Vin Pavis two months ago has ely been succeeded by another fall in the value of the metal, which begins to attract some attention, The price in August was nearly 53. per ounce; it is now barely the price a few days ago having been only. Even before the Paris Conference gentle decline had been in progress, ug remained for average all through the earlier month of the year having been Bad. Compariny average of the latter part of the autumn with the average in spring, say broadly that silver is now 8 per cent.
lower in price than it was then, the greater part of the fall having occurred ince August last, Remembering the commotion coasioned by the great fall in silver which ted in 1876, we should say that people inclined to treat the question more The former fall was succeeded by a Yematkable reaction, apd there is accordingly less fear among people that the re~ newed fall will he index Phe failure of Conference to suggest any practical 1 with regard to silver—except a formal Geclaration that it would be inexpedient for every country to demonetize-silver, but that tach country must please itself—has probably Helped in some degree to reconcile all cons cerned to Iotting the change in silver alone, Ifa conference of international experts cars-fully selected by the Governments of the principal European States and of the American Union could suggest nothing, what real hope can there he of xy practical remedies? But there are now sigs of impatience in some quarters, and mach of the old discussion seems Ukely to be revived, while business men are at least concerned' to know how the facts Stand, how it ix that the fall hay been renewed, what the probable course of the silver nuarket will be, and how far trade has been injured or is likely to be so in future, The causes of the present position of silver do not seem very obscure. It is evident on the surface of the facts that the fall of price as occurred notwithstanding the existence of many circumstances which might, have been expected to bring about arise. Tu America the operation of the Bland Bill leads to 2 withdrawal of silver from the general markets of the world, which must amount, at least, to nearly £5,000,000 per annum." The Bill directed that from $2,000,000 to $4,000,000 of silver were to be purchased and coined monthly, and although: it appears that only the minim asnount is being coined, this will sum up, a3 we have call, to nearly £5,000,000 per annum, x the result, the imports of tilyer from the United States into this country have declined ax compared with previous years. In the first nine months of this ye ire have only imported from the United States value of £1,264,000, while of 1877 we imported £1,9% and in the same period of 1876 £2,151 From Germany also, whence unusual supplies have lately come and flooded the markets, there has been " greatly diminished importation in the present year. Our imports from that country in the nine mouths have only een £3,552, 000, as compared with £10,920,000 in the corresponding period of 1877. Altogether our imports of silver from all countries in these mine months h been £9,083,000, as ponding period of 1877 were now the same s in 1877, of supply would almost certainly have pro-Gaced a considerable rise in silver, Wo must look, therefore, for a change in some other direction to account for the actual facts. It
Text read from the printed page and cleaned; old type leaves the occasional error.