23, 1927.
'The Shanghai exchange market during the past week was guided by: orders from outports and from abroad, orders which were considable in size and which, on alter-Rate days, were first sales and then purchases' of gold currencies. Tu the beginning of the week our local speculators sold fairly large amounts of yen, but subsequently they turn-td: buyers of gold currencies.
News of great significance reach Shanghai from Bombay on Wednesday afternoon; at the same time was cabled from there that ver prices had advanced by one rupee pet 100 tolas, but that quotations had receded by eight annas at, the close of the day. The Indian silver situation is discussed in detail at he end of this review.
'Contrary to expectation our local market showed pronounced weal. ness on Thursday and Friday. 'Importers,' who had covered a large portion of their requirements at the novel of 25/71, held aloof dutinig the second halt of the week. Exports were scare.
The Embargo on Silver It was hoped that there would have been either a plausible explanation, or a mitigation of existing restrictions. Instead a news agency reports that the embargo is aimed at preventing others from sending silver supplies abroad. Surely there is a misunderstanding, somewhere, for one can comfortably, remit funds abroad from Shanghai without shipping silver bullion. As matter of fact, foreign countries, with the. exception of India, have no use for silver.
Meanwhile silver dollars sycee, in fairly large quantities, have gone out of Shanghai the week.
We have it on good authority that Tientsin has placed good: sized orders at San Francisco for direct shipment of bar silver to the North-em port, The Activity of the Mints The mints at Hangchow and Nanking continue to strike Sua Yat-sen dollars. At the moment there is no sign: when work is to be discontinued. Although Nanking Isegan operating on June 11 only, the two mints have, during June, consumed 7,600 bars of silver, plus 5,250,000 sycee taels. This means about 11 million ounces and shows!
Text read from the printed page and cleaned; old type leaves the occasional error.