New-York tribune., 1901-02-17
LONDON FINANCIAL COMMENT.
PROSPECTS OF EASIER MoNEY-GoLD EXPORTS
FROM AMERICA.

ropdon. Feb. l6-Notwithstanding the current
sxpectation Of easy money, various influences in
s,eate tendency 10 fitful scarcity for time.
The new loan may take of two millions next week.
The revenue collections, ahnormaly heavy have
haen swollen by cearances of tea and other duti-
able goods owing TO fears Of additional taxa
son hill The market. Therefore is uncomfOrta BILE.
Certain brokers are working discounts, allured by
,te small imports Of gold, and the prospects OF an
increase In the future. The maintenance OF
high rates for money, compared with Paris. Berlin
and NeN-Nork, is attracting gold. Nearly a
.,fnon was received this week from India. Egypt
and the Continent. and during the next two or
three weeks the hank may receive largely. inelud-
,De half million from Russia. Paris Is also likely
~ send some 10 meet the instalment Of Exchequer
tonds February %. further considerable inflow
from the country VIII the result OF heavy
nsvments for taxation Consequently, there viii
he a considerable addition 10 the banks reserve
Tue increase in proportion, viii be over 80 cent
next week. Therefore. II is difficult for the bank
90 nefrain from reducing the rate TO per cent and
later on So per cent. The reduction OF the
hanks liabilities is due partly borrowing from
the market, but chiefly 20 the repayment Of money
borrowed by the Government for ways and means.
as the Government is using the revenue Thus a
further apprecable reduction Of the banks lahili-
ties Is expected.
The remarkable productiveness OF the income
tax with the large customs and excise payments.
has swelled the 10 the unprecedented total
OF a5777 OOO II is probable that the budget esti-
mates will be realized. making al the year end.
March 81 sl27. .520ooo.
Commenting the fact that the gold shipments
from NeW-York 10 Paris exercising the minds
Of many people in the United States. who allege
that the act OF Congress Of last March stimulated
the bsnicnote issue, causing redundancy Of cur
rncy, .'The Statist" thinks its New-York
tsnporaries are alarmed without cause az the de-
tails OF the great output OF gold from North Amer
tea Il says
Considering the magnitude Of the production in
the United States. and the length of time n has
been accommodating. the wonder Is that much more
Is n0t shipped than Is actually sent abroad. The
fact Is. that so much has 10 he retained at home
that public opinion begins 10 get uneasy II much
is sent away. II only Illustrates how unwise has
been the currency legislation OF the last quarter
~ century ana how urgently necessary Il is that
the Government should get out OF banking soon
possible.
The statst" extols the English banking sys-
TEN. and adds:
elaring their circulation redundant and lafnenting
me god exported, would urge the need of scientific
reform OF the whole currency and banking system
the would he doing an immense service their
country, ana would Indirectly confer material
hsnfrt on all the other forward countries for with
Htally good currency and banking system the
rfoe ~ the Tinted States would find they already
lossess enough gold. or, II report led them 10
fhirk more was nee led. very short time would
Fhf Them al they required Then the immense
surplus production OF the Continent would be avail
abk 20 The rest Of the world