It is a well-known fact that during the entire spring period there was very heavy demand for financing imports to Shanghai, 'These consisted of the usual assortment of goods, but besides there was heavy' demand for rice and raw cotton from British India, for raw cotton from America and for sugar from Java and Cuba, And yet, in spite of banks being called upon to sell large sums of foreign curren cies, they could satisfy the demand, because cover was forthcoming at. the time. Whether such cover was provided by exports or by speculitive selling is of secondary importance, In spite of the very heavy, demand for imports the silver and Toeal exchange market remained crop of cereals, the export of which will commence in a month or so.
Certain silver mines in Mexico, though not many-es yet, have had close down, owing to low silver.
farther decline in the price of the! [white metal will, as a natural consequence, force other. direct silver imines to follow suit, thereby "euro tailing. the output of silver'
Kiukiang Road and Yen One of the most important factors connexion with the destinies of silver prices—though through" indirect movements only—is the Japanjese.yen which jactivityin Kiul fmarvelious rise in the value of the yen has been engineered at Shanghai through persistent purchases of that currency. During the week lurider review business has been done at Shanghai at 2 cross-rate of 482 for 100 yen. Some operators consider, rightly or wrongly, that} the recovery of the yen was too {ast and that there was over-specuation in that particular line. the event of the yen cross-rate de-crining to any extent there would tendency on the part of Shanghat speculators to sell yen, @ move which is likely to strengthen silver Prices.
Some of the factors mentioned here are eventualities, while others jate facts which are liable to work out their destiny. As has been shown before, it sometimes requires time and opportunities before a movement can start on the course [prescribed by nature. The seeds fare there. When they are to sprout will depend on opportunities, acei-Jdents and last, yet by no means least, on the wishes of the Shanghai gold dealers.
Text read from the printed page and cleaned; old type leaves the occasional error.