Shanghai Shangh:
Heavy shipments of Shanghai to New York owing to the dollar premium are regarded as largely responsible for the fact that, stocks of the metal in the American capital are now at probably the highest level they have ever reach-fed. The "Wall. Street Journal", quoted by Reuter, says that the estimated stocks at present on hand. fare between 75,000,000 and 100,000,- 000 ounces.
The "Journal" attributes this ac-Jcumulation of the metal to the cir~ Jcumstance that domestic speculation has lifted the dollar price of silver well above the world price, and adds that it is believed in New York that. the silver now en route from Shanghai exceeds. 15,000,000 ounces. This movement, it declares, is expected to Jcontinue as long as the dollar premium exists, Inquiries in Shanghai confirm that the course of a fortnight China consigned about Tis. "15,000,000 worth of silver to the U. 8, and'the total export is" believed "to have reached the neighbourhood of 20, 000,000 ounces. Large quantities of silver have also been shipped from London to New York, The silver situation, in thi lof these shipments, assumes usual angle, for it is the fir in history that large a silver country. 'The normal process is thus reversed. Of the shipment, between 'Tls. 10,000,000 "and Tls. 11,000,000 is being carried by Jone. ship' alone, "the President Coolidge. The rest is "being eat Fied by other vesecls, movement is explained by the state "The reason for this. reversal_of of the market. When silver recently
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