Demand In our last week's review we ventured the hypothesis that the value of the yen, as expressed in its eross~ ate, ig much more dependent upon Kiukiang Road than on the home country.
Within one week we have inthe m of the yen which has been created in Shanghai and which i: adopted by Kobe, New York and [rest of the world. Last weel business wag transacted on the basis [of 488 U. 8. (and over); during the week under review business was! {done at 478 (and under), a difference of more than 1 per' cent. This metamorphosis ig unconnected with economic conditions in Japan and divorced from suuer prices—merely the dictate of Kiukiang Road.
The strength of the Shangh:
4 m/s. Docs.
m/s. credits 6 m/s. Docs. New Youx—Demand 4 m/s. credits 2/113\ragraph lasted Friday] 2/tye August 27. On the last day of] 2/1%s|the week, August 28 the bulls!
693! market, thereby resuming their began once more to' enter the
0% tactics" to weaken the market— the introduction and circulation of gold coins.
The Commission is also opposed to an early sale of the country's silver reserves, because such action would cause a heavy fall in the price of the white metal. The bulk of the population, being accustomed from ancient times to the use of silver, would suffer considerably, from the fall in price of the white metal.
(e)_ The scheme recommended by jon demands will not actually circulate, the Treasury will be bound to buy and sell gold at! rates to be fixed, but in quant of not less than 400 fine ounces.
The rupee will remain legal tender in India, its cially fixed at 18 pene From these points formation it would ap) is no intention on the part of the authorities to throw silver stocks on the market, at lerist not for the near future, It' should not be lost sight of that the silver rupee is still legal tender and that it means a great saving to the Government to hold a large portion of its reserve against notes issued in minted silver rupee These cost, when silver is quoted at say 30d, per standard ounce, 114d. to the Government, while they count universally as 18d.
In consideration of the genuine interest attaching to this problem we shall revert to its discussion in subsequent reviews.
Text read from the printed page and cleaned; old type leaves the occasional error.