States Minister' to China, and Admiral Ty T. Craven of the: Yangtze Patrot made a trip Kuling on Monday, June 2, and were guests of the Kuling American School. Mr, Johnson was accom anied by his secretary, Mr. L, H. Ellis of the American Legation, and Admiral Craven by Flag Lieu: tenant Tucker.
The party arrived at the Kuling American School, where all arrange ments had been made for th entertainment, shortly before noon. After lunch, "Mr. "Johnson "and Admiral Craven were escorted to Places of interest within. walking! distance of the school, and_greatly enjoyed the sights of Kuling, which og this season is in its full glory.
tea in their Ronour was given by the faculty of the school from four to five, and a Jarge number of Kuling residents had the pleasure of meeting the distinguished visitor The afternoon closed swimming party at the bathing pool, where the Minister, the Admiral, faculty and pupils enjoyed a delightful swim.
0 the diversion of silver shipments originally destined for Shanghai to India, In the cireamstances it} seems unlikely that any gowat accession to the stocks of silver in Shanghai will be seen in the near!
Meantime the Bombay offtake is averaging about 420 bars a day. This has increased lately owing the troubles in the country. but it has to be pointed out that since the demonetization of silver there, the effect of a good monsoon, which used to be responsible for' a very much larger offtake, is not so much asit used to be, but on the other Kand, the marriage season should! mean a greater demand.
Owing to tie low price of silver, it is learned that the bulk of the silver mines in Mexico have closed down, and as they produce approximately 105,000,000 ounces of the! metal every year, this provides one lof the optimistic features in the market, The low price of copper is also resulting in a smaller out ut of silver which is one of the! Principal by-products from copper mines. For instance our Stock Exchange report from New York today mentions a reduction of the! Kennecott dividend from $5 to $3. and this is believed to be largely! due to decreased production, bring. ing with it a lower silver "output. Other copper companies have also reduced their output, Meanwhile the embargo on the export of gold imposed by the Chinese Government has not had the desired effect on the situation, When the embargo was brought] into force it was reckoned that! there were no more than 3,000 wold bars here, but the arrivals of gold in various forms from the interior have already increased that total to a considerable extent. In fact the ban has had exactly the oppo-effect that the Government} intended, as gold bars have now of Tls. 566.50, and this will bring more gold into! the market from the interior in the form of leaf and ornaments, In view of the continued rise in the value of gold, says the "China Times," a member of the Commission for the Reorgani of [Commercial Organizations has submitted a proposal to the members of the Commission (which was formerly the Chinese General Chamber of Commerce). suggesting that the National Government should be requested to publish an order limiting the gold exchange rate Tls. 500 ame forbidding gold specula local exchanges. The Goverament, says the writer, should also be asked to enforce the! regulations governing the collection of an import duty on foreign silver without delay.
Text read from the printed page and cleaned; old type leaves the occasional error.