Eagles to France

All transatlantic steamship lines last week decided to make some money by charging $2,500 for carrying a million dollars worth of gold ingots across the water. Previous rate: $1,875. At the same time all big New York banks flatly refused to act as agents for the shipment of gold coins to Europe. France, for all her touted gold standard, will not give Jean Frenchman any gold coins. Her central bank will pay gold in nothing less than $8,000 lots. Therefore the French peasantry, which has taken the place of Mother India as the world's most avaricious gold hoarder, has organized innumerable syndicates to buy the $8,000 ingots and divide them into little hunks. But easier to get and stow away are U. S. eagles ($10 gold pieces). Double eagles ($20 pieces) were advertised in French newspapers last week at $21.50 (550 fr.); the price has been as high as $25. A profitless nuisance to New York banks. Jean Frenchman, if he still wants eagles, must now send an agent to a Federal Reserve Bank or the U. S. Assay office. (Avaricious U. S. citizens can, of course, continue to get eagles from any bank--see P-15-) Meanwhile, Bombay banks continued to send gold to London, boosted English bullion reserves over native protests. And, more important, the tireless quest for virgin gold kept on. The best spot heralded last week was in the cold northeast of Sweden where 40 rich claims await development near the Boliden mine, which last year produced twelve tons ($7,000,000) of gold. Said Count Ehrinsvard, Swedish Ambassador to Paris, "The importance of these mines is immense, a new source."

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