The silver market, in which we are all so much interested, did not present any very startling features during the year. The range of prices in London was only 7d., the highest point being 373 and' the lowest 303. The variations in the actual gold values were less, the highest prices in New York 743 and and the lowest 63, There was a net decline of 3d. in London during the year which was entirely due to the appreciation of the pound sterling, the price of the metal in New York at the beginning and the end of the year being almost exactly the same. Purchases of domestic silver by the U. S Glovernment under the Pitman Act have proceeded steadily and should be finished towards the end of this year. There is much speculation as to what will happen when such an important quantity of silver has to be placed on the open market. Optimists lieve that its appearance will coincide with the disappearance of the supplies from the various countries, which are reducing the fineness or demonetizing their silver coinage so that the situation will be balanced others think that the latter factor will continue for some years yet. There is no re liable data available to enable us to form an opinion, so we shall keep an open mind on the subject, and no doubt we shall all be wiser on this point when we meet next year.
SILVER ABSORBED, The quantity of silver absorbed by China was, as nearly as we can estimate, standard ounces 86,700,- 000. In 1921 it was 63 millions and in 1922 ounces 98,500,000. More than half of the imported silver wag used by the Canton Mint, which, it is estimated produced, about $73,500,000 face value of 20 cent bou pieces. These coins are 700 fine and, following the well-known the melting pot the former Kwang-Gresham law, they have driven into
tung coinage of higher intrinsic value. Their fineness was maintained at 700 but the more recent issues were clipped in weight to the extent of about 2 per cent. Here it may not be inappropriate to mention a few details about China's present currency.
Text read from the printed page and cleaned; old type leaves the occasional error.