New "Highs" in Terms of the Depreciated Sterling London, Nov. 13.
Bullion circles are beginning to call attention fo the fact that while the price of silver, measured in. depre= ciated paper £, has had a handsome rise, the price measured in gold has risen very litre, For example, on the Monday after China had increased to 10 per cent. lls export tax on silver, the London, rice for the white metal soared te '24 pence, and the newspapers pointed out that this was the "high-since May, 1929.
Bul the bullionists retort that the comparison is not very exact, In May, 1929, the British pound was gold pound, and a price of 24 pence {for an ounce of standard silver meant 24 pence worth of gold. On the other liliand, the price of 24% pence reached on October 15 was the price of an ounce of silver in paper pounds. [the paper pound on that day could buy only 583 per cent. as much gold [as the old gold pound could buy, the gold price of silver was 24873 pence which depreciated by 593, equals 14% pence.
Furthermore, 2s the sold price for silver in September, 1931, before Britain abandoned the gold standard, was around 12% pence, it can be realized that the gold price of silver, despite the London agreement to "do something for silver" and despite the Roosevelt programme, has risen only about two pence an ounce, or by 16
The "paper" price, however, has risen from 12% pence to 24% pence, or by virtually 100 per cent, due to the depreciation of the
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