Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-21
THEINFLUXOFGOLD
What is Said in New York About the
Recent Heavy Shipments from
London.
A General Desire to Know the Meaning
and Extent OF this Unusual
Movement.
NEW York, March 2o,-The Herald pub

NEW YORK, March 20-The Herald pub.
llshes the following:
II ia 4 very unusual thing for bankers to
import gold from Europe at this season of
the year, and the heavy shipments from
London, which are now arriving, excite IN
usual interest. Ia financial and business
circles there is general desire to know the
meaning and the precise extent OF this un-
usual movement. Naturally the matter is
more closely discussed in Wall street than
elsewhere; but bulls" and "bears' seem to
be equally confused as TO the true reason of
the shipments Those who are anxious for
ease in loaasble funds ard higher prices for
stocks sre inclined to exsggeraie the move
ment and to predict further immediate
imPortations; whereas those who want TO
see a decline in the share market az
sert that the shipments are due TO the fact
that a clique OF bull operators borrowed
about 81 900, 600 in England as a ninety day
loan. 1t is difficult to get at the exact facts,
because those who make the imports do not
care 10 have their transactions traced; nor is
it easy 10 ascertain the aggregate sums ac-
tually shipped, When it is cabled here that
e200,O for instance, has been Withdrawn
from the Bank OF England for shipment 10
this port it not infrequently turns cut that
only small portion OF the amount WIS for
American account, the bulk of it going TO
Italy or where not on the Continent.
HOW MUCH Is COMING?
reporter for the Herald made an effort
yesterday 10 learn precisely how much gold
ia 10 be expected at present, and for this pur-
pose called upon all the leading foreign
bankers and Importers of the precious metal.
From the figures furnished by them it ap.
pears tn at the total amount shipped ia s., $685.
$50 in coin and bars. The importers all
secuted the notion that the movement had
been caused BY persons wishing to influence
the price of stocks. For several weeks stsr-
ling exchange WAC very weak, aud finally it
declined to figures which admitted of
slight profit upon gold imported. The mar
gin was go slight, however, that not many
were tempted 10 make the turn" and only
those whose affairs were in favoring posi-
ton could make any preft at all. Rates
ruled below the gold-importing point for
four days, when the market had a natural
reaction, and bills could not be had cheap
enough 10 N axe shipments. The frat consigp-
ment made was to the Bank of British North
Amercs, ard amounts to 100000. Nor
ton, Bliss & Co. drew a similar amount, as
did also the Seligmans. On the following
Thursday OF that week 1t was cabled that
81 ,755 sos had been withdrawn from the
Bank of England for shipment to this port,
DuL he btaE as Cau NC F1,VUU,VUU
of the sum was included in the shipments
previously made. The next day it was
stated that 100000 additional had been
purchased in the open market for immediate
shipment.
The fret shipment amounting to $500 900.
fer account of the Bank of British North
Americs, arrived on Friday, and, it is IN
derstood, Hss forwarded TO Montreal. The
second shipment, amounting to 81 ,455, 100 in
L u IaI
about $4,000 are expected by the Pavonis
and the City Of Berlin, which are due in
few days.
AN AWKWARD LAW.
As ia usually the case in the first shipments
the gold already arrived is mostly in double
easles but that packed later is in gold bars
the Bank of England having, it is said, adj
vanced the premium upon coin. A moderate
premium over and above the value of the
bullion is charged for American coin, while
g heavy premium is charged for soYereigps
60 as to check their expectation. When the
balance of trade between this country and
Enga and happens to be very much in favor
OF the latter, and our merchants send over
American coin to pay for the goods we
| import, such coin is not converted into
bullion. 1t is accepted by the British
government authorities as being of the
| fnencss required by our law, aud whoever
| deposits it is at once given its equivalent in
sovereigus or bank notes, minus very SIN II
| commission. When the British merchant
| has occasion later on 10 ship gold in pay
| lnent for our grsil and -four he purcha
| these coins and sends them back 10 us. The
| cousignee in New York thus receives current
| money, which he can deposit at his bank to
his credit immediately. The English thus
save the delay, expense and waste of smslt-
ing and assaying, and when the tide Of trade
turns they have the coins which command s
| premium.
AS TO THE BALANCE OF TRADE.
The bankers converssd with yesterday sre
unanimously of the opinion that no further
imports Of gold are to be expected for some
time, although they admitted that it vas
impossible to speak with certainty. Our
foreign trade, while satisfactory, has moi
been such as 10 lead of itself 10 the opera
tions of last week, had it not been for tbs
fact that money subject to be recalled by the
lender at any time commanded twelve pei
emit. in Wall street, while the rate in Lon.
don was less han three per cent.--the exist
ing, Bank OF England rate for discounts
From the figures issued by the Bureau Of
Statistics, it appears that our exports in
January were about $4,000, 900, and the ex.
Gees over imports was about S23, 10000 Il
is suggested that immense orders which
were held back TO await the issue
OF the great tariff question have
gone abroad during the last week, and
that imports in the immediate future will
il consequence be 20 heavy as 10 preclude
any such fail in sterling bills as would ad
nit Of gold coming this way. However
that may be, foreign bankers look for nc
important receipts of gold until the new
crop sh,ll be heard from. Reports from tbs
West are somewhat more favo. able thar
they were respecting the winter whoat; tbs
qusntities OF grain stored at the distributin:
ceniers are increasing, and If the prospect
for The next harvest should continue favora
Bile there will be such a decline in prices a
would admit OF profitable expectation, apC