Tombstone epitaph. (Tombstone, Ariz.) 1887-current, 1921-07-17
NEW CHINESE coNsoRriUM
WILL HELP SAVER

tiers, that one of the largest banks in
this country, located in Chicago. is
behind the new movement 10 maintain
a native Chinese consortium This
combination is known as the Morgan
Foreign Chinese Consoritum. II will
also oppose the japanese banking
group which probably was response
bic for the first collapse of the Nor
gan-Great Britain. France and Japan
group. Two native Chinese banks
have established branch offices in
New York this week.
Silver stocks at shanghai are much
smaller for the first time in more
than two years. They are 100000
ounces in sycee and 27.00o.OoO dollars
compared with s3.6O0.000 sycee and
3SCOO.OOO dollars in May. Strength in
Chinese exchange rates have been a
conspicuous feature Of the silver mar
bet for the first part OF July. Shans-
hal rates have advanced 10 ) cents,
Hong Kong 1l2 cents and Mexican
dollars al Shanghai / IL 10 cents.
The Shanghai rate on London remain
ed unchanged.
A notable event in Chinese-Ameri-
can business relations is the opening
for the first time in China's financial
history OF bank branch offices n New
York.
The two banks are the Bank Of
Canton Ltd. and the Merchants
Bank Ginarn Lao is the New York
manager OF the Bank of Canton. Both
institutions are controlled by the
younger and more progressive element
Of China and il is said they are de-
termined TO force Chinese-American
business TO a possible maximum.
Foreign origin silver was quoted in
New York al so cents this week and
the London price was up nearly 3
cents above June quotations.
Silver movements in and out OF this
country foT June 10 and 20 we're I'M
important Imports amounted TO
s763.S17 and exports s20.s61. Mexico
sent US but sSl59sl. which is cor
siderable drop from the s2,l0C, 900 sent
in a previous ten-day perod. India
secured s6o.29s. In the same period
s7s7. 207 in gold was received from
the Far East: si54.1s6 IRON China
and s12s.7s7 from India. These
Asiatic gold movements are highly
important and apparently show large
Accommodations of silver.
Total s1-an-ounce- silver sold 10 the
government under the Pi;tman order
now amounts 10 sO9,.e97 ounces. rep
resenting 2s,s0s 0oo ounces .cr the Il
months of 1920 and 31.O67.s97 ounces
for the first six months and six days
of the year Silver secured in June
was around 100000 ounces, showing
that available domestic silver is in
constantly decreasing amounts.
The government minted s4,647,0o0
silver dollars in June and no gold. In
addition 100000 silver pieces we're
minted for Indo China. Total silver
dollars coined under the Pittnan act
is 1sO43.OOO.
II was reported from Mexico City
that silver and gold producers would
be compelled 10 pay increased taxes.
A tax on gold production is rather
wild procedure. Foreign silver az 60
cents shows barely no profit 10 Next |
can silver producers and tax would |
result in no production.
According TO tine Frankfurter lei
tung branches of the German Reichs- |
bank hold one million kiios in silver
which will be offered as security on
loans which the government requires
August 81 The reported silver hold. |
ings of the Reischbank are but $780,
900 ounces, although in the past week |
they have increased from e346,100 to |
f435, coo. THE circulation OF SO many
adverse silver statements apparently
indicates rather large short interest
in London and possibly Paris.)
Future trend in foreign silver prices
will, no doubt, be largely conditioned
through world realization that there
is an actual shortage in the United
c.a.es where more than so per cent