The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-08-15
LONDON MARKET Is
YET VERY UNSTEADY.
Expected Advance 60 -Four Per Cent
Falls Through Financial Con-
diilon " other Countries

of gold going 10 the uniVd states
The Bank On England utr would b
sure 10 g. up on Thursday, 30 gosall
ran. 10 protest ihr reserve hgaingl
danger. 20 he hlli brokers quoted 5N
per cent ns their rate fgr three month,
hnukpm acrep,anccs and refused %
accept lrss except subject 20 an addi'
ilnnai fharer shluld the bank rate
advance Tho bank itself only took q
day bills st lia minimum and asked
Lex per cent for longer datel papers
u also roNm "a borrowing surplus bal
ancsg from the market Offering Q and
3l per cent Tor money into September
IN the move d was not successful
other bankers declining 10 par; with
their funds for so long, but an this
streugthcnel hc belief that the rate
would be- advanced TO four per cent
Thurs1ay came and 30 change was
made 20 the market began 90 work az
ur unier ga per cent. me bank Itself
ccasus 20 get any bills But 8, sim
I went nn b1rlwlns Tor a week or fort
/ night. aa lenders consented. at 2A. 2h
( and pr cent, tal pcrpIediy again
/ iaid hoii of thc market Also the news
/ leaked out that he bank directors
would haye gone 10 four per cent but
f1r the fear that i've per cent might
h,coro inevitable later iu the year.
Tholr argument WIS
III rc make the rate four pe' cent
now there ro1ld be nothing between
Iw auI nyc per cent rate should We
have O. revival ~ German or appear
uuce of American demands on our
gold On October Better. therefore.
walt iittla ana go oa trying 10 make
the open market suN The market
dd orcc more stlfou and 6l-day bills
again sought the Bank of England
and other Joint stock banks. also. be-
cause brokers refused to work under
sN to 3& per cent Tor any dates on
Friday this cautious disposition was
strengthened By the export of 100000
soyersigns To South Africa and we be-
gan the stock exchange settlement
with distinctly uncomfortable feelings.
Money yesterday was 10 per cent TO
90 per cent on Australian mines Yet
the sending Of gold 10 the cape meant
nothing because having no mint, the
colonies there now and then exchange
bars for gold,
We. however must have dearer mon
ey soon. The Bank OF Germany had
to 20 to 1--WE per cent last Monday
and the stgingency there was but be-
rinnipg. As have always said the
Germans are wrestling with monetary
diflsultles as the result OF fruitess
trading and 6nance and | cannot yet
discover how the empire will be able
to surmount the trouble without a
good. Did fasnioaed panic. In France,
too, the position grows every week
more precarious in spite OF the skill
Of the Bank Of France in collecting
gold BUSINESS on the Bourse is so
dead that partners in large arbitrage
house here Which l visit, has become
dillgsnt attendants at cricket matches,
having no orders 10 execute. The
calmness presaging storm hangs
over France, but when and how the
crisis may come, am unable to fore
tell. Tac army rottenness is alone
sufacieat TO let hell loose in that un-
happy country The proof that mill
tarism ana true democracy cannot CO.
exist causes enough gloom.
Turning to Brighton subjects, our
foreign trale is now going ahead in
a manner unknown for these many
years, 1t Is even improving with you
and the deliyerance of the Spanish
West Indies has wrought an immense
change for the better in our business
there. In Central and South Amer
lea and also we are doing an increased
trade and China is nobly spending the
money she borrowed from us. Most
parts of the world continue freely to
absorb our machinery particularly for
textiles, when fact some never-eon-
tents moan over as proving that all
the world and her looms and her
spinning jennles will soon be able to
do without our tissues.
Il is a curious fact that our imper-
ial possenslons over which we strut
so, partake but moderately Of this
general revival Canada is doing bet
ter by us in some things but not all
around. Australasia is still backward
and South Africa, as might be sup
posed. Is downright bad. Indian trade
wears a forced, not to say gluttened
appearances. our most improving
customers are never foreign nations
As for poor old Europe, 1t has hard
work % maintain its old levels, but
Spanish orders are better. All around
prices have more to do with enhanced
totals than quantities, Our domestic
trade is still more flourishing than the
foreign, as the railway returns for the
last half year prove. The gross re-
ceipts increased 2,256OOO pounds on
English lines alone and aggregated 49,
7bS,oO) pounds, the passengers giving
about a quarter of the increase.