Confiscated Treasure to "Relieve Famine": A Promising Discovery in Canada Messrs, Samuel Montagu & Ca., reporting from London on Aug. 17, state:—
As a consequence of sales by the Indian Bazaars and the easier tendency of the Chinese exchanges, the price of silver receded to 344d. on Aug. 14 for both cash and forward delivery. At this point, a sharp recovery was brought about by active sales of sterling by Chinese speculators (the equivalent of buying silver) and quotations yesterday reached 35d. for both positions.
America has been more inclined to buy than sell, leaving the onus of providing supplies to the Continent and outside sources. The market rather lacks confidence, its prevailing factor having been mainly speculative and not the requirements of trade. Business between America and this country has become temporarily more difficult, owing to the delay in cable communication caused by the seizure of the Irish cable stations by the irregulars. Silver acquired under the Pittman Act amounted to 122,246,506 oz. on Aug. 4, including a purchase of 300,000 oz. on that date.
It is reported in the press that the financial commissariat of the Soviet Government has approved a proposal to issue a new Soviet currency consisting of bank notes ard silver, beginning on January 1, 1923. In this manner the commissariat proposes to use the silver confiscated from the churches "'fo relieve the famine.''? The amount ion prohibited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.