Messrs. Samuel Montagu & Ca., reporting from London on September 21, state:—The Bank of England gold reserve against its note issue is £125,594,765, as compared with £125,592,235 last week. A substantial amount of gold came on offer and was-mostly taken for New York, India inquiries not being on a large scale. It is reported that gold to the value of $500,000 has been received in New York from London, and that similar amount has been exported from New York to Canada.
The silver market has again been steady and movements in prices have been narrow. Buying orders continued to come forward from the bazaars, but many remained unexecuted as, owing to the poorness of supplies, prices rose over the limits at which the orders were effective. Bear covering and buying on China account carried quo tations to 354d. for spot and 35gd. for forward delivery on the 19th inst., but on the whole the market has been subdued and business has not been on ai large scale.
A detailed statement regarding the Pittman Act was made by Senator Pittman on August 26 and the following remarks in connexion therewith are an extract from the "New York Chronicle" of September 9:—''Referring to the probability of silver going above $1 an oz. before the Government has purchased sufficient silver under the Pittman Act. Senator Pittman declared that, beyond doubt, "in the near future there will be great competition in the purchase of silver.'' It may be within one year, it may require two years, but in any event, it is almost certain, in his view, that the price of silver will go above $1 an oz. before the fund for the purchase of American produced silver under the Pittman Act is exhausted. "If this takes place," be continued, "then the Government will cease to buy silver when it goes above $1 an Oz. and the fund will remain on hand as a constant assurance and guarantee to meet any emergency at any time to protect American produced silver at $1 an oz."
Text read from the printed page and cleaned; old type leaves the occasional error.