New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-05
THE NEWS OF LONDON.
ENGLISH VIEWS OF AMERICAN COM.
MERCIAL CONDITIONS.
THE CHANCES OF NEUTRALITY-SUSPICIOUS. OF Ex-
PERTs ON INDIAN FINANCES so1cur nv THE
GOVERNMENT - THE GATHERINGS OF
hofALTY-VIEws OF THE FRANCO
RUSSIAN ALLIANCE
'O'7'IHN ALLIANCE.
lBY CABLE TO THE TRrBuNr1

RUSSIAN ALLIANCE
lBY CABLE TO THE rRrpryr,
Hohuon' sept 1.-The expected advance ,u -.
i".e mas not taken place this week hut
can hardIy be deferred more than for,r,,h,
ne withdrawal OF gold for Russia and Egvnt
mas not sufced to justify premature Increase
III 'he rate and it is on chances OF large gold
shipments TO the United STATES tb.t ,b. oou..
OF the money market really deperds V.,b ths
immense quantity OF wheat TO he maid for a,
hlsh prices, 1t is probable that the rote will ba
'alseu % Is per cent at one bound before the end
Vi HeP'ehDer as a reasonable safeguard Most
conservative bankers dealing In American stocks
uo NOT expect large shipments of gold from Eng
i"ii' u America this year. but assume that
wheat and cotton will be paid for in American
securities
American stocks and bonds have risen here bv
| leaps and bounds, in sympathy with the inward
! movement In New-York, but those IN full NOS
session OF the secrets OF the Street assert that
there is no buying for English investment Every
advance brings English holders of American Sc.
| curties into the market and such sales as are
made are for New-YorlI accounts Hence these
experts assume that the balance of trade. so far
as England is concerned. VIII be largely oui-
dated by the return of American stocks rather
than by the export of gold from the Continent
gold before the year ends American stocks are
| not held in France to any large extent nor is
| there the same disposition to sell them there
France from the failure of her own food crops.
will be forced to import a considerable portion
Of her supply from America, and to Pay for It
in gold Germany will be in better position so
| far as her home supplies are concerned. and will
not be likely to send either gold or bonds to
America. Russia will have unknown quanti-
| ty Of wheat for Continental requirements and
| viii influence the course Of the money market
only II the Government persist in the mysterious
policy OF augmenting the stock of gold, which
is apparently already greater than the number
OF notes in circulation so that the adoption OF
the single standard is practicable in St Peters
burg at any time.
The reason assigned by financial experts here
for the continued disposition of English in
vestors to sell American securities is lack OF
confidence in the currency system of the United
States. The signs Of improvement in business
conditions and railway traffic do not escape OBJ
servation. and the resentment caused by Mr.
Clevelands Venezuelan Message has passed
away, but as quotations for American securities
advance English investors take advantage Of
the higher prices and sell their holdings There
is deep conviction here that Organism is not
dead, and that American finances will be thrown
into hopeless confusion by the revival OF the
silver movement and the election OF a Demo-
cratic President three years hence. What IL
needed in order 10 reassure English investors
and TO bring them into the market as buyers
rather than sellers. is some practical systematic
effort for currency reform. Until This problem
Of currency reform is seriously undertaken the
prestige of the American credit abroad will re-
main clouded because whatever advantage Is
derived this year and next from the plentiful
wheat crop when there Is a scarcity in Europe.
Australia and India. the neglect to provide ade-
quate safeguards for the maintenance OF tho
resumption policy creates suspicion among Euro.
pean investors and bankers that serious embar-
easements will ultimately follow the short peri.
cd of prosperity.
The sharp decline in silver. which is attributed
by English financers to the continued sales OF
the white metal in America by the bonanza
kings in despair Of the Improvement of the mar.
ket, puts end for the present to the discussion
OF bimetallism Senator Wocott has gone to
Carlsbad and intends to resume work in Vienna
and Berlin before long. but it is not probable
that any progress can be made until the British
Government return a definite answer in Octo-
ber 10 the proposals of the United States and
France.
The Government are consulting experts on Ind
ian finance. and their policy will be determined
mainly by the advice received from Calcutta and
Bombay 1t is in India that the evils Of the con-
tinued depreciation of silver are most seriously
felt and where there is The strongest motive for
practical measures on an international basis
for arresting the downward movement of the
white metal II England does anything to pro-
mote the assembling Of another monetary con.
| ference by pedginS herself in advance to reopen
| the Indian mnts. 1t will be because the necessity
of relieving the critical situation there is forced
upon the Government The Bank of England
| and Lombard Street hostile % any move.
,nent in favor of bimetasm. and without the
co-operaton of England it Is doubtful If the gov.
orpments OF Germany. Russia and Austria Hun.
gary. which are steadily increasing their gold
reserves can be induced to join the United
state, and France in q new monetary policy
India is the key to the bimetallist situation.
It is a common saying in England that the
chances of bimetallism are hopeless here so long
nc times are so good as they are at present. The
only cloud upon English prosperity is the high
nrce of bread. which is already heavy burden
unon the masses. but meat is cheap, and the
masses will inevitably change their diet Specu.
,o+ors in wheat never make sufficient allowance
| So tho decline in the consumption OF bread when
! ,,oos are high The masses must have cheap
| ga in England and France, and when bread is
doar they will eat meat and fish and drop the
| loaf.
Public opinion here, which had been confused
| a alarmed by the series of outbreaks on the
Irdian frontier and by the expulsion Of the
| ,,ha, Ievies under English pay from the Khy.
her Pass. is reassured by the announcement
that military operations on large scale with
~ 600 troops are in progress. with 10000 men In
roserve around Peshawar The history OF tho
pr,tish dealings with the northwestern frontier
bas been a record of incessant outbreaks. raids
and nunitive expeditcns and. while the field