The Wichita daily eagle., 1893-11-19
TAKING GOLD FROM ENGLAND.

NNbbVS SO@0 bsOsvs esN~~SNs~o'
Methods which Attend It's Removal From
the Bank and Shipment Across the
Ocean.
Let us suppose that the London cor
respondent of a New York house re-
ceives a cablegram to ship $500. 900 in
gold. A clerk is sent to the bullion Of
fee, at the Lothbury end of the bank.
to ascertain the selling price of gold
bars, which lose less by abrasion dur
ing transportation than coin.
The bank may refuse to sell bars, but
its selling price for eagles as all Amer
lean coin is called, whether double,
single or half eagles, NAV admit OF
their being taken more proftably than
sovereigns, at the banks selling price.
1t pays better to ship eagles than
sovereigns, as the former are available
as currency upon arrival in New York.
while the sovereigns must go to the
assay Office.
To fill the order it would be neces-
sary to buy about $1,000 ounces. which
would be weighed in the presence OF
the purchaser and handed over the
counter, payment being required,
whether for bars or foreign coin, in
check on the bank of England. pay
able to bearer, or as it is called here an
open check, which is cashed by the
bullion Office while you wait.
In case the bullion Office refuses to
sell bars or American coin, or fixes the
price too high, sovereigns would be
withdrawn for shipment. To do this
it would be necessary to go to the issue
department of the bank and present
bank notes or a marked check drawn
on the banking department. A marked
check, which is seldom required in
England. corresponds to the American
certified check.
The paying teller at the issue depart
mcnt gives out the gold in bags con-
tanning thousand full weight sover-
eigns, which are weighed on a deli
cately-adjusted scales, then placed on
a handcart and delivered to the ship
pers in the courtyard of the bank, the
bags being sealed.
Here the banks responsibility ends,
and the coin is left with the shipper.
who now employs porters connected
with the bank TO pack the gold for
Shipment Stout boxes made of inch
! thick dealo pine, in sizes to hold 500
or 1000 sovereigns (the latter being
generally used for American shipment).
are ready, and the shipper places the
bags in the box, the porter mailing on
the cover and the iron straps.
The boxes are sealed with the ship
per seal, numbered. and. as rule, the
consignee's name is cut on the box
The freight room on an outgoing
steamer being engaged. the steamship
company is notified to send to the bank
| for the boxes Of gold and their vans
drive into the courtyard of the bank,
where the shipper gets receipt, the
steamship company receiving the boxes
at the bank and delivering them at the
Office of the consignee in New York a,
an inclusive freight charge of three
thirty-seconds of per cent. Insurine
from the bank to the consignee costs
about the same. rs
The relative return on shipments OF
sovereigns and American coin from
London depends largely on whethe,
the banks stock of eagles consists Of
| full-weight or light coins. If the double
eagles turned the scales at SIC grains
each, only s4s4.2s5 could be bought al
! the present rate for e100, 900, while the
same sterling sum would buy S4s5. -;
| in double eagles that had been abraded
but quarter of per cent.
The fact that the bank had large
stock Of lightweight coins, received
from New York early in the year, ad
mitted of their being taken for ship
ment to New York, where they woulo
be available as currency upon arrival
instead of shipping sovereigns, which
must be sent TO the assay Office in New
York.
The melting charges are light, but
every days delay, with interest at
per cent. means less of $50, and three
DAYS delay at the assay Office is ths
usual estimate.
The average return from a lot of 100,
600 sovereigns is about 1885, 700, so thai
the difference between shipping light
weight eagles and sovereigns is small
! but when exchange is at such figure
that gold would be shipped at a los
unless it commanded a premium. as a
I present. it is important that it be avail
able Immediately upon arrival, so tha
the premium upon currency may be Sc
/ cured and the transaction be made
| profita ble.-N. y. Times.