New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-04
Canada Ships
Gold to u. S. to
Maintain Sterling
Wild Fluctuations in Neu.
trail Exchanges Disturb
Importers

Gold imports on British government
account were resumed yesterday when
$4,000, 900 Of the metal arrived from
Canada at the Philadelphia Mint for
]. P. Morgan & Co., fiscal agents OF
the British Treasury, who have had
charge Of the large previous shipments
in this direction.
The gold consignment marked the
resumption of shipments from Canada
after a lapse Of about a month, the
previous movement having ended on
July 6, after total of s126,o3l, 900 had
been brought into the United States in
the course of six weeks.
Movement Small
1t is understood that the new move
ment will be Of relatively small proper
tions. Bankers in a position to know
said yesterday that the gold is being
used, as was the case with the preced-
ing shipments, for stabilizing sterling
exchange in this market and helping to
keep local money rates easy.
Under ordinary circumstances the
gold would have been shipped from
Canada to New York instead Of TO
Philadelphia. Owing, however, to the
congestion at the local Assay Office it
was found impossible to handle the
gold there. The heat and the fact that
much Of the gold brought in on the
last movement is still being worked
over at the Assay Office combined to
divert the shipment to the Philadelphia
Mint.
Imports of gold from all sources
since January /, 1915, now aggregate
a total of 81 ,664, 73l 900, of which s45l,-
s55, 1000 was shipped into the country in
1915, s685,745,000 in 1915 and $751;
OBI 900 thus far this year. The bulk Of
the metal has come on British and Allied
account. The latest arrival OF gold
about offsets the amount that has been
withdrawn from the United States this
week on japanese account.
High Price for Sovereigns
Such gold as is being shipped here
at the present time consists entirely OF
bars. Imports of English sovereigns
have practically ceased so that the
supply here is the lowest in years. The
demand for .overeigns is now unusu..
ally heavy from interests DESTROYS OF
shipping the coins to Spain and South
American points, where they bring a
premium. II was learned yesterday in
this connection that local firm, which
recently advertised for s250,000 worth
of sovereigns, finally obtained the coins
desired through bullion dealers here
who imported the gold from Canada.
The price paid was considerably in ex-
cess of SIS per sovereign. One OF the
parties to the transaction said that
Canada was pretty well secured before
a sufficient supply Of the sovereigns
could be found to fill The order.
international bankers, while interest
ed in the resumption Of the gold move
ment from Canada, paid more attention
yesterday to the wildly fuctuating
rates Of exchange bills on the neutral
countries of Northern Europe. Owing
largely to the effect Of the new Ameri-
can embargo on merchandise exports to
neutrals, exchange rates on Norway
Sweden, Holland. Denmark and Swift
zerlsnd have risen sharply in recent
days. At the same time the fuctua-
tions have been so violent as to cause
American importers OF goods from
these countries much difficulty in ar
ranging for payment through the usual
channels.