Another factor just now is the approaching Chinese New Year. Stocks have been running down at Shanghai, but very large reinforcements are on the way to QOhina from different quarters amounting to over 5,000,000 ounces. There are also 3,000,000 ounces on the way to India. In fact nearly all the world's supplies are going Eastward, and that for a very good reason, ' there is nowhere else where the surplus over trade requirements can go. Yesterday's prices—33.y; d. for cash and 32.4¢d. for 2 months' delivery were peak prices—the former since Niovember 9, 1922, and the latter since April 30, 1923. To-day, a natural reaction took place' to 32.15/16d. and 32,- 4d. respectively. The level of prices for the present may be rather higher than earlier in the year, so long as China stocks decrease.
The General Bulletin of the American Mining Congress dated the 3rd__ instant states that the U. Silver Commission has appointed Dr. John Parke Young of California as economist to investigate foreign currencies and exchange rates. He will study the movement of exchanges and currency conditions of leading countries, with particular reference to the adverse effects of depreciating and fluctuating exchange upon the United States, foreign trade and general economic conditions. Among the subjects to be studied will be large issues of inconvertible paper money in different countries supported by meagre metallic reserves; government debts, revenues and expenditures, and foreign trade balances; and the effect of political conditions upon exchange rates.
Text read from the printed page and cleaned; old type leaves the occasional error.