May 21—Supplies have not been freely forthcoming and prices have had to rise in order to attract potential sellers. "A certain amount of competition now existe, owing. to bear covering from India and China, and there have also. been some purchases for shipment from the former quarter. A. higher level of prices would therefore appear to be justified, and the undertone may be regarded as favourable, "Continental sales have not been" in evidence, and the price still seems considerably below the figure which would elicit sales for forward delivery on Chine account.
'The silver quotations to-day for cash and two months' delivery. are respectively 3. and i8d. above those fixed a week ago, Heavy Continental Buying.
Reporting from London on May 22, Messrs, Mocatta' & Goldsmid tate:
The bullish feeling referred to in our last circular has developed daring the past week and caused fa fairly sharp rise in the quotations, the price to-day being 34%, fas against 33% a week ago. The recent heavy purchases for the Continent are now. beginning to have their effect and with @ continuance of these purchases. for more than. one quarter of the Continent, the market has avery rd undertone. India and China, ith the exception of covering part of their bear commitments, have recently not given much support to the market, but, the report thatthe Canton Mint will shortly re-open for coinage, the posaibty of "Chinn. "buying seems much nearer; this has been reflected in the Indian bazaars, where the price of silver. has Decome much nearer to. London perity than it had been for some ime. Since the Continental demand is chiefly for forward delivery, the difference between the spot' and forward quotations has been comparatively emall, but stocks in London are not too large and seem likely to be absorbed in the near future. " At the higher level rates, America has been disposed to" sell moderately, but the market is very dependent on New York for supplies and. should the buying continue on the present scale a further rise would seem inevitable.
Text read from the printed page and cleaned; old type leaves the occasional error.