The evening times., 1899-09-30
THE GOLD. IMPORTATIONs.
Probability OF n Large Influx OF the
Precious Metal

TEcCiOuS MctaAs
The flow of gold from Europe to this
country has begun in earnest apparently.
During. this week to date three of the great
New York houses with European connec
tions have announced engagements Of gold,
the total amount being in excess of 81, ,000,
900. At the same time one Importation
from Australia, by way of California.
amounting to $1,50O.0G0, has been shipped
1t is said, also. that considerable sum,
several million dollars. has been arranged
for by New York firms that has not been
publicly announced as yet
There has been much comment over the
beginning Of importations when the pub
lished exchange rates apparently do not al
low of a profit on the transactions. The
bankers posted rate in London yesterday
was $4.86 and the actual closing rate
"a. So 5-8, both of which are considerably in
excess Of the usual import rate. A few
weeks ago New York financial men were
OF the opinion that gold could not be Sc
cured with profit from London at higher
than $4.S4 Ia. More recently the possi-
bility of imports at S4.s4 1-2 have been dis
cussed. The lowest posted rate Of the
week has been SASS IA. 1t is the fact,
however that the gold has been engaged
and will be brought to this side despite the
discrepancy in exchange and arguments are
somewhat unnecessary, IL not foolish, in
the face of facts.
The bankers conducting the geld opera
tions all state that they are to be done at
prefit. and this can hardly be doubted
Gold is not brought across the Atlantic for
fun, OF. as it was said yesterday. for the
health of the importers. 1t is only moved
when there is no other less cumbersome
method OF effecting exchange possible.
Opinions vary as to the probable volume
OF the movement Earlier in the year,
when million dollars was shipped to Lon
don. some financiers called the transaction
an extraordinary one and predicted that no
more gold would follow it. Several mil
lions were shipped. nevertheless. 1t is
thought almost certain by many OF the
New York banks that at least Sis 600 ,C0o
will be shipped to this side in the next
few weeks Some authorities predict that
the amount will be $50, ,0GO, GOO.
The Bank of England failed to raise its
discount rate this week from 1-2 per cent.
This fact was considered somewhat ex-
traordinary by some, in view Of the fact
that the bank is supposed to be most de-
sirous Of keeping all of its gold and adding
to its present holdings on account OF the
iminence of war in South Africa 1t is
tuOuSul tiidl uO Cifdu6S was ul0uc
On account of the moral effect such move
would have had in helping to preeipitate
matters. The declaration of war will be
undoubtedly followed by an advance by the
bank.
The New York stock brokers are watch
ing the importation of gold with keen in
terest- 1t Is realized that the fact of the
promised autumn activity and strength Of
the stock market depends very largely on
the question whether money is to be easy
or not And this question in turn hinges
to great extent on the possibility of fore
ing Great Britain to part with gold.
On the other hand. the financial men do
not wish to see too much of gold move
ment. Ii is realized that the draining OF a
large sum from Europe, no matter how
great the trade balance may be in Ameri-
cas- favor would discourage the buying of
American goods, and thus hurt the export
trade. Ii is probable that when the i'm
portation has reached $4,000, ,000 or S20,-
O00, coo. the banks will make no further ef-
fort.