The relative difference between the spot and the forward quotations: during the past year does not call for much comment. Owing to the Syndicate storing and financing the silver instend of carrying in the market, there was a premium randy silver practically the whole of January and February which on one day was as much as wd. A slight premium was also quoted in early March but this di peared on the 17th and from then onwards, with the exception of two days when spot silver was at a iscount, level rates were quoted till May 12. It mav be generally stated that from this date spot silver was at ed. discount right up to the end of] Tuly when the financial crisis increased this discount up to ed. Since the re-onening of the market on August 7 there has been no official quotation for forward. after the outbreak of hostilities and as silk hi-product of most of the copper mines it is probable that the output from that country will also show diminution.
On the other hand the purchases for the Royal Mint during the last five months have been very large, and as far as this country is concerned it may be therefore assumed that the bulk of the demand due to the war has been already satisfied.
It must also be remembered that the demand for the Arts, which, when trade is good, absorbs such large quantities of silver, is likely to be very much reduced both in Europe and America,
Text read from the printed page and cleaned; old type leaves the occasional error.