Messrs. Mocatta & Goldsmid reported on July 10:
We have again to report a very quiet and inactive silver market, Dut the undertone "has remained good and the spot price has only Waried between 342 and 348, the latter being today's quotation. America has been rather a reluctant teller daring the last few days! fand such silver as has come on The Transvaal geld output for June amounted to 773,053 fine fine ounces for June, 1923, The United Kingdom imports and exports of gold during the month of June were as follow:
Imports, Exports. Netherlands £10,100
France Spain and Canaries West Africa Tava and other Dutch Possessions United States Central Ame [Other countries According to the "Tageblatt, the proposals concerning the new German Bank of Issue (which were sent to the Reparations Commission on July 12) involve the disappearance of the Renten. Bank as a bank of issue, and a new note issue of about five thousand million marks to be covered as to one-third by gold and foreign exchange. Coinage up to five marks forms part of the scheme, the market. from China and clsewhere has been easily absorbed by the Continental purchases. There has been very little demand for India, with the exception of a ttle bear covering and the bazaars appear to be waiting for more definite prospects with regard. to the monsoon.
In the meantime, with the expected continuation' of Continental Durchases, about the present level prices seems likely to be maintained and we do not look for any' important movement at present. The forward quotation has remained ata premium over spot on most days and under the present conditions of the market this premium would appear to be fully justified.
July I7-—There have been practically. no flvetuations in the silver market during the past week, the spot price being quoted at 248d. every day except the Lith an day, when the quotation was 34.4. The Continental demand has been small, and there has been a litle bear covering from China, these demands being met by moderate sales from New York. The latest Feports of the monsoon are more' favourable, and India has been a small buyer, although most of the orders have been for direct shipment from New York. Stocks in. London still remain very comfortable, and the ied. premium on the forward position has been maintained all the week and increased to-day to Bd.
Text read from the printed page and cleaned; old type leaves the occasional error.