The Birmingham age-herald., 1915-08-18
GOLD MOST LIKELY WILL BE USED FOR PAYING BALANCES Munitions Shipments Not Yet Large Enough to Be
 Serious Problem
MORE SECRECY IS
 WANTED NEXT TIME
London Understood to Be Disap. pointed Over Noisy Reception Recently Given Consign-
 ment to New York
By HOLLAND

New York, August 17.-(Special.)
 Should another consignment of gold
 and securities be brought from Lon don to New York the probabilities are
 that an effort will be made to pre-
 vent a repetition of the spectacular journey of the consignment from Hal flax to this city. The reasons are ex- cellent for presuming that the con- sisnors in London hoped that the same secrecy or lack of display which char acterized the shipping of this con
 signment and the bringing of it across the ocean to Halifax would continue to characterize the transportation or 1t until delivery In New York city. In ternational bankers have spoken with regret of the publicity which was given to the transportation of the gold and securities from Halifax to New York J. P. Morgan & Co.,. who were the consgnees, had no relation to or authority over this movement. Not un- iii they receipted for the gold and se- curities did their authority over the shipment begin. Should England ship gold from South Africa direct to New York it will be possible to avoid the
 demonstrations. inspired as they were | by curiosity and interest, which char aoterized the movement of gold and se- curities from Halifax to Wall street. Since this great consignment arrived | r New York many have been the sur mises respecting the purpose to which l IL is to be put. It has been common- 1 ly said that the funds are to be util | ized in payment of munitions of war | W hich Great Britain has bought in the 1 United States. And yet who knows, eX- | cepting the consignors. to what use l these funds will be applied? The prob | abilities are strong that not yet does l the house of J. P Morgan x Co. know | how these funds are to be utilized. Nevertheless a little examination, lit- 1 tie study of the statistics recently sent from Washington which tell or l our. aggregate exports for the latest fiscal year should furnish sufficient | basis for the conviction that these l funds are not to be used in payment l for purchasing of munitions of war put are to be used to aid in liqui-
 dating the enormous purchases of food 1 products. forage, horses and mules | which the United States has export l ed, principally to Great Britain.
 No Large Munitions Shipments
 | Munitions of war have not yet moved | in great amounts across the sea. Suffi- cient time has not passed to make 1t pos | sible for American manufacturers to eX' ecute and deliver war orders or tnls hlnd Later in the fall and throughout the win ter it is probable, that munitions of wal l of all kinds in enormous amounts vii
 be delivered at our seaports and then sent
 across the sea.
 In the past fiscal year Europe and espe- cially Great Britain have bought food stuffs and other commodities not emu. merated among the munitions of war IT amounts very much greater than were ever bought before in the United States On the other hand. for various reasons our imports which came from across the
 sea have greatly fallen of, Thereby g visible or apparent trade balance in favor of the United States somewhat in excess l of $1,000. .000.000 was created in the latest
 fiscal year. If against this there be of
 set the items of which no record is made as, for instance, our payments of divi. dends and interest to investors in foreign lands who hold American securities and insurance charges. freight charges ano | other incidentals, there will still be found to be an unprecedented trade balance in