March 25.
At the close of business on March of:
24 the sock of silver in hai was Ts. 32,597,000, $20,200,000, and 667 bars. Included in the foregoing figures are Tls. 47 lakhs and $81 lakhs held by Chinese banks.
During the week 609 bars arrived from America and the stock of ayore was further increased by the melting of Tls. 7} lakhs of chopped dollars and subsidiary coin, the high tael attracting these coins to this market. On the other hand Ha, sai lakhs syosen were shipped to Bombay and 2 lakhs Hankow, while a "bars left. for Bombay and 480 bars for Vladivostok.
Bilver:—A rather sensational rise of 1fd. has taken place during the week. The demand for the Mint and for the Continent having apparently revived, while the large shipment of sycee and bars from Shanghai to Bombay may indicate that the Indian Government is in the market. The Indian currency silver reserve at 22 crores shows loss of seven crores since the beginning of the year and it may be that the extended use of rupees in the various war zones, particularly in Egypt, will make some replenishment of the stock necessary before rupees return to the Treasury in the usual course during the summer and autumn.
Tf this assumption is correct, it may mean that a serious source of strength to the silver markets is prospect.
Exchange:—In sympathy with silver, rates have advanced 14d. since last Friday. Mercantile bills were offering rather freely, 80 it is evident that a rise in exchange of over six per cent. since the beginning of the month has not interfered with the demand for China products.
Text read from the printed page and cleaned; old type leaves the occasional error.