Amsterdam, July 6.
De Nederlandsche Bank has again reduced the bank rate to-day, this time by 4% per cent. to 3 per cent. The. last reduction, also of a halt per ent, was made on June 20, The fact that the Nederlandsche Bank is following the policy of slowly dropping the bank rate towards the level before the last French Franc crisis,.¢, 24% per cent, me leates that the Netherlands'mcneymarket has grown steady agsin—- Trans-Ocean Kuo Min, Washington, July 5.
Silver purchases of the United States were assailed to-day on the rounds of excessive expense and injurious effect upon this country well as the rest of the world, The criticisms were made in the report of an Impartial survey conducted by the Foreign Policy Association under the direction of Mr. John P, Young, member of the faculty of Occidental College.
Silver purchases, the survey re: ported, have cost more than the construction and maintenance of the Panama Canal, and have been economically Injurious to the United States and the whole world.
'On the basis of the price prevailing when the silver was purchased, the report declared, "the Treasury) must have spent by the end of June, 1996, about $575,000,000 in acquiring' metal which was not needed by the Government and which no one wants at the resent time."
Since this country is not on the silver standard, the survey pointed out, "the silver reserves are as useless ar the hoarding of any. other com= Moally" by. the Government, The voy sold that, instead of encouraging trrelgn nations to utilize more silver, as intended, the United States purehlase programme compelled China {o abandon sliver entirely and forced Mexico to substitute the use of pa money for silver.
"China," the report continued, "may now assume a role similar to India and throw quantities of surplus metal fon the market, It wilt then be to Jatt for China to g@ back on silver.
Commenting on China's experience with managing her currency since the abandonment of the sliver standard, the report termed it "thus far satis: factory." Management of currency at 4 relatively stable level, the Investi-Kators declared, is not easy for any ation, but the report added that "China should find It'no more dimeult than attempting to do business on the basis of @ metal whose international value fluctuated like that of silver."
The United States Treasury, 5 acquired 885,070,059 oune of the white metal in the cour its purchase programme, th estimated, exclusive of the foreign Treasury must stil acquire 1,114,030,000 additional ounces of silver before attaining the required one-fourth ratio with gold stipulated by the terms of the Silver Purchase Acl—United Press, ess reduced to a certain extent, a usually happens during the summer time, "The major portion of the speculators interested in purchases of yarn, comprise gold-bar and bond and stocks merchants,
Text read from the printed page and cleaned; old type leaves the occasional error.