The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1916-07-24

road properties in that great colony
In HongkOng and in India she posses
SEES resources represented by securl-
ties of vast magnitude.
II has been a semi-ofhcial statement
that in the past 80 years England and
Germany invested about $4,000 900, 900
in the securities OF South American
nations and South American indus
tries. What part of this $4,000 zoo, 900
represents England's investment in
these securities is not accurately
known, but the presumption is that
the total represents three fourths of
the entire investment.
Notwithstanding the enormity Of her
expenditures, nevertheless England
has not touched any of these resources
excepting those which are represented
by American securities. The reason
why England has been utilizing Amer
lean securities is almost self-evident.
The kingdom owes the United States
hundreds OF millions upon trade bal
ances, and the American securities
(which are easily absorbed in the Unit
ed States, have furnished the most
convenient means of paying part of
these balances.
No Longer Easy to Obtain
1t is presumed, however, that Eng
land finds 1t no longer easy to obtain
American securities in sufficient
amount to pay her obligations in this
country, for il that were possible ii
would not be necessary for her to
send gold to the United States. In
the financial district it is said that
either England has practically ex-
hausted these American securities or
Celse many of the investors in them
lprefer to keep them. The ease with
which the United States has absorbed
these securities is spoken of as a most
gratifying feature of our financial con-
dition
Presumably within the next two or
three months not far from 5000, 900, 900
in gold will have been received by
American consignees either directly
from London or by way of Canada. For
already little over $1S0,00O 900 has
been received since this movement be-
gan.
The infusion of these enormous
stores of gold, some 5000, 900 900 in all
since the war began, is having no i'm
mediate effect. at least of the kind ap-
overwhelmingly, gold imitation with
Its consequent disturbance of business
For the gold Is utilized to pay debts
owed to the United States.
II the movement continues, however
for another year there is likely to be
some embarrassment due to the lack
of facilities for storing it. A million
dollars in gold makes, relatively
speaking, a small parcel. There is in
the assay office of this city block OF
gold which measures II feet in length
feet in thickness and in height. II
does not take up much room, yet II is
valued at over $1OO,OOO,OOO but when
so great an amount has $500, OOO, 900 is
to be stored in the vaults of the assay
foffice then there must be careful reck-
oning of space facilities.
The $2O,OOO,OOO which was received
by ]. p. Morgan & Co. on Monday OF
this week was deposited in the assay
office, and II added somewhat to the
already great bulk of gold deposited
there. 1t is recalled that when the
first consignment of gold from London
to j. p Morgan & Co. came by special
train from Halifax, there was a grea,
deal of advertising of this movement
of gold. and the consignees did not re.
gard this publicity as worth while
Probably some hint was given of this
feeling, because later consignment
that have come by special train from
Halifax have been unheralded until