Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-08
SILVER DROPS AGAIN
The London Market Completely
Demoralized.
PRINCE OF WALES RETURNS TOLONDON
British Merchants Want Protection
at Rio Janeiro.
GENERAL FOREIGN TOPICS
'RINCE OF WALES RETURNS TOLONDON
GENERAL FOREIGN TOPICS

| fall today in the value Of rupee paper the
price declining 3-S.
A dispatch from Calcutta states that the
Bank of Bengal on Tuesday last raised
its rate of discount from seven to eight
per cent Today further advance to nine
per cent was made.
The market for bar silver appears to be
| completely demoralized. The tone today
was flat and prices again showed a con-
siderable decline Yesterday the quotation
was 20 1915 d. per ounce. At 2:30 this at
ternoOn the price had fallen Off 7-16, the
quotation being % 3-S d.
The Times In its financial article says:
How far the collapse In the silver market
| Is due to simple panic remains to be seen.
Pixley and Abel state that India took in
1893. 100000 worth Of silver out of
| aggregate production Of f17.795,OOO. this
being much above the average in the past
decade India now pauses in her absorption,
and until a strong and new demand arises,
| it Is to be feared that accumulation of stock
will tend to depress the value of silver. 1t
| Is evident that the nations will not combine
| to protect silver. 1t Is also doubtful wheth-
| er strong private holders of silver will step
| In at present. Seeing how small Is the
| margin of supply required they will keep
OF the market because no full recovery and
freedom of confidence in finance Is yet ap-
parent 1t Is only certain that the cheap
ness of silver will both curtail production
and extend consumption until the decline
is arrested and probably reversed"
The Chronicle, commenting upon the ex
tremely low price of silver, says: THE
| Indian council is severely blamed in this
city for the fearful muddle which has re-
suited from the currency experiment. Per-
haps If 1t had not listened so readily to the
Indian authorities and the traders in India
the muddle would have looked less hopeless.
| In contrast with yesterdays allotment the
action of the council in autumn shows q
| lack of continuity of policy"
The Daily News, in its financial articles.
says: The Indian council sold eight lakhs
| of rupees in telegraphic transfers at about
IA 1-32 pence. which is a fraction below the
current exchange from India. This Is a
| very small allotment at such a terribly low
rate and has increased the CONSERVATION in
the silver rupee markets, where 1t Is argued
that now that the council has accepted
| such small tender at so low a rate there
Is no saying to what further extent ex-
change may decline. But while a further
fall in silver Is admittedly probable, people
who are well informed are disposed to take
a calmer view concerning the future course
OF exchange and even regard the silver
spot supplies as very small and that there
are indications from the United States and
elsewhere of the speedy reduction in the
output of the silver mines. The depression
has not had much influence on other mar
kets."
No Legislation Expected.
In an interview with the submanager Of
| the principal bank doing business with In
dia today in regard to the silver situation
and prospective legislation. the latter said
| that the directors of the bank were ignorant
of any prospective legislation and asserted
that the general belief that the gov
eminent cannot take definite measures, or
even propose them with any prospect of
success until the silver market is steadier
The submanager also said that he thought
| Nlahl a.
Indians would resume making purchases of
silver for boarding. Nothing was known,
he asserted. concerning the probable re-
opening of the Indian mints.
The Prince Returns to London.
The Prince and Princess of Wales and
their daughters left Osborne, Isle Of Wight
this morning on board the royal yacht AL
berta for London. Upon entering the Cowes
roads the Alberta steamed around the
Prince of Wales cutter Britannia and the
prince said goodbye to the crew as the Bril-
| tannia started for the Riviera, in order to
take part In a series of yacht races in those
waters. The Prince of Wales will rejoin the
Alberta at the Riviera and will be present
at the races in which his cutter takes part.
After leaving the Britannia the Alberta met
the new and very fast torpedo catcher
Havoc, which displayed it's rapid-turning
powers and great speed by circling around
and around the Alberta, much to the amuse
ment of the royal party on board.
British Merchants Admire Benham's
Course.
A deputation consisting of ship owners,
merchants and others interested in the
shipping trade visited the foreign office
today for the purpose of protesting against
the governments neglect of British inter-
ests at Rio Janeiro.
The deputation complained that British
for months, and their cargoes were not yet
discharged. They declared that the spir-
tied action of Rear Admiral Eenham, COM
manding the American fleet at Rio Janeiro,
had been the means of freeing American
ships from all obnoxious restrictions. The
ships of other nations, they said, were
liable to be interfered with at any moment.
Mr.. Francis Leveson Berthe, one of the
senior clerks of the foreign office, replied
to the deputation in the absence Of Lord
Rosebery, the secretary of state for for
eign affairs Mr. BERTHE promised to COM
municate the complaint of the deputation
to Lord Rosebery, who would see II 1t
was possible to instruct the commander Of
the British fleet at Rio Janeiro to see that
British vessels approached the wharves and
discharged their cargoes, and without mo-
lestation from the insurgents. Admiral
Benham, he added, had doubtless effected
the end desired, and had succeeded in &C
complishing what his more cautious col
leagues might have sh1unk from.
The Work of Clever Burglars.
The house of Capt. Burns, at Farnham,
vas entered by burglars last night, who
stole 81 900 worth of jewelry. Capt Burns,
who Is the aid-de-camp of the Duke of
Ccnnaught, and who married Miss Forbes
Leith, had as his guests the Pelham-Clin-
tons, who were the losers Of the majority
of the jewelry stolen by the burglars.
The burglary appears to have been a
cleverly planned affair, the craftsman TAX
ing the precaution to place a wire around
the house in order to prevent being sur
prised.
Russia Blamed by Frenchmen.
A dispatch to the Times from Paris says
that the Russo-German treaty of commerce
has caused profound impression in France,
where sentiment Is mixed with pure econo-
mics in view Of the Cornstadt and Toulon
receptions.
According to the Times correspondent the
French public thought that Russia would
quarrel with the dreibund and that she
would be the irreconcilable enemy of every
nation, hostile to France.
Some of the Paris papers, the Times dis
patch says. are already accusing Russia Of
betraying France.
London Notes.
H. ]. Phillips ex-manager here Of the
New York Life Insurance COmDany was