Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-09-04
London Finances.

Ne" 1oIh, sept. 5.-The Times finan-
clal correspondent cablegrams: Our
stagnant season is not yet over. but the
season is approaching. The past week
the money market has tended to become
easier and by natural process. The Bank
OF England has ceased to attract it's
share of current business in discounts
ana the market has been able to retire
bills previously discounted there as they
became due. because the currency re-
turned from circulation and new gold
came in from abroad sufficiently to place
IT in funds. so the discounts shrunk to-
ward 8 per cent and almost touched that
point. Since then, stock pay
ments and the collection of 81, 500, 900
sterling on account Of the Japanese loan
hardened the rate to 34 per cent.
think rates will soon begin once more
to advance. The bank has no intention
Of letting go its hold altogether ana that
money is dearer On all continental mar
kets than in London. But this DEAFNESS
does not promise TO be severe as long as
old flows in from the mines. 1t will be
a see-saW unless a crisis breaks out
somewhere, such as threatened Trans
vaal war. Dread Of that is chilling
everything. stopping alike speculation
and mercantile enterprise. Most people
hope against hope that var will be avert
ed but the tendency of events now is
straight toward it.
Money continues rather stiff for stock
exchange advances. On American rails
it averaged 6 per cent. a proof that a
heavier speculative account is now open
for a raise here. I nave no doubt what
ever we should not be steady buyers, but
for the confourded South African mud
die, because everything tempts us that
~way-your traffic receipts and Indian
famine and our " poor crops. These
last are worse a good deal than had been
anticipated. Early frost and subsequent
| drought made wheat ear slight and rot
crops everywhere poor and in South
England almost a total failure. There
fore, a larger demand must be made on
your supplies, not only wheat but maise
and everything eatable you can send.
This should sustain the already marvel
Gus receipts of our railroads and pro-
woke US to buy their stocks. But, how
ever great the temptation may be. cour-
age fails us, while we live in daily APP
prehension Of war and we buy one week
with fear and trembling and sell the
next. still, we buy on balance and the
disposition " Speculate SIONS, especially
in the provinces.
The condition of India is far from good,
| quite apart from the fresh famine and
the probability is that further loans will
| hav to be resorted to to prevent credit
trouble there. The latest e%xpedient move
ment is the Central Bank Of India,
| through which the government hopes to
be able 10 check exchanges and supply
the credit mark as required. The thing is
,,1,,I,y n,,,; ,pyvnfi n = YNsncart hut If Y11n.
| ceeded with, the capital will be raised
| here, involving probable shipments OF
! gold to India. / am sometimes alarmed
over YOU currency anomalies, which
seem to ME to be a standing menace to
your national credit, cut they are child
play to those in India. where the gov
eminent is trying to establish the gold
standard without any gold reserve, and
maintain a silver rupee, intrinsically
worth about 10 pence, in circulation at
an e~xchangeable value against gold or Ii
pence.
Our custom house report appeared this
week and it may interest you to know
that nearly G23.O00,o 900 of $4,000, 600
gross collected by this department came
from four classes of goods imported. viz.
Tobacco, tea, spirits and wine. The yield
from other articles, such as cocoa, Chi
cory, coffee, currants, %raisins, dried
fruits, was mostly not worth the trouble
of collecting. Tobacco alone produces
Ell, OO0, 900 and tea $4,000, 900, although
the duty on the latter is only four pence
per pound. Our tariff does not contain a
single impost on any other article, raw
or manufactured, but signs abound that
our extravaganza and agitation against
foreign tariffs may soon alter this happy
condition.
You car get patent envelopes for mail
ing photographs at the Postofice News