Tombstone epitaph., 1921-10-23
JAPAN IMPORTANT
FACTOR IN WORLD
SILVER MARKET

NEW YORK. 0ct. l7--Price trend
in foreign origin silver for the past
week has been indefinite but without
| tor last week. especially in the cot
ton market. turned to the selling side
this week but this was probably for
effect In our markets 10 days ago
it exercised all its future cotton con-
tracts jointly with its large buying in
China and India. 1t is undoubtedly
accommodating large cotton stocks.
Reported cotton shipments. India
TO Japan and China tbut chiefly Jap
am amounted to 10000 bales in the
past three weeks. compared with TO-.
900 bales in the corresponding period
of last year.
Total cotton shipments from India
for the past three weeks are $4,000
bales compared with $1,000 bales last
year.
Exchange rates. London on India.
after reaching to Il lid recovered
to IL led. Indian is likely to contin-
ue prominent in the silver market
for the balance OF the year. especially
in view OF the fact that her yearly
overseas business is just beginning.
The Shanghai on London -four
months credit, rate is up to As Sd
against IS. Id. las; week. Hong Kong
rates are also much higher
Silver stocks at Shanghai are again
lower showing pronounced ABSORB
tion by the interior and the banks
there. On Sept Il they amounted to
2e.S00.o0o ozs. in sycee. $4,000, 600
and 1.720 bars compared with 27.sOO.-
900 ozs. in sycee. $2S.5OO. 900 and 3
400 bars in the previous week and 40
100000 ozs. in sycee. $4,000. 600 and
$50 bars on May IS.
Total silver at 81 an ounce. net.
secured by the government under the
terms OF the Pittman act now amount
to 4S.S1O.S66 ozs.. Jan. / to Oct. )
purchases in 1920 amounted to 90
100000 ozsl This is much in excess
OF that reported by the various min
ing companies in this country.
The last Federal Reserve statement
of silver movements 90 days ended
Sept 20) shows exports of 1880, $50
and imports of s1,629,423 Total ex-
ports since Jan. l are s33,sS1.24s and
imports. si3.404.1S4 Excess imports
are regarded as consumption in the
arts and manufacturers OF this coun-
try. This difference is about $4,000
900 ozs. but actual consumption OF
this character is probably larger. In
1919 it exceeded $4,000, 1000 ozs. Ger
main silver imports amount to s5,01s.-
5s2. which is chiefly pledged coIlater-
al so that actual excess imports would
be around 100000 ozs.
Mexico has contributed s25.Ss3,
So; Peru. s3.799.206: Canada. 1885,
/ 6Si. and Great Britain. s1.261,966
Unless there is d reversal OF United
States production as shown in the
Pittman purchases. total output for
this. year will be around 5s,ooo,ooo
ozs. Mexico will probably produce
63.00G.00o ozs.; Canada, 100000,
and the world total may be about
1so,0o0.000 against 100000 ozs.
last year
Consumption. including $4,000, 900
ozs. Government. and about 10000, 900
ozs. trade, in this country, may be
much larger than last year Montagu
& Co.. intimate that 10000. 0O0 ozs.
may be available later on through the
release by the British government OF
its silver coinage of reduced silver
content. This silver coinage is still
held, we understand. as reserve IN
the British Treasury.
Senator Pittman. author of the Pitt.
man silver act, looks for world silver
prices 20 exceed 81 an ounce and
thinks the Pittman repurchase clause
will be perpetual since it is inopera-
tive when silver advances above 81
an ounce
| The financial statement, of Ameri-