Tombstone epitaph., 1921-11-20
SHANGHAI DEALERS ADVANCE CASH" SILVER PREMIUM TO
 A NEW HIGH LEVEL PRICE

fairly strong during the week. Far Eastern exchange rates displayed less stability The technical strength of the world silver market is shown in the prevalence of even higher premi- ums on spot" than on future deliy- cry. At the end of the week this pre- mium was as much as l II cents an ounce against 3-i of cent the aver age during the past six months. In normal markets the premium is on futures" rather than cash or spot"
 Both the import and export trade of China shows improvement. At Shanghai silver stocks are the low est in more than two years.
 Failure of the Pesin government to pay bond interest due Nov. and the related postponement of new loan by the New York group of the so- called Chinese ConsNtium had no effect on the silver market It is be lieved that the failure of Pekin to comply with the suggestions of the New York group through Frederick W. Stevens. is based more on politi- cal than financial grounds J. ]. Abbott, of the Continental and Com mercial Trust and Savings Company. of Chicago. was identified with the na- tive Chinese antiConsortium group some time ago. It is quite likely that future Chinese financing in this coun- try will be through the new independ. ent Chinese banking group rather than the Pekin government direct
 This Chinese loan is rather inter esting matter. According to "Shun Pao," Chinese daily at Shanghai, "Mr. Abbott and Hsu En Yuen secret ly negotiated the s16,OOO,0OO loan" It was said that the tobacco and wine revenues would be the security.
 "Thun Pao" allots s11.o00,00O 10 meet old indebtedness but was un- able 10 determine what the remain ing s5.0O0,0 ,0Oo was for It was also said that the loan was 10 be put out at ssl with interest at per cent. shanghai Norh- China Herald in sists that if this was to be new loan rather than a consolidation of old loans. that it would be violation of the Consortium agreement. The Continental and Commercial, howey- CT, is placed by the Chinese newspa- pers among the New Consortium banking group.
 ! The Norddeutscher Lloyd company has re-established sailing between Hamburg and Bremen via Rotterdam to China and Japan.
 China placed in this country during ' the past week an order for i3 rail- way passenger cars through Ameri- can Car q Foundry Company, and an order for additional equipment for large cotton-spinning mill at Muk- den. Expenditure for the latter is | s520,000 Cotton output in China is estimated ct 60 per cent Of normal, or about 2,000,000 bales, silk at the same percentage and wheat at be tween 50 and GO per cent.
 Conditions in India continue favor able. Cotton exports from Bombay for the past seven weeks are 2s4,000 bales against 114,0O0 Tn the cores. bonding period of last year. The jute market at Calcutta and New York is more active.
 Japan appears to be out of the i'm. porting market, temporarily at least How soon that country will proceed to accumulate larger silver supplies to convert its emergency war notes into silver coin is not known. although it is understood that the process O! conversion is actually in progress al ready.
 The Egyptian government is also cancelling it's small currency paper and returning to the older silver coin The government explains that the ] commission of naner money in 1918