The 20-page issue of the New York Times for Sunday, the 16th of July, devotes five columns to the address of President McCall of the New York Life Insurance Company to its general agents in the United States, st the World's Fair, Chicago. The address was entitled "The History of American Life Insurance." The N. ¥. Times says that Life Insurance men from all parts of the world were present, and the debates were full of interest. The Sigures announced by President McCall show that the assets of thirty-one American companies on 3st
bilities, $789,674,017; surplus, $14,060,520, and risks in force, $4,707,919,487.
We learn from the Straits Times that about $80,000 has been collected in Malaya for the relief of the famine-stricken people jin Shansi, and forwarded to Tientsin by wire, At Singapore, as we learn from the Straits Times, there is a Church Parade on the Esplanade on Sunday afternoon, which is enlivened by Asiatics flying pretty kites over the Cricket Ground. The Anglican peuple come to parade prior to church, and the Presbyterian people after church.
News has reached Batavia, says the Straits Times, that the Achinese who made the piratical attack on the Kajah Konrsce Aljeh lave fallen into the hands of a headman in Simpang Olim, who keeps them captive to get a share of the plunder, These Achinese give out that they have only $1,500, Ceylon has determined to impose an export duty on skins and horns, with view to protecting game from the wholesale slaughter which appears to be indulged in in the low country.
early yet to decide, says the Pioneer's Calcutta commercial currespondeut, how the change in the currency is likely to affect the foreign trade of India, But from the present appearances it may be fairly said that in regard to trade with gold countries, there is reason to expect an uninterrupted flow on the lines to which we have been accustomed. Here in Cal-cutty the only articles of export which for the moment are in evidence are tea and jute, Tea is doing remarkably well, and though dealers in jute are somewhat caus tious, it is "caution which guards against anticipating markets and betokens a great improvement in the tone of trade, There is a lull In linseed, after the heavy shipments in April and May, which is only natural, and wheat, though a good crop, is doing held back, as it has been in former years, because the home markets are stuckvd, The unfavourable weather in Europe ing this year will probably supplies towards the end of the year, la will be in good position to meet in, As was clea ly foreseen, a serious disturbance of trade has resulted between India and silver countries, But so far it appears to be chiefly a pause pending the adjustment of prices. As regards opium, Tam med. that the consumption of the Indian drug in China has during July shown no diminution, nor is there any reason to expect that the demand for it in the Straits and Iudo-China will lessen. But the Chinamen have not yet been asked t" pay more for the drug than they paid formerly, and it is doubtful if they will do so, 'The cultivation of opium in China is steadily on the increase, and though the Indian article still com: mands a preference, it is generally thought that the preference' will not be maintained at an enhanced price.
The Bombay Gucelle says:—The owners of the three hundred millions of rupees, which according to the best calculations exist in this country, will now if they possess common gratitude, lift up their hands and bless Lord Herschell and his committee, who recommended a fow weeks since that the Government of India should be permitted to cut the rupee free from the sinking of What would be the financial situation in India to-day if the value of the rupee were dependent on the reception which Congress may give to the President's message, recomniending that a clean sweep shall be made of the Sherman Act? While no one can predict with absolute confidence the course that will be taken by Congress, it stands to reason that the President would not have convened
for an administration to take—if there extra Session—always a hazardous step were not very good grounds for believing that the House of Representatives and the Senate will act as the President earnestly desires. They are asked to put a stop to the silver purchases and make arrangements for the discharge of all obligations in gold, The Presidential indict ment against the present state of th The immense accumulation of depreciated silver, the value of which is continually falling; the gold reserves depleted a depreciated currency, and financial crisis affecting all classes; these are the outcome of the monthly silver purchases which are now to cease, The reference to the necessity of making provision to meet the obligations of the country in gold, can only mean that measures are contemplated for obtaining a vast amount of that metal in England. It has been an open secret for some tine past, that arrangements have been made to secure the gold which will be required, As we have already pointed out, this operation will be more effective in educating average men in the City to see that monometallism is not all profit, than any number of speeches shouted into deaf ears, The Times of India says:—The important financial experiments made by the Government of India will mark the present year. Our Mints have been closed to private imports of silver, and offers are invited for a new loan of 3}'crores at a rate of interest half per cent. lower than the rate which has for several years been offered. The success of the latter experiment must depend very largely upon the eoulidence felt the inva: ublic in the eventual success of the former; for when exchange becomes finally freed from the vexatious and excessive fluctuations which have distinguished the last twenty years there can no room for doubt that investments in Indian paper at even 3 per cent. interest will become popular at home, and we may ex-ect Indian rupee securities to stand much higher than they do at present. Four weeks have passed since public coining ceased in this country, and to some it may appear that the end aimed at is not likely to bejattained, since the course of exchange has a0 far been persistently downward: There seems tu us, however, to be little in what has happened to justify despondency. The time for introducing the change i our currency law was in ove respect most opportune, There were comparatively few mercantile operations in progress to be adversely affected by it, and the inconvenience to trade between India and gold-using countries was consequently reduced to a minimum, Bat the same circumstances which secured this advantage have prevented the desired fixity of exchange from being at once arrived at. Exports have been and are practically at a standstill. Bills upon England are few in number, and there has therefore been almost "no demand for exchange upon India, and this, coupled with the incom. prehensible action of the Secretary of State in for time selling such bills as were wanted at a rate below the minimum announced by the Government, of India, has caused the exchange value of the rupee temporarily to decline. These circumstances, however, may be expected shortly to give place to others favourable to a rise in exchange, Exports will in_a month or two be ready for shipment to Europe, and rupees will be needed to pay for them. A demand for bills upon India must necessarily arise, and as the Secretary of State has in his hands the power to restrict the available supply of rupees, he will be able, if he chooses, a8 no doubt he will choose, to advance his selling pried and keep it at sixteen-pence or a fraction above that rate, As soon as confidence in his ability to do this is established, as we believe it will in due course be established, the price of Indian securities must improve in the London market, and simultaneously of course in this country.
Text read from the printed page and cleaned; old type leaves the occasional error.