Tombstone epitaph., 1921-11-27
PAGE TWO
WORLD SILVER MARKETS SHY OF ACTUAL OFFERINGS
 OF WHITE METAL

strong The limited reaction has been due to reports in the Far East of Ger manys financial collapse which, ot course is untrue Germany is now doing considerable business witt India
 Actual transactions in either the London or New York market has been negligible, due to the fact that hold CTS of foreign silver will not sell at prevailing quotations They antici- pate much higher prices.
 Shanghai spectators on the short side were unable to profit through the . reports of the financial weakness 0: . the Pekin government. Business con ditions have actually improved the past week and the business group has . been strengthened because it is or- posed to the present Pekin adminis tration.
 Lenox simpson. member of the Chinese delegation at Washington. made the statement this week that the failure of the $l6,OO0,O00 American bankers loan was due to the re:usal of the Pekin government to authorize payment of the Germanissued Hu Kuang Railway bonds He insits that bonds, probably to the extent of s3,- 00C.OO0. and at cost of about s2.- 00O.0O0. These bonds were repudiat ed by China when it declared war against Germany. Mr. Simpson claims that the Hong Kong and Shanghai bank relinquished all claim on s1OOo 600 of these bonds. This statement is denied by Thomas ". Lamont c: Morgan & Co
 Other Chinese delegates insist that all obligations of China. other than those due Germany, will be paid Dr. Monlin Chang said this week that China will pay her debts She al- ways pays her debts. but there will be no payment uitil the internal poli;- ical situation in China is settled satis. factorily, and no loans will be made until that time. We do not want loans for political purposes Heretofore loans have been obtained and the money has gone to the support of arm ies and the maintenance of influences which have disrupted China That must stop
 The program in China, according to these same delegates. is financial control by the bankers and business men and a new personnel of govern ment offices"
 The Continental and Commercial Bank of Chicago was recently a mem Der of the Chinese banking group and it is not known why ii returned 10 the Morgan Consortium group.
 Commerce, both of China and India continues to improve Raw silk i'm ports into the L. s. A. showed pro. nounced increases during September and October Cotton shipments from Bombay for the past week were agaiI. of large volume. Shipments to China and Japan amounted to 27,000 bales. total of 3s5,OO0 since August l. compared with but 45,000 bales last year Exports 10 Continental Flu rope were also large at 25,000 bales
 The U. s. 4. is now large cotton buyer in China.
 Wheat shipments to India from this country and Canada are of excep- tional magnitude
 Trade balance IF indias favor was reported by the British office at g laos for September. This is lower than in July and August. but it is a continuance of the favorable balance rather than the reserve.
 Silver stocks at Shanghai continue to decline. For the period ended o. tober 9 they were as follows: g.. 100000 ounces in sycee. 24.100,0o0 dollars and 1890 bars
 Silver shipments from Europe to this country are small. Charles liar dy & Ruperti have received sS0,o0o,- 900 from Germany, representing, it is understood, the product of mining companies there.
 The L. s. A. government has se- cured but 3S5,000 ounces of domestic silver at the q an ounce price during the past two weeks. Total this year