The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-09-04

l.. z. e., canton, Ohio. i"'o
number of years past, as is generaiiy
known, the controlling factor IN the
nriee of silver has been the demand
from the Far East, where silver consti-
tutes not only the currency, but the
main medium for boarding by the PEG
pie. For a series of years the East mas
absorbed about two-thirds of the yearly
silver production of the world, a snii-
cient quantity to make its takings the
dominating influence in price, India
and China are the great absorbers of
silver, and of these two countries India
itself produces none of the metal. China
does produce seine, although the guam
THY is very difficult to ascertain. The
Malay peninsula, which formerly took
a very considerable quantity in ex-
change for its tin, has practically pass
ed out of the line Of silver buyers in the
last three years, owing to the changes
in its currency under British rule. Japan
also, ceased to be a taker of silver live
or six years ago when it adopted the
gold standard. India and China, there
fore, are the mainstays Of the silver
market. Owing to short crops for two
or three years Indian buying has been
comparatively small in quantity. China
took less from the general market for
three or four years, owing partly to
the disturbance in trade due to domestic
difficulties, and later to the heavy spe-
cial disbursements made during the
Japanese war, which were made mainly
in silver and which were provided from
other sources. With the revival of trade,
however, Chinese buying has consider
ably increased. For the first half OF
the present year, including the ship
ments from London-which remains the
chief market where the East does it's
buying-and those from San Francisco
direct to China, which are comparative
ly small, and reducing the values to their
approximate equivalent in metal, the ex-
DOIlS VI ol1Nti u Nv o US AOA
lows, in ounces: India, 1905, 40,40o, 900;
1909, 31,743,OOO; Changes, d., 1857 900;
China, 1908, 9,613,OO0; 1909, 81, 743, 900;
Changes, L., 100000. Total, 1905,
5O~,o13,OOo; 1909, 4s,s6s, 900; Changes,
D., 1,145,OOO. 1t will be seen that the
total decrease in the quantity of silver
sold was comparatively small, only 2.3
per cent. Its direction, however, show
ed important changes. The decrease
in shipments to India was 81 per cent,
while this year China took s per cent.
more than the comparatively small
quantity which was purchased in the
first half of 1908. These relative guam
titles furnish some explanation of the
lower price on the comparatively
small change in demand. Indian pur-
chases are usually made at the going
rate and are influenced more by the abii-
ity of the buyer than by the price, so
long as the latter does not rise to an
extraordinary level. Chinese bankers,
on the other hand, are very shrewd
buyers and well understand how to
manipulate the market in their own in
t~erests, as has been notably shown dur
ing the present year. No great change
appears probable in the near future,
although the tendency in price is to i'd
canse rather than recede. In addition
to the actual shipments it is generally
believed that the Chinese banks con-
troll considerable reserve stocks in Lon
don, which might be utilized to make
matters very interesting for spectators
in the metal. This fact, or belief, has
doae very much to restrain London OPP
orators during recent weeks
T. p, Napa, Cal.-Neither one of the
leasing companies is working it's lease
appear to have gone by the board.
p. s., Webster Grove, Mo.-The fact
that a certificate is not stamped indi-
eating whether it is "treasury'' or
promotion stock, does not %invalidate
the stock or endanger it's voting pow
err. 1t does render the secretary and
president of the company liable to pros
~ecution under the law, however. Ac-
eording to a ruling by the attorney
general of Nevada, all stock issued be-
fore the law became effective and sent
in for transfer after the law went into
effect, must be stamped one way or the
other. Whether this is practical or not
remains to be seen. 1t can readily be
understood that it would be very Diff
cult to trace any block of stock that
had been transferred several times, and
possibly split up as often, back to the
original certificate to determine the
character of the stock. Until these
questions are raised in court and a de
cision rendered, there will necessarily
be much confusion over this and other
points that are now far from clear.
w. B. D., Togus, Me.-rhe Florence
Consolidated lease was surrendered
some months ago. The company hsd
some money left and took a lease at
Helena, Broken Hills, but after spend
ing considerable money there, the lease
suspended operations.
F. b., Chicago.-Write to the Secre-