The Birmingham age-herald., 1915-09-03
mems shirts reduced
secrecy. are aboard British warship

secrecy. are aboard British warship and soon will be landed at Halifax
 From authoritative sources it was learned that another big consignment of British gold and American secur- ities is on the way here by way of Halifax. The two shipments already received, totalling about $110.000. 900. will be exceeded, it is assumed, in at least two and perhaps three other sim liar shipments now en route or con templated
 Heavy foreign selling of securities was a factor in the restoration of rates today as well as general covering of short contracts. Cables from abroad told of the forcing out of American stocks and bonds in the hands of Brit isil holders by the attractive premiums offered at prevailing exchange rates.
 With the arrival here of the British and French financiers believed to be only few days off. a general read justment of the entire situation ap- pears to be in sight and bankers here were optimistic In their statements to- night that the crisis had passed
 The man who buys his goods over tine counter will not reap cent of the big profits accruing to importers because of the prevailing depression in foreign moneys and foreign ex. change rates, 1t was said here today. and in many instances profits that otherwise would have accrued to the importers have been reduced by cor responding advance in price on the other side.
 Importers Benefited
 Low exchange rates have made it rossible for importers here to pay bills ahead at discounts varying from 5 to ' per cent on goods bought in England to as much as 26 per cent on goods purchased in Italy. A great many im- porters. 1t was said. had seized this opportunity.
 Although the value of the French franc was depressed from 15 to IS per cent, it was said today, importers of French goods would benefit but little. Tie French manufacturers. realizing that exchange rates would be against them, agreed to advance prices 10 per cent uniformly. Not single manu facturer. 1t was said. was missing at this meeting. Prices were advanced and the makers kept their word.
 Champagne importers are making money by the exchange rate and are sharing their profits with jobbers and wholesalers. but 1t was generally as- serted that champagne would be no cheaper. The same situation holds true. 1t was said, with respect to imports from Italy. chiefly fancy groceries Mluuleihcu, it Wab dS5cItcu, Ni'iNc eiAo profits.
 Five million dollars worth of crude rubber imported through the port ot New York in July, could be discount cd per cent at the prevailing rate of exchange. Whether this profit would be passed on to the retailer was a matter that could not be learned.
 Diamonds to which the same condi- tons apply. will not be cheaper. 1t was said The 5 per cent profit will be held by the importer. according to one au- thority. It was pointed out. however. that fewer diamonds than ever before are now coming into the country and that fewer are being sold here. < One reason retail prices will not be cheaper. 1t was said, was because of the tremendous advance in ocean freight and insurance rates The for mer have increased 300 per cent in many instances and the latter have scared high. Many importers said that but for the depreciation in foreign moneys here prices of all imported ar ticles would have been greatly ad- vanced.