Reporting from London on Jauuary 23. Messrs. Mocatta Goldsmid_ state With the exception of 19th inst., when the price of silver fell back to 314d., ow! to some China selling and resales by India, the general trend of the market has been upward and 32i3., the highest price reached since last November, was quoted yesterday. The Indian bazaars have continued to send very large orders for shipment this and next week and a premium over the spot price has been paid in several quarters in order to secure the metal promptly. This demand for India, which for the past few weeks has been quite abnormal, is still largely ascribed to the belief held in the bazaars thit an import duty on silver will shortly be re-imposed, but the price of silver has also been affected by the sharp rise in the value of the rupee, which has been over 4d. this week.
Both silver and the exchange ate rather weaker to-day and with rather less demand for the metal for India the price has receded to 32}d., with a quieter tendency. Owing to the shortage of supplies, there has been a wide difference between the spot and forward quotutions and on most days it has been more than 1d. per oz.
Text read from the printed page and cleaned; old type leaves the occasional error.