The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-01
|ND|A'S CURRENCY A
DIFFICULT QUESTION
Over-Supply of Silver Is Caus-
ing Agitation for Diff
ferent System.

4 considerable party eNists in India
which advocates tho abandonment of the
present sold exchange currency system
OF that county lor an absolute gold
standard. The native press OF India is
explaining the rise IN prices In that coun-
IN a. the result % the imitation created
BY the large quantity OF silver rupees
coined between 1904 and 1905. II is as
serted that no other country in The
world now ventures to add 80 largely
10 It's token curreucr.. Referring 10 lhis
assertion samuel Moutagu & Co. OF Lon
don in their November market cir
cuinr, call attention to the fact that no
other country in the porld-yvhofH cur
rcncN - based on Eon-pOar resses a pop
ulation Of more than 3oo.0ocNOO souls, ihe
vast ma iortv OF whose wagc-"aIners s
have an income considerably under 10
a year. and arc thus prcciuded from tax
Ing gold into daily use Discussing inis
situation and passing on review OF the
silver market. tho circular says IN part.
Delicate Situation.
The provision OF suitable currency FOR
such n vast and comparatively poor pop
uiation demands delicate handling, and
the natives OF India would have had some
strenuous thlngs 10 say n the govern
mcut had set heavy premium on silver
coin by refusing to supply silver rupees
when demanded, aud thus had checked
the expectation OF Indla'S supc cTabundunt
The aspiration of Indian nnanclers arc
being met by the importation. of gold
coined and uncoincd in substantial guam
titles, Indicated clearly by the Indian
currency return Tor November >. which
records that ,h" value of gold holding
tn the treasury reserve has risen 4
crorcs. or ESss. 600 since October - last.
This increase ~ owing TO heavy direct
conHiEnweuts ~ gold bars and Sover-
cigns from Australia TO India. From
10. Hsff
no less than G5.0io,o 600 has been shipped
Ina this way. made UP ~ follows: Septem-
Der 20 G915.o0O: October >. G5s5.0Qo: :
Ooo.
The total Of II crores NJ rupees IN gold
now held BY the Indian treasury shows
inr formed by normal means. II s.
n known fact that tho Indian treasury
has never refused 10 issue either SOW
crclsus or silver rupees or demand. and
circulation thov have but 10 ask and n
viii bc available. The very fact that
gold is now accommodating In tho treasury
IL evident proof that silver rupees are
circulating on n large scale At tho pres
ent umo now that the redundancy OF Sill
Yer rupees has been absorbed rcdun-
dnncy directly caused by the demand Of
the Indian people in the height OF their
prosperity.
Speculative Phases Of Silver.
Noting that the aspect OF tho market
changed suddenly during the week un-
der review. md that the premium FOR
forward delivery over cash rose on No
vomhcr 10 sd. almost totallnG tho "a
premium established on July II. 1910. the
circular SAYS;
The cause Is Identical with that on
tho occasion referred 10. The market is
entirely In the hands OF spcculatora: the
eastern banks and most other ordinary
operators haye left the field. Naturally
the severity 81 the pressure has been
directed on 10 the spot price. while the
forward quotation has been raised, 10 a
certain extent, IN sympathy.
80 long as a large amount OF silver
wa held IN London on China account. a
difficulty Ia obtaining silver for prompt
delivery could hardly arise. The re-
moyai ot these stocks to Bombay for
miniaEe into British dollars-a step ne
csssiiated hy the recent drain on tho
Chinese native Enthusiastically changed
The situation, II gave an opening for
the speculative Bombay elemcnt--who
suu hold a certain amount in London
beside the great bulk or stocks In Bonn
bay-to make the scantincss OF free sill
vcr iet. 10 the enhancement OF the hold
inEs on paper.
The attitude Of China during tho week
has not been OF 4 character TO affect the
inarkct-no transactions Of any naEui-
ture have been made either 10 biiv or
sell. There IS little announcement from
the up-country baZars 20 warrant any
Increase In speculative stocks IN India
the daily average ofttake is only about
forty-hvc bars n day.
THE stocks in Shanghai Is euual 10
about al5 lgcs OF svccc.
~ shipment OF $50. 900 has been made
from san Francisco to Hong Kong
Boston Financial News