The principal and most essential use of gold is as a standard of value and a medium of exchange. Gold has been prized since the earliest times because of its luster, color, malleability, and indestructibility, and has long been used as a trading medium. At present little of the metal is actually circulated from hand to hand. Stocks of gold, however, accumulated by governments and banking interests, form the essential foundation of paper currency and of the vast modern system of credit relations. In the settlement of international trade balances considerable quantities of gold frequently move from debtor to creditor nations. Although the amounts thus shipped are frequently great in value, they are very small in volume. It is interesting to note that the entire accumulated gold stocks of the world's governments--about nine billion dollars--cast in a solid block, with the horizontal dimensions of the Washington monument, would be only about 12 feet high. Other uses of gold are in dentistry, and in the arts for jewelry, gilding, and other forms of ornamentation. Consumption for these purposes has been increasing of late years and now takes a third or more of the world's annual production. In the United States, before war-time restrictions were adopted, the consumption for jewelry and similar uses exceeded the consumption in coinage. Since the war it has exceeded the total domestic production of gold. An interesting problem for the future is how an adequate supply of gold is to be distributed between monetary uses and the arts. The curve of increase in the requirements of the arts indicates that, unless there is greatly increased production, all the world's gold will be necessary for the arts in a comparatively few years. To retain it for monetary purposes would require government restrictions. Of all the mineral commodities, gold has played perhaps the most important and certainly the most romantic part in the world's history. The "lure of gold" has taken men to the remotest corners of the globe. It has been the moving force in the settlement and colonization of new countries, in numerous wars, and in many other strenuous activities of the human race. About two-thirds of the annual gold production of the world comes from the British Empire--from South and West Africa, Australasia, Canada, and India. A single colony, the Transvaal, produces about 40 per cent of the world's total. British capital, which seems to have a particular affinity for investments in gold mines, controls not only the larger part of the output from the colonies, but also important mines in Siberia, Mexico, South America, and the United States.