Show SilVER SUSI iNS ANOItJER BlOV I Sale of Indian Exchange Stopped and Bar Silver Makes V V a New Low Record V London Sept 1The following notice was posted atthe ank of England today The secretary of state for India in council gives notice that the I sale of bills of exchange on Calcutta BDmbay and Madras flaw been suspended for a perold of not less than ten weeks V V The government has very little monay in India to draw on owing to the V famine and the plagut having rendered the collection of taxes slow TheV present time may beopportune to accustom the Indians to the use of gold Instead in-stead of silver though it would not have been attempted had not the scarcity scar-city of money arisen V The Daily Telegraph anticipating the action of the Indian council said today JI to-day The council may refuse to draw altogether thus sending exchange up to the gold point and the establishment of the gold standard in India possible I pos-sible V The action of the Indian council ha attracted but the slightest nQtice in I the afternoon newspapers and has not affected the rate of exchange which 0 V V is normal V II The Westminster Gazette says The decision was a1together1m pe ted being the outcome of the financial situation in India V V V The Indian council has suspended the sale of bills of exchange on previous pre-vious occasions notably in 1S82 and 1S93 but in neither case was gold shipped to India The present suspension does not cause surprise it being occasioned occa-sioned by heavy expenditures in connection with the frontier troubles It is probable that a gold loan for which the powers already exist will be issued in London in order to replenish the Indian treasury No other important effect of the action taken by the council is expected the general belief being that V the gold will be remitted to India V V New York Sept IBar silver made a new low record in this market today V to-day The quoted price was 5114 cents an ounce H cent below the previous low record The fall is accounted for by the suspension of the sale of India council coun-cil QiilS for ten weeks This is equivalent to shutting off the supply of exchange ex-change on India and is likely to result in a rise of Indian exchange to the gold shipment point and is regarded as removing one of the sustaining factors to the price of silver At todays price of silver bullion the value of the silver in the standard silver dollar is 39 C2 cents V 7 |