New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-04-15

No FINANCIAL DISTl FhOM The
INTERRUPTION OF THE SOUTH ARR
CAN GOLD sUPPLY-AMBAssA-
DOR CHoATE-s DEGREE.
r-o7vr4rht. 1901. BY The New-York Tribune
by cABLE TO THE TRIBUNEl
linden ADril IA gloomy Lent has closed
-, week 81 depression and foreboding. but
..s-s are many CLEANS Of light and hope on the
=. - Easter. The military situation is full of
-,,,;se with Lord Roberts's army massed in
t--.s.s-ible strength for the march Of three hun
- niles 20 Pretoria and The long line OF
-.,.n hundred miles from Bloemfontein to
ca,e Town securely guarded The Boer
- have failed 70 break his line OF
-,,,,ication by counter attack. and the
T,,,c5 armies are powerless to check the
.s.-oe n Roberts's soldiers when they re-
- marching orders. The diplomatic situa-
- ,o,,ld not be better for England. since her
-.1srions with both France and Russia have i'm
80 The German Government is friendly
- bel3frl and foreign intervention in South
.svtcs Is utterly impracticable.
-,e british policy as expressed by Sir Alfred
,.,-s- =, his sagacious speech with The signih-
=. -,o--1 Never again. has behind II
go empire snd il prohibits any settlement
= COMPROMISE by which opportunities will be
.4z-e5 for another war like the present cam
Ireland plavs an important and honor
~ mart in that united empire. providing the
t,,,esr soldiers and the only generals capable OF
,.,rirg victories. and Dublin temporarily is
snn-opriareIy the capital. with populace loyal
and devoted 10 the Queen
-ha United Kingdom. moreover. continues TO
snov- signs Of marvellous prosperity, even under
,be storm and stress Of war. Almost every in
So, has received an impetus from the war
-o-ar1,- rh4 iron and textile trades. There has
bAen . great increase Of production and employ
-,enr ard. with The temporary withdrawal OF
large l,od- of workers in khaki to the seat or
,-s- skilled labor has been in demand and com
-,s,ss higher wages. Even the approximations
=. economists respecting the unfavorabie results
~ he suspension Of gold mining in South AFRICA
have not been fulfilled; they expected that the
value NJ gold would he enhanced by the COM
,le,e sto-page-of the chief source OF supply. ana
-rs, r-ices Of commodities would be depressed
n, The scarcity Of gold. and the financial reia-
lions 81 The world be disturbed These results
have not followed the outbreak Of war; an able
article T. to-days -Statist' proves easily
enough that the so-called quanttative theory
~ money has been practically refuted during
the LAST six months since, even with the con-
traction Of the gold supply and the shr1nkage OF
currency in circulation, there has been great
rise n the wholesale prices of coal. iron WOOL
and other commodities. and financial conditions
have been adjusted without disturbance through
the power of bankers to regulate credit by con-
tracing the accommodation given to their Gus
tor7ars V-hateve setback tn prices there may
have been recently. the level is higher than II
was al the outbreak of the war, and every in
d,lstrv Of the United Kingdom is in a fiourishing
state II activity and productiveness. without
airy sign OF financial disturbance here or on the
Continent through the cessation OF gold mining
for six months IN the chief source Of supply.
The money scarcity in the United Kingdom.
with The inevitable shrin kage Of mercantile
credits when increased banking facilities are
needed for the enlarged volume Of industrial
business leads the financial papers 70 discuss
the question whether gold shipments can be ex-
pected from New-York 10 ease up the situation
here. Current opinion among Anglo-American
bankers is that no gold will come. since trade
balances remain heavily IN favor Of the United
States. and large purchases Of American securi-
ties have recently been made on European ac-
count ana must be paid for trade balances
cannot be explained away; but II is not yet clear
whether the purchases Of American securities
are not speculative in large part, and that the
stocks viii not be shipped and delivered, and II
Is certain that the expenses Of the enormous
army Of American tourists this year in England
and On the Continent will be important fac
tor in the problem OF International exchange.
The most Intelligent financial writer's admit that
American prosperity since the defeat Of Bryan
mas been even more wonderful than English
prospertt- al IFS height It is ascribed by ex-
perts 70 The restoration Of confidence, followed
by succession Of good harvests and an out
burst q industrial activity, and stress is laid
upon the fact that the paper currency, so re-
dundant under President Cleveland that IL
threatened 10 drive out gold, is now so made
quate that bankers are largely increasing its
circulation. since the safety II the gold standard
is assured
The American Presidential campaign is re-
garded with philosophical conposure by journals
here as containing promise OF much criticism
q everything English The Spectator derives
nay, the Queen viii not be caricatured in Amer
iea but Il warns EngIishmen that Democrats
VII hercely attack perfidious Albion during the
canvass. ana that the Republicans will not
strenu0usly defend England. It counsels Eng
Ashnen 70 keep their ternperY during the next
SIX months. since American attacks upon Great
Britain VIII certainly end with the Presidential
canvass
Commander ColweI closed his accounts and
settled up his business with his naval successor
q the American Embassy on Thursday but was
ordered BY his physician into a hospital for the
bext week. and forbidden sail by to-day s
Feaner for New-York. He has been suffering