July 61ia-61!2 une. May 6014-0054 Oct 6254-6255 une. B—Bid. A—Asked.—Reuter, London Silver Market London, Apr. 12.
Messrs. Samuel Montagu & Ca., their weekly bullion letter, write The London silver market during the week under review contained only three working days, owing to the Easter Holidays and trading nas been quiet, Speculative re-sales wei bear covering and purchas: American buying also provided support. Indian bazaars operated both ways. No important change appears to be imminent, but the outlook is uncertain.—Reuter, Electricity Output in U.S.
New York,. Apr. 12.
Production of electricity by the electric light and power industry of the United States for the week ended April 8 totalled 2,174,000,000 kilowatt hours, according to the weekly statement of the Edison Electric Institute, which was published here today.
This indicated a gain of 92 per cent. over the corresponding week of last year, when the output totalled 1,990,000,000 kilowatt hours.
Electricity output during the previous week totalled 2,210,000.000 kilowatt hours, showing an increase of 11.7 per cent. over the corresponding week of last year—Reuter.
Anxiety of Mineral Oi Future Unjustified The oil reserves of the United States seem to be as inexhaustible as the widow's cruse in the Old Testament story. On January 1, 1938, the country's proved reserves were estimated by the American Petroleum Institute at 15,507 million barrels—A barrel being about one-seventh of a ton. In the past year 1,215 million barrels were taken from the ground, yet the latest estimate of the API. relating to the beginning of the present year, puts proved reserves at 17,348 million barrels. Proved reserves, therefore, rose last: year by no less than 1,841 million Barrels, although production was only slightly below the 1937 record, states "The Economist."
This apparent inconsistency 1s explained by the fact that the API figures refer only to reserves which have actually been proved by drilling operations and which are recoverable on a commercial basis by existing methods of production. Low estimates of reserves are assigned to pools which have been insumciently tested, while no allowance at all is made for potential discoveries in geological structures known to be fa-yourable for the accumulation of oil With every extension of exploration work and every improvement in methods of production, reserves are therefore increased. Of last year's gross increase of 3,054 million barrels in proved reserves no less than 2.244 million barrels were accounted for by upward revisions in estimates relating to fields already known a year earlier; the remaining 810 millions were attributable to new discoveries made during 1938.
Text read from the printed page and cleaned; old type leaves the occasional error.