New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-09
PRICE FIVE CENTS
GOLD SHIPMENTS A PUZZLE.
LOMBARD STREET FAILS TO UNDER
STAND THE NEw-YoRK EXPORTS.
CONVENIENCE FOR FOREIGN GOVERNMENTS
APATHY OVER THE FAILURE OF ARBrrRA-
TIoN-AMBAssADoR YAY AT woRK-LORD
sALIsBURY's CYNIcIsM-THE FUTURE OF
GREECE ENGLISH POLITICS - THE
PARIS DISASTER ART NOTES.


GREECE - ENGLISH POLITICS - THE
PARIS DISASTER ART NOTES.
tBY CABLE TO THE TRrBUNEl
London, May S.-Lombard Street is puzzled
and confused by the shipments Of gold from
New-York. These shipments are not required
for the payment for wool or other merchandise
exported from England to America last month
Those exports will not be paid for until the three
months bills drawn against them are due. The
balance Of trade is not Immediately affected by
them, especially as the exports from the United
States have remained high and have exceeded
the imports. The export Of gold from America
under present conditions Of exchange is un-
profitable and cannot be explained by ordinary
commercial requirements. 1t may be due to the
fact that countries needing gold get 1t with
less disturbance to monetary conditions from
America than from any other quarter. During
the last month all the available gold in open
market in London has been sent TO Japan, which
still requires many millions for It's new coinage.
The gold balance Of the Bank of England has
not been reduced. but whatever gold has been
received from the Continent and South Africa
or America has been snapped up and sent to
Japan. II large additional shipments follow
from America 1t will be because Austria In
carrying out it's fiscal policies needs gold and
finds 1t more convenient TO order 1t from New.
York through French or English bankers than
to get 1t from Paris or London at the risk Of
raising the rate Of interest In those capitals and
producing more less financial disturbance.
This is Of the dangers to which American
finance is exposed under existing currency con.
ditions. II Austria, Russia or any other nation
needs gold, 1t can order II from the United
States without reference TO the balance Of trade
market in any European capital or discrediting
any line Of national or industrial securities.
American securities can be sent back in ex-
change for gold, and this transfer can be
brought about without regard to the normal
conditions OF trade between Europe and
America. Some of these shipments are reported
70 have been countermanded. but additional ex-
ports from New-York expected by London
bankers The facility with which gold can be
drawn from America TO suit the purposes Of
European governments is strong argument
In fevor Of radical currency reform
The rejection Of the Arbitration Treaty has
been received with apathy in England. where
little interest has been taken in the fate Of
the convention since its mutilation by amend
ment. Such comments have been made by
the daily press and the weekly journals pub
stitutional questions involved are not understood
and the precise value of pairing when a two
thirds vote is required is regarded as complete
mystery; but the essential fact Is clearly re-
veaed that the bulk of the hostile vote was cast
by the silverite Senators. This deepens theepub-
lie impression that the anti-English party In
America is mainly made up of silver!tes. The
specious plea made by Mr. Michael Davtt and
The Daily Chronicle" that the treaty was reject
ed on account Of Irish resistance or antipathy to
Engand's policy in the Eastern question Is
like the wind blowing in broken chimney-pot
Nearly every English journal assumes con-
fidently that the treaty would have been ratified
If the silver Senators had not been anxious to
take vengeance upon England
Colonel Hays speech at the Bayard dinner
ingenious in its assumption that he was
not there in an official capacity. and also in the
dexterity with which he compmen.ed ed Mr. Bay
ard on the ground of private friendship Of
long standing without saying one word % COM
mendation Of his official course. Mr. Bayards
last speech in London has been heard, since he
sails to-day on the NewYork Colonel Hay Is
already in the diplomatic harness, having taken
up the Behring Sea question with vigor and
earnestness. His first important literary en-
gagement is reserved for Scotland, week after
next.
He will need all his tact and social graces in
dealing with the Government and the English
people. for there is marked change in the
public attitude toward America. The rejection
of the treaty is accepted as a sign that America
does not want to show any frendliness to
England. and each new revision of the Tariff
bill is regarded instinctivey as a fresh ndca-
ton of anti English policy The Foreign Ofice
-il ha ilxaIt 10
America any question in which Canada Is
interested. The preferential tariff at Ottawa Is
regarded with the liveliest satisfaction, espe-
cialy in Yorkshire where it Is explained as cer-
tain to develop an immense smuggling trade
southwark along a frontier 1900 miles long,
Whether the tariff be reconcilable with fatal
to treaties with the most favored nation clause.
Canada will be petted in England as the IA
vorite child Of the mother country, and there
will be an uncompromising attitude toward the
United States.
Lord Salisbury when he last appeared at the
Gudhall could point to the results OF his Ameri-
can diplomacy convincing proofs that he was
not working outside the lines of morality and a
progressive civilization. This privilege was de-
MED him when he addressed the Primrose League
at Albert Hall Never was Prime Minister re-
ceived with greater enthusiasm by an immense
audience or partsanS or Doth sexes; never was a
more cynical speech made than thai In which
Sir Ellis Ashmead Bartlett and Mr. Gladstone
were pitted against each other in moral influence
and Greece described as excitablo patient
whom the Turks had been forced to put into a
straitjacket. What other English statesmen
could have rejoiced over the peaceful ascendancy
OF Great Britain in the councils OF the world,
when the Sultan's government instead of being
punished for the most monstrous assassna toes
in history, has been allowed 10 crush Greece and
to restore the prestige of Turkey fighting
empire? All that Lord Salisbury can say in justi-
fication OF two years failures in diplomacy Is
that outbreak Of general European war has
occurred. II is not peace with honor.