Influence of the Gamblers The letter we publish in our correspondence columns to-day dealing with the malign influence of the Jocal speculators in gold and silver gives on the whole a remarkably good appreciation of the situation here. There is one point, however, on which disagreement is likely to occur, where the writer remarks, "I have no hesitation in saying that. the dealings in gold in Shanghai are ruling the world's price of silver." This is rather too large a statement for general acceptance.
Owing to the present stagnation in trade it would probably be cor rect to say that but for the oper: tions of the gamblers Shanghai would at present be exercising no effect upon the world's silver position, but as matters are Shanghai does influence the market. The operations of the gamblers here had the tendency some little time back to maintain the price of silver then ruling, whereas recently their operations have tended to bring it down. To-day, according to the letter, they are overbought to the extent of about £2,000,000. This, we have reason to believe, is a very
Text read from the printed page and cleaned; old type leaves the occasional error.