Messrs. Mocatta & Goldsm annual circular states that the year under review is remarkable because in spite of the much improved statistical ition (from the point of view of visible stocks in London and Bombay) with which it opened as compared with 1913 and the much smaller imports that have been received, the price of silver has declined to a level that had not been seen Fince 1903, shown in the table below the highest and lowest quotations during the year have been 272d. and 991d. respectively, showing the total range to have been 58d. The range, howe-r, till the middle of July, when the war clouds appeared on the horizon, had' been comparatively small, it not be ing til! July 20 that the price f 1!) below. 25d.
"914 1913 1912 1911 1910
Highest tain 44.27] 293 20Rh 28f 264
225 2544 25} 2242 2375 of Bie Ai ko Sth Average prion... 2° fy I shy Waly 2823 2°AT
The beginning of the year found a stock of nearly two millions Tendon, but only small portion of this was available for surp's the demon 1, the larger poi ing in the hands of the Syndicate Nz formed at the close of last year to liquidate the holding of the Indian specie Bank, The price on January 1 was 26/; d. and remained between that figure and 2éjd. during the first two months; there being a considerable Bear position to be covered and a fair amount of the metal shipped to the Continent.
Early in March the United States Government bought silver;—shipments from New York got reduced, owing to the absence. of Mexican supplies which had been requisition. ed by Huerta for coinage, Later in the month there was a renewal of Indian buying and some—special purchases on Continential account, which enabled the Syndicate to dispose of the balance of their holdings. It was considered very factory that so large a liability should have been disposed of in s0 short a time, leaving as it did the silver market in a much sounder position than it had been for several years. In March, the highest price was 27d. At the end of April, India and China were both buyers was the highest normal price for the year.
A steady decline began in May, the balance of trade in India be-ug to go against that country. This encouraged boar sales; sup: pu's from the United States and Cinada were fully up to the average while buyers were scarce, Conditions were unchanged in the early days of June, when the American sales were augmented by _largish amounts of Mexican silver that had been smuggled out of that country and held up in the hope of higher prices. Later in the month there was some demand from India and supplies were less plentiful, but on the whole business was on a stricted scale.
Text read from the printed page and cleaned; old type leaves the occasional error.