| Show SILVER METAL IS f ADVANCED ADVANCE TO 4 63 4 1 CENTS PER OUNCE I or 1 was wal advanced quarter one cent cont an ounce again this thiA morn InS making the settling price 63 cents In In reviewing the conditions of ot the white metal market and Indias India's entrance to the market market the Wall WallStreet Wal Street et Journal has hns tho the tol following to ea say ne Reported rc of f th tho Indian ludlan government tov- tov gov gov- Into Inlo the b bar r silver market markot gives an entirely ne now non turn tum to tho the trade trae ard arid and industry in that metal metal For Fot the past pat year ear or two two China had come to be the tho lead lead- lug ing factor facto in Iii influencing cOle prices Th The revolutionary period caused sed heavy western west cst era ern er demands demand from pero that quarter Quater and l ld d to general hoarding there thee to t the he D necessity Ca sit sity elty of or doing business on it a I cash basis to the withdrawal of paper currency and lo to the tho accumulation of ot large silver siver re reserves reserves re- re serves seres in the international banks Meanwhile the Indian government had been entirely out of or the this market since late In 1307 1907 During the heavy hevy purchases purchases pur pur- chases hase 1 of 1906 it I paid from 31 9 16 to 32 pence per per- ounce averaging as a the London ondon price for tor the year Exports of silver to the far ca cast cat t from London were at the maximum In a dec dec- ado MO during that year car In which the United States government t also resumed the purchase purchase purchase pur pur- chase of silver In the following year the th sharp fall fal In sliver silver prices prices' came camo came late lato Inthe Inthe in inthe lver the season coincident with t the tho financial crisis in tho the United States and nd the tho cessation cessation cessa cessa- cesla- cesla tion ton of government buying in India India From Froman Fm an average price of or 30 16 3 16 pence silver siver fell tel In 1003 to 24 24 The average for 1911 Wa was wan 24 9 18 9 16 pence pence- Indias India's demand for tor sliver silver as a measured by net Imports during during- the five years endIng end- end lug Ing with 1911 average about ounces Below Belo are the th figures for tor the past five years carB In ounces ounce of ot net Import Imports Im Im- un- un ports port 7 1910 11 tt j 1909 10 1908 09 1 08 1907 1906 Average v. v Meanwhile in this period the Indian government go has coined rupees of or which were age leaving heaving a net net addition adlon to the currency currency cur cur- rency roncy of or rupees or ounces Tho The Indian government at the beginning of tho the financial year 1906 07 had stocks of ot silver of or ounces this was l as still at the expiration of ot 1910 iL Montagu Co estimated Inthe In iu II th the latter later year that the year five ear import of or silver siver for minting purposes pursel was Va about ounces and deducting this total from net Imports Import In five y years ars ar for foral all al purposes of oJ ounces gives net imports for other than government purposes of ot about From this should hould be deducted ounces as the difference between speculative stocks In Bombay Bomba between the beginning and end of ot this year five yea period leaving ounces as the net consumption consumption tion ton for tor trade trade- tm purposes in the five years cars ending 1911 averaging ounces a year ear compared compare with wih ounces ounce for forthe forthe forthe the year 1910 1910 Meanwhile the standard of prosperity in India Indin has been raised and the Bombay speculative syndicate believing bele in the necessity of ot government purchase sooner or o later ha has for tor the past three years ears been holding liberal supplies in I ton tion A factor which which has ha no 10 doubt helped t to postpone silver r buying is the part which gold has ha begun to pIa play in Indian currency needs Bombay's sliver silver stocks now are about During Duing the first six months of this thiB year ear the pet net tet Import Import import Im Im- im- im port of gold into India was waa compared with for the whole period perio of ot 1911 L Less ls than half haIr of the past six months months' month Imports are held in the Indian n treasury against note Issues The balance has bas no doubt figured in hoarding as well wel as In the form for of or currency in large purchases of or grain gin Indians Indian's treasury treasury treas treas- ury un usual usually carries from froni to carres r rupees pees in coin cola varying with circulation needs nees |
