Mohave County miner and our mineral wealth., 1921-01-08
AGAIN SILVER DEMAND EXCEEDS
 PRESENT WORLD OUTPUT

the world continues to decllne ap' pears to reflect the apprehension o1 leading European countries, with the possible single exception of Spain; that silver prices are likely to repeat the high record figures of $1.97 re- corded early this year and in Novem- Der, 1919. Great Britain is resorting to the somewhat dangerous expedi- ent of placing in circulation silver coins of 500 fineness compared with the older coins, 925, fine.
 World silver productions in 192O was around 164,OO0,000 ounces, 1O,- 5OO,0OO ounces less than in 1919 and 62,192,923 ounces under the high rec ord established in 1911. In this coun- try output was about 50,000,OOO ounc- es, also a new low record for the past nine years. Estimated consumption in 1920 was about 400,0O0,OOO ounces. Even coinage requirements were about 225 100000 ounces.
 In the first six months of the past year $95,OOO,0OO in gold was shipped to Asiatic countries, exclusive ot Japan ,and apparently because ot the lack of sufficient silver
 The principal national banks ot Europe increased their silver reserves from S233, 100000 to 237,OOO,OOO.
 In British India both gold and sll- yer reserves have been drawn down in the past four months the gold item alone showing a decrease of nearly 6OO,OOO,OOO rupees at the end ot No- vember. :,
 Despite the fact that we exported more than $65,OO0,O00 in silver to China during the year and England about 15O00,OO0 ounces, stocks both at Shanghai and Hong Kong were lower at the end of 1920
 Pronounced excess in consumption over production has been the doml- nant feature of the silver situation since 1916 In four years British !n- dia used 616,O0O,000 ounces for com age purposes of which 260,121,554 sill yer dollars from our Treasury were used to make up the difference De- tween production miscellaneous re- melting and this single source ot de- nnand. In Europe in the past year the temptation to remelt silver colnage to secure the profit in the difference pe- tween the higher bullion and exchange value as compared with the face value of this coinage undoubtedly partly contributed to the problem of meet ing the deficiency in production. Just how much silver bullion was placed on the market in this manner is rather difficult to determine but it hardly exceeded 4O,OOO,0OO ounces of which a certain proportion was added to the silver reserves of the national banks of France, Holland, Belgium, Switzer- land and undoubtedly to the coin and bullion account of the Bank of Eng land.
 Europe's Experiment With Debased
 Silver Coinage
 High prices for silver in the first seven months of 1920 also inspired movement among certain govern ments to issue silver coinage of re- duced silver content. Holland, 1t IS said, has a new silver coin 72o line instead of 945 fine. Canada has one of 800 fineness compared with the older coins, 925 fine. Great Britain was expected at the end of the year to place in circulation a coin of but 5oo fineness as compared with the former standard of 925 fineness. Even in this country silver prices above SIPS i'm neril our silver dollar coinage and above S1.3S, our subsidiary silver com ape. To offset the advance above the latter figure early in 1920 our Gov e,nment again resorted to the silver dollar reserve in the Treasury and us- ed 13,OOOOOO of these dollars agalnst demands from the Far East.
 The practical worth of silver com ace of reduced silver content IS greatly debatable matter ana may prove to be as disastrous as the ones "struck" by the famous or infamous King Henry the Eighth. In the tlrsl place they obviously circulate inter- nallv as of the same value as the colns of 925 and larger content which IS an ;mposition on the ignorant. Extef- nally they are of no greater value than their actual silver value ratneT than their face value. AS the totai silver coinage of Europe is less tnah 1a GOO 900 ounces yearly this some what desperate expedient hafois seems worth while. =.
 Our Government Option Aga'ns'
 Silver Above $1.4l an Ounce ,
 With silver at an "estabhsheo ,,,,ce above s1.3S it might be absoiu'ee iv ethical to reduce silver content O. silver coinage but this is an entlfeay aka,. different matter and related to othef future problems. .o sbort Since June IT barring two shor' neriods, there has been two prices .h;s M Silver: one on silver produced Tn a sn,S country and the other on the se ptou ,ct of other countries. This diller