China's Debased Coinage: Disastrous Possibilities of Competition Between Mints Reporting from Jondon on June 13, Messrs. Samuel Montagu Ca. state:—Prices have fluctuated from day to day owing to more or less pressure from supplies, have been amplified by offerings from the Continent. The Indian bazaars continue to take an adverse view of future prospects and have sold some silver for forward delivery when buying for shipment. China has checked any rising tendency by sales, but has been willing to buy for forward! delivery at any substantial fall. America has not operated extensively in this market. The future remains uncertain, but} there is not much confidence manifested in it.
It is not anticipated that the Canton Mint will be as active this year as last, when more than half of the silver imported: into China was there coined into 20-cent pieces. The estimated imports for 1920, 1921, and 1922 were 91,200,000, 58,300,000, and: 80,300,000, fine ounces, respective ly The imports for the first four months of the current year are! up to the average of the three preceding years.
The Chairman of the Hongkong Shanghai PBanking Corporation, in his speech at the last/ annual meeting, alluded to the amusing competition between Chinese Mints, whose chief aim being to obtain a profit, are apt) tu disregard such mere details ay the fineness and weight of coins. He stated that the Anhui Mint produced large forj>ries of the Canton Mint's 20-cent pieces which were seized by the Maritime Customs and prohibited from transit from one port td another. The Chairman added that if Shanghai sycee were to disappear, chaos would come. Each Mint would vie with the other in turning out debased dollars and we might in course of time see a coin that had in' it more copper and foreign matter than silver. So, until there are seriously administered Minto in China, it is absolutely essential to hold on to honest Shanghai) sycee.
The silver quotations to-day fon cash and forward delivery are respectively the same as and 7d. below those fixed a week ago.
Text read from the printed page and cleaned; old type leaves the occasional error.