Factors to be Considered Messrs. Samuel Montagu & Co,'s report on silver of May 25 says:
The market hag remained fairly steady during the week, more from the lack of sellers than from any eagerness on the part of buyers who mostly have consisted of bears. Wndia has sold some silver previously bought and replaced it by forward purchases of a similar quan. tity.. The Continent and America have been moderate sellers, but China continues inactive. The tone appears still heavy, but failing realization by bulls, the translation of the tendency into a downward movement depends upon freer supplies than are at present coming to hand from producing sources.
We indicated in our letter of the 12th instant that the ratio between the price of silver and gold during the qrinquennium before the War, was 36.72 to 1, and that on the 11th instant 33.11 to 1. The conditions of the market at the respective periods' are in strong contrast. During the quinquennivm the production of silver averaged 221,000,- 000 ounces per annum, and the average price was 25.11/16d., as against a current year production of gay 160,000,000 ounces and a price of 344d. on the lith instant. The value of the average output in the dormer period at 25.11/16d. works out about £25,600,000, whilst at 34Jd. the estimated current produetion is worth £24,840,000.
Text read from the printed page and cleaned; old type leaves the occasional error.