Purchases of foreign silver, the! report asserted, had no doubt aided in. the standardization of exchange by tending to counteract the rising tendency of the United States dollar. "However, the part of silver in this connection was merely that of a commodity," the firm declared, The report questioned "whether! even. the most rabid of silver proponents contend that stability was Created by the use of a metal whose price varied between 40% and ents an ounce during the year."
"Amertean commerce with China, Messrs, Handy & Harman asserted, declined because of the Chinese ancial and commodity price situa-Hon resulting from the silver purchases of the United States Treasury. "Even of more Importance, the buying alienated Chinese good-will, cultivated for many years," the report said, The United States, the firm estimated, bought 549,800,000 ounces of silver in 1995, of which 503,000,000 Was acquired in the world markets. World consumption was estimated at {622,500,000 ounces and world produe-'Won at 206,500,000 ounces, including the' 100,000,000 ounces smuggled out of China during the year—United Press,
Text read from the printed page and cleaned; old type leaves the occasional error.