As in the preceding week luctuations in the price of bar silver were moderate, and rates of exchange in Shanghai. were compara-'O7|tively stationary at averagely 2s. 5d. and 583, at which level there were at tines sellers, at others geod buyers. Gold bar quotations were more sensitive during the Jweek, but fluctuations were less violent gigan during recent times. The exe week was characterized by the absence of mercantile business and by a curtailment of speculative trafisactions. The demand for imports has died down, and while exports from Manchurian ports! were reported to have been in progress, there were practically no new export transactions booked Shanghai during the past week.
As regards the price tendency of silver London weekly bulletins cabled out here are, after the lapse of a considerable period, more opti leahy inclined. They feature] the depletion of London silver! stocks, the continued good demand for shipment to India and the heavy, oversold silver position of that country and also: China, On the other hand a section of Shanghai's financial circle believes that silver likely to go lower still.
As is well known the presentation of the Indian Currency Commission Report had affected the entire silver position and was instrumental—for reasons of sentiment,—in making the collapse in the price of the white metal quicker and stronger, It will therefore be of interest to refer to authentic news from Bombay, according. to which a Currency League has been formed there, headed by Sir Victor Sassoon, with the object of agitate ing against the recommendations contained in the Indian Currency Commission's report and prevent ing, if possible, the passage of the Bill through the Indian Assembly. Whether or not the endeavours of the newly formed League will be cessful will be seen, probably in January next. Tt is too early to speculate now on the effects on silver prices, in the event of a defeat of the Bill.
Text read from the printed page and cleaned; old type leaves the occasional error.