amount of gold flowing into the
free market will increase fur
ther. The attempt of the Inter
national Monetary Fund to dis
cipline the flow of gold appears
to be incapable of enforcement.
As long as the price of gold in
the free markets c/f the world is
substantially above the American
level of $35 an ounce, there will
always be pressure from main
producing areas like South Africa
and Canada for the right to sell
gold at a premium in free mar
kets, and obviously at premium
prices above $35 an ounce. It can
be accepted as probable that the
official price of gold in the United
States of $35 an ounce, will not
change.
This shift in the flow of gold
into industrial and hoarding
channels may have to go on for
a long time, perhaps a period of
years, before a situation is created
in which monetary stocks of gold
recognize a world trend and offer
a price more in keeping with the
free market pricee.
In recent months the American
monetary stock of gold has begun
to gain rather than lose. For sev
eral quarters after the outbreak
of the Korean trouble, there was
•a decline in our monetary stock
of gold averaging $800,000,000 a
quarter. But the loss in the sec
ond quarter of 1951 was only
$50,000,000 and in recent weeks
there has been a definite reversal
TTtTtTtTTTTTtTTTTTTVVttWTTV> * * * + * • • • ••*
ARCTIC OIL DELIVERY
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WE CHECK YOUR TANK REGULARLY
Young
C?
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ELECTRICAL APPLIANCES
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G-E Automatic Roaster - G-E Hotplate
G-E Washing Machine - G E Sun Lamp
G-E Electric Clock - G-E Mazda Lamps
Wiring Materials
NORTHERN LIGHT & POW ER GO.
. ►% •% ♦!< <•!♦ *!♦ ♦?•» *•!« *!■♦ *!•* 4» «?• »T* 4» «S* *T* «!• *!* *!« ►!* ♦> •v* »!♦ *1* *1* *!■* 4* *?» ♦!« v* <Z* «?• *1* 4* *'
>
of trend and an inflow instead of
an outflow of gold.
The National City Bank recent
ly expressed the opinion that it
appears the period of gold losses
is behind us unless the interna
tional situation should deterior
ate or unless inflationary pres
sures get out of hand. On the
other hand, the accumulation of
gold reserves by various foreign
countries which showed an en
couraging improvement, has very
plainly been halted. Meantime, in
Canada which has been pressing
for a free market for gold, the
government has agreed to it but
with the proviso that if the Can
adian producers soil their gold in
free world markets, they will no
longer be eligible for govern
ment benefits. These benefits
were granted primarily to bal
ance the difference in exchange
between the United States and
Canada.
It is apparent as the London
Economist points out, that those
countries which -are aiding the
diversion of gold to industrial and
hoarding uses, are slcrwly de
stroying the basis on which rests
such stability of exchanges as
the world now posses. Their na
tionals are getting the benefit of
an increased flow of gold, but
their own monetary systems are
weakened.
\ wise man is never ashamed
to acknowledge his ignorance.
IMPORTANT NOTICE
TERRITORIAL SCHOOL TAX FOR 1951
NOW DUE AND PAYABLE
TAX IS DUE AND PAYABLE AFTER JANUARY l OF EACH
YEAR AND BECOMES DELINQUENT AFTER DECEMBER 1.
A Penalty of $2.50 Attaches If Not Paid
On Or Before December 1, 1951.
Who Must Pay School Tax:
All male and female persons over 21 and under 55.
Exemptions:
Unemployed Dependent Females, Active Military or Naval
Personnel, Insane Persons, Permanently Injured—unable
to earn a living.
EMPLOYERS ARE RESPONSIBLE FOR COLLECTION
OF TAX FROM THEIR EMPLOYEES.
Failure or Neglect to Pay the School Tax is
a misdemeanor and subject to arrest and a fine
of not more than $100 or imprisonment of not
more than 90 days.
Payment Should Be Made to Your Local School Tax Collector
or Mailed to: Department of Taxation, Box 2751, Juneau, Alaska.
Pioneer Water Delivery
Can now serve you with filtered
and zeolite-softened water at
the same regular price.
Phone Grant H. Nelson
MAIN 24 * Owner
IN ALASKA
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FULL EVENING OF ENTERTAINMENT
REPRODUCTION OF DAYS OF ’98
With All Its Frontier Features!
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SPECTACULAR PROGRAM
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DANCING to the “MUSIC MAKERS”
UNDER AUSPICES OF
PIONEERS OF ALASKA
IGLOO NO. 1
SATURDAY, DECEMBER 8 — HIGH SCHOOL GYMNASIUM
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ADULTS $1.25 — Admission — CHILDREN 75c
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