The San Francisco call., 1897-08-25

Press Publishing Company, New YORK World.
LONDON, ENG, Aug. PAT do not
anticipate any heavy shipments of gold
from England to the United States this
autumn" said Hugh Smith, governor of
the Bank OF England, to a World repre-
sentative to-day. "There may be some
from the Continent from France chiefly,
but as far as England is concerned l see
no reason at present to believe we shall be
sending away any considerable quantity
of gold"
Mr.. Smith, who occupies the most
coveted influential position in the bank
ing and financial community, received me
in what is quantity termed the bank par
lor one of the series of stately ooms set
apart for the governor and directors in the
famous Bank of England building, the
center OF the financial system of the mer-
camille world. Governor Smiths is
spacious room, thirty feet square, its
chairs ia bles and bookcases being ex-
quisitely polished mahogany of that deep,
rich, mellow tone which is the result of
fineness of grain, great age and unre-
mitting care Governor Smith is fair
build, about 65 with massive upper lip
and a heavy full beard, almost white. In
a suave but at the same time impressively
self reliant manner he spoke frankly, un-
affectedly and without the faintest sugges-
tion of that dogmatism which his great
position might perhaps be expected to
produce.
1--WE have very fair harvest here" he
continued. mot enough. of course, for
our wants, but more abundant than the
average, and besides, it is probable that
the buying back of American securities
by the United States will tend to equalize
matters, redressing whatever balance
there may be-"
"Tben you consider there IS no 81 bstan-
tial foundation for this anticipation of
heavy shipments of gold?'
'No. don't say that, exactly, but l
dont see any tangible ground at present
for believing exceptional shipments are
going. American exchange remains very
firm for one thing. and the American
bankers / have seen on the matter do not
consider anything likely to happen to
cause such shipments from England.
HAS there not been substantial i'm
provement in the market for American
securities over here latelyf'
Decidedly yes, recently, but that was
due almost entirely to American buying" !"
HAS not the English investor recov-
cred confidence in American securities 2"
mo, l should say not. There has been
no change in that direction here. The
difficulty of the Baltimore and Ohio Com
pany has greatly tended to check any in
clination there might have been of the
kind. That was considered among the
sounoest American securities and the
trouble in connection with it has had q
bad effect"
"Then may take it the banking opin-
ion here is that American securities are
still uncertain, unreliable investments?"
"Yes, there is feeling that American
finance is in an unsettled condition.
There has been no such restoration of con-
fidence as would be calculated to make
any difference in the i'm preston that has
prevailed for some time, and as to your
original question my view on the whole is
there is no ground at present for expect.
ing any substantial movement of gold to
America from England"
"But Will there not be large payments
coming due for wheat at its enhanced
valueP"
Yes, but mainly from the Continent,
not from England, where the harvest has
been almost bountiful one"
81 was informed yesterday" Mr.
Smith, "by leading authorities in the
wheat trade that if this br, ken weather
continues, the harvest in the north of
England will be gravely damaged, entail
ing increased imports of American wheat,
and further rise in prices"
"WeIl. have heard the opposite. Be-
sides that, they don't grow a great deal OF
wheat in the north OF England. No,
financial affairs will have to be placed on
a sounder, steadier basis in the United
States before the investment in American
securities again begins here"
The World representative next saw Mr..
Francis Barring, present managing head
OF the Barings in Bishopsgate street, who
are largely interested in American trade.
"Have you heard that there are likely
to be considerable shipments of gold to
America this autumn" asked the Worla
correspondent.
mo one can really toll,' replied Mr..
Barring. There are large shipments of
produce coming toward here, and there
must be money sent in return, but it is
impossible to say what amount of gold.
The cotton crop in the United States is
fairly good, and wheat will come at any
rate at good prices, but shipments of gold
will depend on the market for American
securities here.
"Is very increased disposition to deal
in American securities shown here?'
"Yes, following New York, which leads
US In this matter, there have been large
dealings lately. l should say there Is
slowly growing confidence. Though it is
not very much so far. it is still appreci-
able. But it is not possible to give
definite opinion on the likelihood OF con.