Although transactions in silver and exchange were above the aver-ago during the past week, fluctua {ions for bar silver in London were dgeo not directly influence sil such cover (for 25 to 30 million yen) enables the operators to hold merely 3s of a penny, in New dk on to their pos ion, Which is chief-
Sof a cent, and in Bombay 8 anna: While India and China, during the period beginning from' January 1, 3927, have taken more than their vowel share of the world's silver output, there was a distinct abstention of purchases of silver for coin-purposes on the part of other countries, Only Austria and Iracq each bought about £200,000 worth of silver from London during the firet five months of this year. The lacing of the prospective silver output during the coming half-year ly by no means assured yet, which fact accounts for the lack of optimam relative to the immediate future of silver.
'The Speculators' Position ly concerned with eross-rates (yen-Dars). These people can afford to wait, because they can obtain a considerable premium for changing-lover their overbought gold position. If-our estimate la correct, it would appear that the uncovered' yen position @ la hausse of our speculators approximates about 25 million yen /—though a total position of 55 mill-liquidation.
What hag induced the speculators to turn? Probably the stability of the yen eraas-rate which, for almost two weeks, was cabled as 463. Nervousness on the part of the one] or the other operater induced number of admirers to follow suit: with the usual result—a mild stampede, twa" originally intended much mere souvenir, a medal, and scarcely fas a medium of eircclation, It was Mesigned by the Chinese engraver, Mo Tee-liang. The finish of the new output is rather poor and distinctly inferior to the Yuan Shih-dollar.
Tin 1912 a second Republican dollar was issued at Nanking, the obverse being identical with the coin Just described, while dears the English inscription "One Dollar" (below) and "The Republic of China" (above). Whether this tecond specimen is also to be pro-aced now remains to be seen.
"As mentioned in a recent review special dies for producing a new-design San Yat-sen dollar have recently arrived from Germany but it has apparently been thought wiser to place at first a previously Correat coin on the already much: Aisturbed money market,
Text read from the printed page and cleaned; old type leaves the occasional error.