U.S. Will Continue Buying Chinese Stocks London, Dec. 20.
Interproting the statement by Mr.
'Morgenthau, Secretary of the United States 'Treasury, that the understanding with China, relating to the purchase of silver and the sale of gold, will continue until uly, 1, 1998, as indicating that there 4g now no' possibility of Chinese stocks in London being flung on the market, beata in silver rushed to_cover.
'Sellers' were very reserved and bears wore forced to pay up to 10%4, though business. was only small.' Later, the market quietened down, closing with buyers at 10d.
Though India hag been the biggest buyer, "American bears have been particularly keen to cover commitments, China, it fs pointed out, will now have plenty of time of liquidate any stocks remaining within her boundaries.
The market is somewhat mystified regarding the extension of the American understanding with Mexico and Canada to January 31, 1038, Some quarters suggest that the understanding will not be renewed {UT later, as President Roosevelt Intends to use it as a bargaining weapon, while others are of the pinion' that the United States Government Is. temporising, pending the Statement of President Roosevelt Router.
Text read from the printed page and cleaned; old type leaves the occasional error.