New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-17

inc BANK OF England, Toy creating a
depository I'm Ottawa. has simpided
the problem o. paving thc7c foreign
debts once the gold can be obtained
BY sending sold 60 Canada America
bankers and merchants con pay thcir
foreign creditors. C.gotl- as though
they sent 10 10 England itself. snd at
very much less cost and risk. The
banks here cannot very we'll prevent
tho outflow Of thc yellow metal. though
ny holding back their gold and gold
certificates and their legal tenders and
nsyuc out only national bank notes
they can make s, more difficult TO
acme extent they have been doing that
Any one can take gold certificates or
'Ccal tenders To tho Sub-Iroasury and
&c, eagles and double eagles for them.
he difficulty Is 10 secure sufficient
number of thc certificates TO make tho
cooretiou worth while.
Debts and Moratorium.
1r England and in France Of the
present time there is moratorium. or
nps'pcrcncrt Tor fixed period. OF the
maturity ot many obligations. Be
cause Of that there hes been q good
deal OF misconcentiou In this country
about The necessity for meeting for
c0 debit balances. What has not
been generally understood is that the
governmental proclamStions do not In
any way cover the payment Of such
debts as our maturing bonds and city
warrants. some OF these viii fall due
carit ln September. and they must be
c~s II Aworics & -, he 60 3ercd
as dcrauItar Some Wv viii have
90 be found 10 nav fkosc and trera
Viii be p ,rav. though II may no, We.
have disclosed tse'f
Tho two greatest nrob,o,rs or+eidc ~
this ono are TO get American exports
across the. Atlantic and 20 secure for
ourselves from the sun neutral nations
.s' oUtn 'uD .ho word mat large snare
y. .'.r '.Soe Nn5ch mas ia;ter'E been
i-".,op, 20 ne e''Gch' soIo.Ioh %, mem
-o.. 20 ger .9'o-. ana WIN 'nS,-
~ pos '""'cla, ie$gc'> ana iht ac-
I"'h. s,IalIoh ai Washington nave oeeN
.''. tIilhc ana congress mas oesn
.cSislsiinc. The ship registry BILL
rom when so much IS hoped. VIII
make possible the purchase Of vessels
'n most cases necessarily from the ma
Honals OF countries now AZ war and
* n
SIS American vessels they can pass un-
noiested on the seas, except where
they are carrying cOntrabaud OF wal
% beligeronts and are stopped by enc.
mics OF those bellirerenty. The bill
is being held m i'm The Senate because
OF -~ue Of its indirect effects. bu- il s
believed that r. viii como 70 votg
either TODAY or to-r,orrov. collator.
g, plan 10 ala American foreign tra6l
s. % have tho government assume tho
way risk on vessels and thcir csvgo. 70
England has done. This. too. has 2
promise OF success.
III;
'"leisn LA'"dhge Lower
J.. the course OF tho week some ship
mcnts of grain went fOrv ard, but THEN
aggregate was not large Ncterthele,
it was made possible for foreign eN-
change dealers 10 reduce their rates
and there arc no longer any such QUO
tstons as So or 81 Tor sterling cables
or 50 90 for demand bills.
IN limited amounts sterling checks
are changing hands AZ as low q price
comparatively, as 81 %. and cables
only few cents higher. Abnorms
as these rates vet are. by comparison
with those OF only few days ago. they
"''-+N sANe ANi4NI' VI Nil4n IcldAG-
non or tension there we're many causes
besides the movement OF few ships
carry lng gram. Not the least OF them
was the action Of the British govern
imtnt IN guaranteeing the BANK OF Eng
ana against loss rom redIscountlng
DAis' oOlh nome ana foreign, that mad
oeeH accepted PRIOR 20 august q. Inc
Ehgnsh banks protected ln inns way
nave been @cle. 10 extend their credit
iaci.ues' winch previously had been
arrested |nere they were.
On Thursday the Bank o. England
presented d report which showed a
marked improvement on that Of the
previous week: though the proportion
Of reserve 70 liabilities, EotWI,hst and-
ING an excellent gain, stood as low a.
II per cent, and there was evidence o.
heavy borrowing By the government p
sn increase OF 1l2,OO0OOO ID govern
ment securities. Bullion increased 40
5sz,9Oo.
nc local bahH s'eIelaeN.' GOVERN
q b
still further behind tFeir reserve Re.