Weakvess Due to Continued Sell-
"ing: India Buying Freely Repoiting from London on the silver market, on October 19, Messrs. Mocatta & Goldsmid state:
With the exception of yesterday, when there was a sharp recovery, the market has fallen steadily from 34§d. quoted a week ago to 33ifd quoted to-day. The weakness has been due to sales from China, which we understand are largely due to the fact that the Canton Mint has ceased making purchases of silver for subsidiary coinage. As, during recent months, this Mint has absorbed some 3,000,000 oz. per month, the absence of this demand, should they not resume coinage, is likely to have an important effect on the market, India has bought freely, both for immediate shipment and forward, and is likely to continue a good buyer on a further decline. but we not think that the demand from this quarter will sufficient to maintain the price at the present level. Unless, therefore, the situation in China im-Proves, we are inclined to look for still lower prices._ There has been a fair demand for gold from India, but the bulk of this week's arrivals have been shipped to the U.S.A. To-day's quotation is 92/-, as against 93/- last week.
October 26.—The China selling to which we referred in our last circular continued until the 2ist instant, forcing the price down to 33§d. which was the quotation on that date There-has since been a temporary cessation in the - China selling and, as India continued to
Text read from the printed page and cleaned; old type leaves the occasional error.