The herald., 1897-05-29
OFFICE OF THE HERALD.
Los Angeles. May q. 1887.

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The postofice savings banks of England
last year were conducted at q loss ana
the British government will be compelled
to ask supplementary vote Of esolbl to
cover the loss by interest payments, In ex-
cess of earnings, upon the deposits in the
savings banks during the last fiscal year.
The revised estimate shows the loss to
have been eSS,7S9 by the trustee savings
hanks, e1s710 by the trustee societies,
and es.710 by the postofnce savings banks.
The London Economist says this IL the
f,rst year in which the postoffice savings
banks have shown a deficiency, but 1t will
certainly not be the last II things remain
az they are. OF course II the loss were in
curred in connection with the proper work
OF the banks. which IL that Of encouraging
thrift among. and affording facilities for
saving to. the poorer classes Of the com.
munity, much could be said in favor of
meeting 1t without complaint. But the ex-
tension of the limits Of deposits has
brought to the banks q very different
class OF customers. people who are able
to put away considerable amounts of
money. who are quite in a position to dea!
with ordinary banks. and who only use
the savings banks because Of the higher
rate of interest to be obtained from them.
And that the nation should be taxed for
their benefit Is altogether unreasonable.
Either. then, the limit of deposits in the
savings banks should be lowered or the
rate of interest on the larger deposits
should be reduced.
No better illustration of the condition of
the domestic labor market can be fur
nished than that set forth in the returns
of the bureau Of immigration, the infer
ence being that lack Of demand for labor
here has checked immigration. In years
past immigration has been the greatest
in the spring months, and the figures show
that the influx this year will fall decidedly
below that Of 1896. During April, at tho
port Of New York alone, the decrease was
,4S9. and during the first eleven days OF
May it was 10,S00. The commissioner of
immigration at New York estimates de-
crease Of not less than $4,000 for the coun-
try as whole during the current fiscal
year.
The vaults Of the New York sub-treasury
are crowded with millions of dollars in coin
and are in an unsafe condition. There is
said to be actual danger to the employees
of the treasury because the piled up tons
OF coin are liable to break the supports and
overwhelm the men who enter the vaults
Changes will be made affording more Sc
curity for the dollars and for the en-
ployees. also. The most ardent silverite
would scarcely care to be buried under a
mountain of silver.
At the half-yearly meeting of the Bank
of England. A. ]. Sandeman, governor OF
the bank. presided. He declared that the
net profit of the year ended February 2Sth
was E7l0,6a 4s.. raising the rest" on tina.
day to E3.738, 100 It's Sd. After the distribu-
tion Of per cent dividend the ''rest''
amounted to fS.0l0.510 lis cd. Last year
the dividend was AZ per cent. Among the
questions submitted by the shareholders
was one by Mr.. John Jones, relative to tho
policy the English government intended
following in case the United States pro-
posed an international monetary confer
ence. The governor replied that he thought
he could not discuss the question of BIZ
metallism which had just been raised. He
added that there could be no doubt abou.
the advantages universal money would
anord, but that the question was a din.
cult one.
The incipient scare in the United King.
dom about American competition in steel
and iron appears to have died down, ssys
Bradstreet's. Writers for English tech
nical journals now profess to believe that
the attempt to capture the English mar
ket'' was. on the face Of 1t. foredoomed
to failure. and attribute the appearance of
American iron and steel in the United
Kingdom to the necessities Of American
manufacturers who were suffering from
overproduction. With the return of only
a moderate degree of prosperity in tha
United States. they argue that prices here
will advance, and American makers of iron
and steel be prevented from shipping their
products to England by lower prices on
the other side. The necessities Of Ameri-
can manufacturers, we are reminded.
compelled them to send pig iron, steel rails
and other products to Germany and Great
Britain. where they were delivered at
prices which could not possibly pay ex-
penses." This is the more interesting be-
cause It Is precisely the course OF reason
Ing pursued by the northern pig iron MAX
ers In this country ten and twelve years
ago. when first threatened by the products
OF southern furnacemen. The latter ws
were told, could only send iron north of
the Ohio river and east Of the Allerhen,es
At profit when they had overproducel
ouring season of low prices. With a
return OF demand and higher prices they
YOU'D pc compelled to keep their iron at
home. But they were not.
+ y
The Northwestern Miller SAYS: "Judrinp
BY the quantity and variety of Alaskan
furs that were on exhibition recently In
Seattle Alaska is by no means a tame
country. There were fifty big bear robes
over ton OF deer skins, large amount of
mar seai' scores of mink skins, sea otters
beavers. martens, wolf skins and land
otters, besides few other species Of
northern animals. The furs and skins are
une trophies of Indian hunters and trappers
and include some very fine specimens. Bar
ring the extreme cold. Alaska is certainly
: paradise for sportsmen."
\ i
1t has been decided by the Missouri court
OF appeals that bicycles are not baggage
m tnat state and that railroads may charge
for carrying them.
The Bank Of England, according n tha
Chronicle. holds sa6, ,Ss7,S1s gold. ara,nst
4744S,S40 last year: the Bank Of Trorca
f76, 32,s5S gold and a4SS49, ,s4s silver. against
977.so4.S76 and a49, 1877; the BANK ~
G2S,24902s gold and s1I5sa so-
silver against f29, 7S5, 800 and &14 s57, 200 and
the Bank of Austria-Hungary es1,27s. .0Oo
gold and f12,6OS0oo silver, against e2s. s.27O.-
900 and a12,751, 900.
The postal receipts of San Francisco