state The latest news as to the monsoon seems good. Rainfall was nearly general in Lower Burma and Koukan. In the United Provinces and the Punjab, crops were good and normal results were to be expected. The reappearance of the Bombay monsoon has fixed values firmly of textiles, ete. Notwithstanding this good news as to the Indian monsoon, the silver market has not been robust, and purchases from that quarter have been on a small scale. The tendency has been to prolong Indiam bear sales as they fall due.
China has figured as both a buyer and a seller on several days. The Continent has sold moderately, and America has kept more in touch with the market here as.a seller. On the whole, the prospects do not command much confidence, though the bear account open here may cause unexpected stringency in the event of sudden attempts to cover short, positions. Owing to pressure of sales to-day on an unwilling market, a sharp drop of 4d. took place, but at the fall buyers preponderated.
INDIA'S BONDS, The subscription lists for the Government of india 5 per cent. loan, which were opened on July 4, were closed on the 9th inst., the full amount of 24 crores of rupees having been subscribed. This result would appear satisfactory from the exchange point of view. The "Times of India," in its issue of June 23 last, thus commented upon the Government Loan_ policy "It is considered that, owing to the economic depression now prevalent ix India, the amount of money available for investment is not so large as during the last two years and that the rates offered seem to ignore this important factor, On the other hand, the ease with which the Government can borrow in London makes them re-Ivctant to pay high rates in India, and but for the exchange problem, which is year by year assuming more sinister aspect, the Government would still_ further reduce the borrowing rate. Every million now borrow-London will aggravate the exchange situation in years to come, and from this point of view the rush of Indian Local authorities to borrow in London needs to be discouraged.'?
The silver quotations to-day for cash and forward delivery are respectively 74. above and the same as those fixed a week ago.
Text read from the printed page and cleaned; old type leaves the occasional error.