London pence per std. oz. 19 18}, N.Y. cents per oz. troy - 42% Bombay Rs. per 100 tolas S011 Bombay offtake 30 bars. a London silver was 5& down for ready and j down forward, being 19.—for ready and 181j forward. New York was unchanged at 42% and Bombay was 12 annals down at 50.11, It was reported there was speculative and Eastern selling. American trade bought, Market ruled steady. After the official fixing the market ruled quietly steady. American trade were small buyers at the fixed rate.
The local exchange market opened with sellers to merchants at 6% sterling and 123j U.S$.
The Interbank market was thrown into a state of intense excitement owing to the threat of a moratorium being: instituted by the Chinese Banks, This became an actual fact] later in the morning. Great Britain is blamed for the conditions which gave rise to the necessity for this action, but in point of fact lock up of capital in Commodities and heavy purchases of foreign currency are the real causes. Some foreign Banks having bought cash to cover today's Commitments were slightly embarrassed by non-payment by Chinese clients and had to sell for cash. This caused a sharp rise in foreign exchange quotation and business was done for cash at 7d. in sterling and 13% in USS, forward rates follo ing at yth sterling and % U.S.$, d count for June and about % sterling and % USS, further discount for July. After the cash position for the day was adjusted there was a sharp decline and the market closed with sellers ati—
64} sterling 12% U.S$ Cash 6: INS, June July 400 Ewo (Ord) 3000 Java Consolidated
Text read from the printed page and cleaned; old type leaves the occasional error.