World Currency and Debts In an address before the Sales-managers' Club of New York this spring. Mr. O. P. Austin, statisficial of the National City Ban' of New York, presented the latest figures of world currency, national debis, interest charges, and othe: governmental expenditures, showimg that the paper money of the world (exclusive of that issued by the Bolskévils) had increased from alist $7.000,000,000 at the beginning of the war to $40,000,000,000 at ihe date of the armistice, and $56,000,000,000 at the present time also that the national debts of the world had grown from $40,000,000,- 800 in 1913 to $265,000,000,000 7920, while world credi another form of inflation, had also enormously increased. Meantime the world's stock of gold available f"r currency has increased but about The ratio of gold, to. paper currency of the world, he said, which stood in 1913 at about 70 per cent., was at the close of the war 18 per cent., and at the present time approxi: 12 per cent. Especially starthog was the fact that while the increase in world paper had been $33,000.000,- 00 during the war period, the increase since the close of hostilities had been $16,000,000,000 or about oneaif as much in the 13 months of after-war peace as in the 51 months of actual war.
Text read from the printed page and cleaned; old type leaves the occasional error.