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Show SILVER IS LIKELY TO HOLDSTEflDILY No Speculative Move iri Sight for the Present in Case of White Metal . Tho silver market for the last 6lx months has been remarkably steady, showlnj: only it very gradual and slow decline from tho high point reached In January of this year. Tho average for that month was very close to 63 cents In Now York and 29 pence In London, the highest point which has been reached for several years, says tho Engineering and Mining Journal. The conditions, however, havo not proved sufficient to maintain tho level which was then reached, and although the strong speculative specu-lative Interests which liavo dominated the market for nearly thro years past are still In evidence to some extent, It was not possible to advance the prices In the face of adverse conditions. The considerations which advanced silver at tho close of the last year were chiefly the anticipation of a heavy demand from . Ohina, but the political and bUBlneBB conditions In that country have been ad-vorse ad-vorse throughout nearly the whole of the present year. The new government waB not strong enough to undertake the' ex-pectod ex-pectod revision of the currency, and the unsottlcd state of political affairs pro-vented pro-vented the revival Of trade which many looked for. Tho placing of a largo government gov-ernment loan, which had been generally expected, waa not possible, and consequently conse-quently the demand for silver has been only- on a moderate Bcale. Tho average price of silver In London, however, has 'declined by only a small amount, falling from 28.983 pence in January to 27.074 pence in July, and It seems inclined to remain at about that level. Possibly it might have fallen further, but two or throe influences combined com-bined to hold It at about that point. The first was undoubtedly the support of the syndicate bf Indian banks and speculators, specula-tors, and the second was the comparatively compara-tively moderate rocolpts of new silver. Nevertheless, shipments from London to the east for tho seven months of the present year have been the smallest recorded re-corded for bIx years. In the early months they were rathor In excess of thoso In 1912, but for the last three months they have been falling off and the total to date Is now considerably below be-low that of laBt year at the same time, Indian crops and exports have been fairly fair-ly good, but the demand from that country coun-try has not been sufficient to overcome tho effect of the heavy stocks accumulated accumu-lated there, which have been weighing on the market for nearly a year and a half. To the effect of these stocks was added the largo Imports of gold Into India, In-dia, which were the heaviest ever known and which necessarily took the place, to some extent, of the silver which has been needed there. The success of the speculative syndicate syndi-cate In preventing any great fall In prices has been remarkable, and It seems likely that It will continue, notwithstanding notwith-standing the existence of largo unsold stocks. At the present time, it is estimated esti-mated that stocks In London are about -1,200.000. Those In Bombay are comparatively com-paratively low, being 400,000. but In Shanghai and Hongkong they have risen to a pretty high figure, "being reported at (1,060,000. This makes a total of a little lit-tle over 10,700.000, which Is a heavy amount to carry; unless political affairs in China brighten sufficiently to require some of it for Immediate use. and this looks rather doubtful. On the other hand, the new supplies comlns: In have been unusually light. Tho production In Mexico has been considerably consid-erably reduced so that th0 shipments from that country have shown a decided falling off. The United States has furnished fur-nished about the usual amount, the quantity of sliver refined here having been kept up by receipts from South America and other countries, so that the net exports so far this year have been a little larger than they were a year ago. The net exports from this country nearly all of which wont to Europe for the seven months ending with August, were 28.SS5.000 ounces, approximately. The shipments from London to India and China for the same period were 42,542,-000 42,542,-000 ounces, and these, as we have said, were tho lightest for several years There appears to be no disposition at the present time to start any speculative specula-tive movement In .silver, the market being be-ing quiet and tho Important Interests being satisfied with the present price. There is no reason to anticipate any special movement. The Indian crop advices ad-vices are favorable. Indicating that there will be a normal demand for tho metal. The currency reserve Is reported large, so that there Js little or no probability that the Indian government will bo In the market for a good while to come. Tf anything, a decline, rather than an advance, ad-vance, might be anticipated, but it Is not likely that there will be any notable change for somo time to come. |
