November 16.—The market has again shown a weak tendency. A slight rally provoked by belated demand for prompt shipment by the steamer leaving this week for India. proved but short lived. China, America and India' at once began to vie with each other in offering sil-~ ver for forward delivery, and naturally, while this is the case, bears are disposed to hang back from covering. Notwithstanding the considerable fall that hag taken place during the last week or g0, there is a lack of confidence in the future. Trade is considered to be the only effective brake that will control the sliding prices.
The reduction of the silver contents of subsidiary coin has now commenced in the South American continent. A recent law passed by the Peruvian Congress authorizes the emission of 23,000,000 soles of a, low standard. Hitherto, the quality has been 900 parts in 1,000 fine. The object is to replace the 15,954,- 068 soles in circulation, and also to redeem 7,045,932 soles of currency outstanding in cheques and certificates. The reduction of the quality from.900 to.600 would have more than sufficient profit for the purpose.
The silver quotations today for cash and forward delivery are respectively 1;4. and 1$d. below those fixed"a week ago.
Text read from the printed page and cleaned; old type leaves the occasional error.