Effect of the Closing of the Canton Mint: Discovery of New Mine in Canada Reporting from London on October 19, on the silver market, Messrs, Samuel Montagu & Ca. state The market has shown distinct weakness during the week. The chief reason is the news that the Canton Mint has definitely closed down. Now it seems that there is a redundancy of fractional coin, lately minted in large quantities—when civil wan was being waged—and there is a prospect of a discount instead of the premium which recently obtained on such coins. In these circumstances, the mint's working may be suspended for an indefinite period. Much of the silver imported into China of late has been sent into the Canton Mint; hence the marked effect upon the silver market of the changed conditions.
The Indian bazaars have bought moderately for shipment by this jweek's—the—_ settlement—steamer, but, unless China is in a position to help absorption of supplies, India is hardly likely to tackle the work unaided, unless, of course, prices reach a more tempting level, A certain amount of bear covering is due for near dates, but, failing confidence in the future of the market, bears will probably be tempted to prolong their shortage for a further two months.
The Government has announced that silver coin, other than coin current in the United Kingdom, may now be melted without a special licence.
The silver quotations to-day for cash and forward delivery are respectively id. and 3d. below those fixed a week ago.
Text read from the printed page and cleaned; old type leaves the occasional error.