COMMERCIAL.

Evening Star, Issue 16781, 9 July 1918, Page 1

COMMERCIAL.

GOLD AND SILVER EXPORT. In their May circular the National City Bunk of New York states that the high. price of silver was causing an export movement of silver coin from" the countries of Central and South America, also Mexico, wliich threatens to demid-e them of sudh. facilities for local trade uses. Another novel feature is .-t pieniiura on gold for exportation to certain countries. Under the United States embai'go regulations gold imported in the form of ore may be re-exnorted u> the country from whence it was received, and the demand for means of reio.'l.Umcß to thoso countries has placed this gold at a premium. The exchange situation between the United States and Spain is rrore unfavorable to the dollar than at any previous time, although it has been adverse for two years. The par of the Spanish peseta, is 19.3 cents, and for years prior to the. outbreak of war the paper and silver pe.-eras were below par. TJio rate in April was as hicrli as 30, and in May it was 27-j, or at a premium of about. 50 lier cent. The discount upon dollar credits in Spain is due to the close relation between the dollar and the pound sterling. The trade between Spain and the United States leaves a balance in favor of the letter, but the trade between England and .Spiii; is heavily against Great Britain. Sine:: the- pound sterling is artificially supported in New York, it is possible tor Madrid to convert its sterling credits into New York exchange., thus enabling it to se.'l dollars. The position so created has prompted some peareons to say that such transactions should bo forbidden, but on the whole arbitrage operations effect great economies in international trade. FRENCH RAILWAYS. Earnings of French railways have increased . c "teadilv since the outbreak of war. according to official reports. The -eeeiots of the four principal systems which have, not been directly interfered with bv military operations show a gain of £8.219.000. or 15.6 per cent, over those of 1913, which mav be taken as the last norm,-!! year. Moreover, it may be said that this comparison does not represent the real Mronnsion in the traffic, for the gross receipts of 1917 include 23£ per cent, received from the military for the transport of troops and materials, which work was done at prices notably lower thnn those ordinarily chareed. As far as tho railway lines north and east aire- concerned, their gross receipts were £4,100,C'00 below those of 1913. Messrs James Samson and Co. offered by auction yesterday the premises known ai the Coach and TTor=es Hotel, Saddle Hill, and a freehold farm. The eefler*« reserve was not reached, so the property was passed in.