Omaha daily bee., 1897-08-25
HANG ON TO THE GOLD
English Bankers Have No Notion Of Parting
with Any,
MAY HAVE TO SHIP SOME TO AMERICA
Balance of Trade is Certain to Be in United
States Favor.
HOPE TO PAY IT OFF WITH SECURITIES
Willing to Send Stocks in Settlement for
Wheat and Cotton,
AMERICAN INVESTMENTS ARE DISCOUNTED
Shapers of Commercial Destiny say
Things Are Too Uncertain on
This side to Lure the
British Buyer.

(Copyrlght 1897, by Press Publishing Company
LONDON, Aug. 24.-tNew York World Ca
blegram-Special Teegram,)--"I do not an
ticipate any heavy shipments OF gold from
England to the United States this autumn"
said Mr.. Hugh Smith, governor of the Bank
of England, today. There may be some
from the continent. from France chiefly,
but as far as England is concerned see no
reason at present to believe we shall be
sending away any considerable quantity Of
gold"
Mr. Smith, who occupies the most COW
eted and influential position in the banking
financial community, received the World
representative in what is quantity termed
the bank parlors," one of series of stately
rooms set apart for the governor and direct
ors in the famous Bank Of England build
ing, the center of the financial system OF
the mercantile world. Governor Smiths
spacious room is thirty feet square, its
chairs tables and bookcases being OF ex-
quisitely polished mahogany of that deep,
rich mellow tone the result of hneness OF
grain, great age and unremitting care. Gov
ernor Smith is a fair compleXioned gentle
man of substantial build, about 65. with a
massive head shaven upper lip and heavy
full beard. almost white, suave, but at the
same time he has an impressively self
reliant manner He spoke frankly and un-
affectedly, without the faintcst suggestion
of that dogmatsm which his great position
might perhaps be expected to produce.
we have very fair harvest here" he
continued, mot enough OF course, for our
wants but more abundant than the average.
Besides that 1t is probable the buying Of
American securities by the United States
Will tend to equalize matters, redressing
whatever balance there may be-
van t,I.N, ,;,,,,
for this anticipated heavy shipment of gold?"
mo, | don't say that exactly, but
can't see any tangible ground at present for
believing that exceptional shipments are
going. American exchange remains very
firm for one thing, and 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 improve
ment in the market for American securities
over here lately?"
Decidedly yes, recently but that Is due
almost entirely to American buying"
Has not the English investor recovered
confidence in American securities?"
NOT AT ANY PRICE.
"No, should say not. There has been no
change in that direction here. The difficulty
of the Baltimore d Ohio company has greatly
tended to check any inclination there might
have been of the kind. That was considered
among the soundcst of the American securi-
ties, and the trouble in connection with it
has had a bad effect"
Then | may take it the banking opinion
here is that American securities are still
uncertain and unreliable investments?"
Yes, there is a feeling that American
finance is still in an unsettled condition.
There has been no such restoration of con-
fdence as would be calculated to make any
difference in the impression that has pre-
vailed for some time, and as to your original
question: the view on the whole is there is
nd
stantial movement of gold to America from
England"
But will there not be large payments
coming due for wheat at its enhanced
value?"
Eyes, but mainly from the continent. not
from England, where the harvest has been
an almost bountiful one and to a large ex-
tent saved already"
II was Informed yesterday, Mr.. Smith, by
leading authorities in the wheat trade II this
broken weather continues the harvest ir-the
north of England will be graveiy damaged,
entaiing increased imports of American
wheat and further rise in price"
'Well | have heard the opposite Be-
sides that they dout grow a great deal of
wheat In the north of England, as 1t is too
uncertain crop. They go In principally for
roots. No, financial affairs will have to be
placed on sounder, steldier basis in the
United States before investment in Ameri-
can securtie9 again begins here
BELIEVES IN AMERICANS.
next saw Mr.. Francis Barring, at present
managing head of the Barings firm in
Bishopsgate street, who are largely tnter-
ested In the American trade
Have you heard that there are likely to
be considerable shipments of gold to Amer
lea this autumn?' asked the World repre-
sentative.
NO one can really tell" replied Mr. Bar
ing there are large shipments of produce
coming forward, and there must be money
sent in return, but it is impossible to say
TO what amount OF gold. The cotton crop
In the United States Is fairly good and wheat
will come at any rate, at fair prices, but
the shipments of gold will depend on the
market for American securities here"
us any 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. / should say there is
slowly growing confidence; though II is not
very much SO far 1t is still appreciable. But
1t is not possible to give a definite opinion
on the likelihood of considerable gold ship
ments, so many undetermined conditions
exist. Besides, your bankers in New York
could prognosticate about 1t far better than
we here"
DEPENDS ON THE CURRENCY.
Mr.. Cosmo Brown Of Brown. Shpley & Co.,
in LOthbury street, when asked concerning
the probability Of heavy gold shipments, said
deeisiyely: well that will depend on
whether there is continued selling Of
American securities here. 1t is now going
on all the time, and II they can pay here
for imported produce with securities, they
will not send gold"
"Do you discern any growth of confidence
in American securities here?
mo, none whatever, and there will not be
until the currency quest on is settled or
there is a prospect Of its being settled, If
commission had been appointed when the
new president took Office 1t would have
tended to restore confidence aud the market
for American securities here would now have
been better but the failure TO appoint 1t has
given the market a setback"
rs there no buying here Of American Sc
curlties?"
None except speculative buying, The
good investment securities are being sold to