The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-06-08
WORLDS SILVER MARKET
CONTROLLED IN u. S.
CONDITIONS WHICH MAY ROB
LONDON OF FINANCIAL
PRESTIGE.

the leading market for the metal in
the United State-New York city
rather than have prices fixed in Lon
don. OF course it is admitted that in
order to become the representative
silver market the United States must
stand ready to finance the world, as
no country could be considered the
leader without this. There are many
who maintain that it will take years
of education and enlightenment to
make the public invest its funds in
foreign securities, but the arguments
in favor of the silver change are be-
coming greater each day
1t is pointed out that with this
country producing within its own
boundaries one-third of the worlds
output, and controlling so per cent of
the production of the world, it should
be the center where the price should
be fixed by supply and demand. In
the past various reasons conspired to
make London the financial center of
IH0 WOIlu ACoPCCAeAiJ taAS AAAS"ASHA-o -
ferred to previously, and therefore
the principal market for silver as we'll
as other commodities was establish
ed there.
As one of the silver interests in this
country who is in favor of bringing
about a change puts it: There would
be some justification for the continu-
ance of the system that has prevailed
ope would consume the larger part of
the production, but England merely
sells this silver to other countries and
this can be done just as easily in New
York. 1t can be effectively performed
in relation to silver as with the con-
troll of the larger part of the supply
there is the additional factor of the
enormous possibilities of the growth
of silver production in this country
as we'll as Mexico"
Another factor to which attention is
called in this connection is that the
capital for the working of the mines
in Mexico, Chile, Peru and even Can
ada has been supplied by the United
States.
In 1914, the last year for which fig
ures on the silver production of the
world are obtainable, the total output
was 211,103,377 fine ounces, of which
the United States produced 72,455, 100
ounces, Mexico, 7O7OS,S2S ounces and
Canada, 27300667, total of 170,459,-
sos ounces All of Europe in that
year produced but 15,317155 ounces
although the price for the metal was
fixed in London. The remainder OF
the silver in that year came from the
following: South America, 1908, 49S;
Asia, 5,422,169; Australia, 3,520,274;
Central America states, 2,416,8SS, and
Africa 1,O2S,S57 ounces.
Our Export.
In the year under discussion the
United States exported 35,421, 165
ounces to the United Kingdom, g..
$4,000 ounces to Asia and 7626,12g
ounces to all other countries, tota
of 49,1S9,3SO ounces. Exports to Asia
constituted principally the shipments
to China from San Francisco.
Practically no silver is sent from
the United States to India, which II
the largest single customer for the
metal in the world. London exported
to India, in 1914, 27,556,123 ounces ant
to China 243,325 ounces. These figures
are small because of the war, as IL
1918 the United States shipped out {
total of 61,S09,556 ounces to all coun
tries and the exports from London t.
India amounted to 47,793,S97 ounces
and to China 3,676,207 ounces In 1912
the banner year. the United States ex
ported 7O,761,243 ounces, of which 81,
3S8,352 ounces went to the Unite
Kingdom. London sent 58,l8l,44
ounces to India and 9,329,0S0 ounce
to China.
Had these exports to India an
China been made from New York tn
silver buyer would have benefited b
saving the amount of additions
freight and part of the commission
paid to the middeman in London an
this market would have received bet
ter prices for the metal. In addition
$he question of price regulation woul
be dependent to great extent on thi
market. Were this in effect now
could only mean that the New Yor
market would get the fullest benefit
of further advances in silver value
which many authorities are certai
will occur.
One who is we'll versed on the sitt
alton with regard to the white met
all over the world in discussing tn
phase of the question said:
Apart from the profits incident {
direct trading between producing ar
consuming markets there are 9TH
vital reasons why from now onwal
the New York silver market shou
avoid the intermediary of the Londt
market. First it would avoid al
possible manipulation by Lond
SPECTATORS. In previous years, e
pecially on large forward sales, all t
profits went to the London hold
while the producers have had to bet
a.zoc baoxru 1pccnG For n