Mohave County miner and our mineral wealth., 1920-08-28
SILVER MARKET ON
 ENTIRELY NEW BASIS

ihc SliNCi ildih hSlS lONdI tue eIltt of this week provided further evidence of the metallic fever" complained of by British dealers. In London bid prices advanced to 61 pence, equiva- lent to 9S1a cts. New York. These bids were ignored, however, because the demands from China were around 99 cents and equivalent to more than $1 on Shanghai exchange. The na- tional bank of Germany is again buy ing silver and is credited with $675,- 900 additional silver holdings in the past two weeks. In an interview in 'The Wall Street Journal" Director of the Mint Bakes discusses the prob able action of the Government if sil- yer advances to SLAP.
 Pronounced demand for silver by China this week carried the price of foreign-origin silver from 95c to 99 1-4c. For nearly week this .de- mand has made New York the leading silver market of the world, and has, temporarily at least, relegated London to secondary position.
 Silver purchases by the U. s. Mint since May IT have been at the rate of about 43,OO0,OOO ozs. yearly, again st estimated domestic production of 52,00O,000 ozs or less. Imports and exports of silver since May IT show liquidation of practically all the for eign-origin silver which the smelters have been holding. The drop in Mex ican imports have been large factor in this changed situation. It has been responsible for nearly 75 per cent of total imports, and for the past three weeks shipments to this country have been on an average of about $S50,000, against previous weekly averages of around $1,4O0,- 900. The provisional government of Mexico is said to be using one-half total silver output for silver coinage. This loss of around $550,000 is rath- CT positive and leaves comparative ly small amount of foreign-o origin sil- yer available. This is particularly evident in the London markets, where demands for the past two weeks have resulted in the inability of bullion dealers there to supply these wants without showing their position to New York dealers, with the effect that New York is doing a larger direct business.
 President Manson, of the Consoi- dated Cortez Silver Mines Co.,, who has just returned from Mexico, re- ports that the scarcity of silver coins in that country is just as pronounced as it was three months ago, or pre- vious to the new policy of placing a large amount of silver coins in circu- lation It is also reported that the Mexican government is preparing to replace the present copper cents and ten cent pieces with silver coins. MT. Manson says that on one railroad trip the train was held up by Yaqui soldiers, heavily armed. What was demanded, however, was that the pas sengers exchange $20 American gold pieces into smaller currency. Because of the lack of silver coins the govern ment has been paying its soldiers in American gold coins.
 American business interests, since the sharp break in silver prices, have been shipping gold to India in settle ment of trade balances. These ship ments so far this year amount to $6,- 110,08S. India itself has been buying both gold and silver in the London market. With the higher price for silver it is expected. that American will return to the use of silver. .'. ...., l..
 The silver demand from China is said to be chiefly for the account of speculators at Shanghai and other ports of northern China, who antici-p pate much higher prices. Sales to China in the past week have, been more than 1,5OO,000 ozs. Total ship ments in July were $2,S7S,971. For the first seven months of this year shipments have been on an average of $7,OOO,OO0 monthly. Shanghai sales at Ill 7-8 is an advance from 1 .O8 since last week and represents an attractive basis for business op- erations between New York and the Chinese financial capitol,