London, Feb. 20.
Messrs. Samuel Montagu & Ca, in heir annual bullion letter issued' today, conclude with the remark that the events of the past year have done much to remove the uncertainty which prevailed regarding the trend of silver.
The review states that legislation by the United States has been the Joutstanding factor of the year and thet to this the improvement of prices Jean be attributed. The fact" that JAmerica has over 1,100,000,000 ounces acquire appears to admit of only one conclusion, but much depends upon the manner in which the purchases are effected.
Failing fresh developments and Judging from recent experiences, Messrs. Samuel Montagu & Ca, are j of the opinion that there is every' pro-ability of at least a steady if not a firm market for some time to come. is estimated in the review that world output during 1934 of new silver amounted to 180,000,000 ounces, Jcompared with actual production Jduring 1933 of 164,000,000, ounces. At first sight it might appear strange that the higher price level and the improved outlook have not had more effect, but it must be remembered that, as silver is mainly a by-product, the "demand for the base metals is the important fetor inthe question Messrs, Pixley & belt's annual report merely reviews, the events of 1934 In the silver market—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.