Show World Outlook for Silver Analyzed By Expert on Question By CADMUS in Financial Review I GOlD and silver imports by China and India in the past year yeas exceeded even the exceptional record of this country They will be more than against gain t about by the United States This absorption of hard money has been especially pro pro- pro bounced since the war and recalls the prediction of the British expert Moreton Frewen that before 1925 the Far East Ea t would be in possession of the best medium of credit and financial strength Since Sine Uli 1916 thes thea oe countries have secured moro mor than ounces of ot silver lIver rC the tho molting melting down of ot tile tir sliver silver currency ot of Europe and more mor thaI thap 00 00 ounce of at new silver I India alopi in 1923 1122 Imported I more than net In ingold I gold m th that country a a close closes s second Cond to tho the United States State The highly Important distinction In I im- im imports Im Import I ports porta port of ot m in me als by both groups I Is that the th larger portion that goes to the th Far East never nev r returns Fbi country's two bil- bil billin bil billion lion lin dollar increase In gold told during the past several years is la likely to travel Tl considerably and nd Is lq great great- greatly greatly ly creat-ly ly coveted by Europen In the tho th put past year the tp increased demand tor for by the th Far East left lett a much smaller mailer amount for lor domestIc ues uses even In this country and the th future futuro situation carries many highly Interesting phases WORLD PRODUCTION Production ot of o e 1 pew silver Is not the supreme consideration r ton In de- de d S tho actual complexion ot ol th the silver situation although It 11 Is ii a generally given n this importance Due to the th melting down of et currency currency-a supply Ply that tha-t Is now nos S nearly exhausted Jt It Is on the th av- av avS T-er T r less Iss than halt half of the th to- to total total to total S tal available In 1923 world warM pro production win will amount mount to about ounces An Increase of or ounces over OTT the th previous ear and In excess of at 1921 production which was waa wa the lowest In nineteen years Mexico thin thi country Canada and Peru usually the tha th t sources ot of production all II show pronounced Increases s this year The Th preliminary nary estimate of ot refinery production production tion In this country by the tho th bureau ot of the th mint In with the th geological y a total ot of 7 ounces which we e e aro are In- In In Inclined dined to con consider Rider somewhat high nd Il and subject to a n nt re- re reduction re reduction of at around or more mor I Output of ot the tho th strictly sliver sitTer corn com com r was as larger larKer during the th first firstS five months of ot thi this year yel but for tor forthe forth S the entire yearly period sliver silver out out- output output out output put by copper lead and zinc corn com com com- companies producing panics producing tho the white whit metal metalS a as a by was product by-product BBS responsible S tor for most of at thai thu In- In In Increase crease creMe TW CO Man Many new silver liver companies compan a also aiso started operations operation this year which Is ig an additional reason for lor the th con con- con of ot the fairly high In this country This was wan true In Neada where the th Cortez Cortes I company started on a much larger pro scale seal The Betty ONeill O'Neill and some som smaller sn companies also opened during the th ear icar oT Ther There were no really Important i Continued on Pa Page Two EXPERT ANALYZES SILVER OUTLOOK Continued rom From race Page One Otte of new now silver discovered during the veer ve-ir A report t of alleged Important oro ore bodies In Australia r appears appear to 11 hays have 0 been ee premature In the Yukon district about 2600 2600 ounces were eo red this title year against about ounces last Iut year More companies con operated In l and a still lInger larger number are likely to resume during year If It silver sUver prices hold ir ar l r cape espe especially daily If It they advance TITS TIlE PRICK SITI Notice that no 1 moro more sitter or would be purchased ed at t U 81 n Ion ounce Will was announced by tie go government o early In June Juno Many ny exports had hod predict predict- predicted predicted predicted ed that termination n of I under the Pittman aw aw would reo re- re result suit sult in breaking ether er prices to as low as us 26 25 cents cent actually happened woe wee that silver lIver did aid not I sell as ae 10 low as u It did In the tho year which shows how ho hard hord It is isto Isto to predict The he high for tor IUS 1933 was 8 68 8 6 cents cent the tho tow ion 10 62 93 S G cent and the tho average 04 9 cents cont These rhese figures represent a fairly sin fin market dua du chien chiefly to tto th the ln In strength of silver diver markets market dur dur- dur- dur durIn during during In ing the time past pant ear r Producers in this thle country received re- re re OId col tho the Pittmon Pittman price prine for the first five months and th Ir aver aHr- average age oge yearly puce price was wai U 62 8 cents Extreme fluctuation In other er Is fe Isone Isone ono one point on which international bankers frequently criticise silt silver er eras as a monetary medium That Its ils total fluctuation was 1 not more than 61 8 1 cents cont during tills this period and the mean nuan average 3 8 8 S cent cents should hould redeem sll er in their eyes In 1922 1832 the spread was Oos as u muchas muchas much muchas as 30 9 cent cents and In 1921 11 S Scents cents |