Shanghai, Feb. 7.
Sovereigns, Bank's buying rate 3/5=Tls. 5.85 @ 71.55=$8.13 Gold Dollars, Bank's buying rate 653=Tls. 1.52 @ 71.55=$82.11 Mex. Dollars, market rate Native Interest Copper Cash Bar Silver Bank rate of discount Proportion reserve to liabilities 13 Parisgon London NewYork on London ent days. The undertone continues poor.
On December 10 the New York correspondent of Reuter cabled that "many silver mines in Canada, the United States of America, and leo had suspended production owing to the fall in the price of the metal.' This message would have been more useful if it had indicated what proportion of the U.S.A. production was derived from "silver" mines. The general impression has always been that in the States silver is usually merely a_ by-product and that a falling off in the demand for the base metal has more influence upon the silver output than a fall in the price of the precious metal. In any case, the U.S.A. produc-
OPENING AND CLOSING BANK RATES. tion would not affect the; immed-into price of silver, so long as OR Demand Coat & in)
Gredit @ m/s Docy. Bills, 4 m/s. Ox New Yorr—Tel. transfer Docy. Bills, 4 m/s. Ox Paris—Demand Docy. Bills. 4 m/s.
Teo Demand Demand On Leven Demand On Baravia— g/a sia the Pittman Act' were in' full By/sk 3/4y{operation. The fact that New 3/8, 3/7- York consid@ted falling produc: 3/9 3/st tion worth emphasis when a bad 3/73] break in the price had taken place, rather suggests that some 654 63z_ NMeasiness existed as to whether 734 71 the Act in question would remain jin force. Indeed, it is rumoured 943 gig from America that its abrogation 1040 1015] Will bein the programme of the new Congress. Senator Pittman 245 939 Was_ reported to have stated in July, 1919, that the world's 74 74 {demand for silver was double the production and—expressed 75 the view that for the next 9 years prices would range roi? igo between $1 and $1.29 per fine ounce. The quotation in New York for foreign silver dipped this week below $0.60.
Text read from the printed page and cleaned; old type leaves the occasional error.