Reporting from London on the silver market, on November 2, Messrs. Samue!
Montagu & Ca.
The market has lacked animation during the week and the undertone kept rather poor. The Indian bazaars have sent a few buying orders and easier rates tempted bears to cover some' of their commitments. Scarcity of spot supplies thas checked the tendency of prices to fall. Offerings have been somewhat freer from the Continent, and China sales have been frequent though not large in amount. America has been inclined to Ict out silver now that China requirements seem to be satisfied for the present. To obtain effective support from China, a lower level of prices must be attained.
It is announced from Washington that the total amount of silver purchased under the Pittman Act up to October 23 last was 137,075,576 oz., including a purchase of 300,00). oz. on that date.
The State Banks of France, Germany, Austria, Hungary, Spain, the Netherlands and Switzerland, return in their official statements from time to time a certain amount of silver og part of the reserve against their notes. Others, such ay Italy, Belgium, Denmark, ete., simply state so much bullion. It is, therefore, difficult to ascertain. the exact quantity of silver, coined and uncoined, thus held, especially as in the case of France, Spain and Switzerland, the three largest holders, no distinction is drawn hetweer coin of.900 and.835 quality. In-eluding £7,000,000 of ver eum beld by the Bank of England on account of the Lritish Treasury Currency Note Reserve, it is a fair estimate that the banks above mentioned hold the equivalent of about 200,000,000 standard oz.
Votwithstanding that the note circulation of India is almost ay large as it has ever been (October 22, 18,028 lakhs, as compared with 18,691 lakhs on January 15, 1920), the ratio of the bullion reserve to {the note circulation is on the increase—63 per cent. on October 22, as compared with 31 per cent. on July 7, 1918. Of the reserve on the later date, 9,079 lakhs of the combined total of 11,511 lakhs, consisted of silver. It is not surprising, therefore, to read in the "Times of India' of October 7, {that it had been suggested that "the Government of India should, therefore, sell off some of the huge holding of silver in the currency department before the inevitable slump comes, and specially in view lof the Controller of the Currency's report on the growing popularity of the paper rupee and the waning use, of the coined rupee. The sug-folly considered both by the Govtharefere, needs to be care-
armment and ths munity in India, as the percentage, silver in the currency appears ta
Text read from the printed page and cleaned; old type leaves the occasional error.