The premium on foreign cui rendes for near delivery has practi cally disappeared here towards the end of the week. Banks now prefer U.S, currency for near delivery.
Grain harvests in China appear to be very good this year, as also they were in the past year. ' Wheat crops: are excellent, and rice promises well.
This fact will prevent large imports from abroad of cereals.
Gross rates: There was a further decline in the value of the yen which (for July delivery) was quoted 46 U.S. The causes for the steady decline have already. been pointed out in one of our recent re-
The New-York-London cross-rate thas also much declined, being now quoted at 4863. The reason for this abrupt decline is to be found partly in the increased imports of "grain and cotton on the part of Great Britain, and partly in the raising of the Chicago and New York off: cial discount rates to 5 per cent.
As foretold in our last report the mint at Hangchow is working and consuming from 200 to 800 bars of silver per diem. Stocks of bar silver at Shanghai in the morning of July 14 were 6,200 bars.
Local stocks of silver are steadily Increasing. Metallic funds at present in the vaults of Shanghai banks fre about 46 million taels (inclusive of bar silver) and 75 million silver Monday, July 16, is "change-over day" for gold bars. "It is expected that the difference in favour of the bulls will be about 3 mace per bar.
Text read from the printed page and cleaned; old type leaves the occasional error.