Tombstone epitaph., 1921-12-11
AFTERMATH OF CHiNA'S PAPER MONEY PANIC CREATES
 STRONG SILVER MARKETS

me paper money troubles Tn Chlna during the past two weeks left the silver market in the somewhat unu- sual condition toward the end of this week that there were bids carrying fancy premiums for immediate deliv. cry foreign origin silver but that none was offered
 At Shanghai forward" t60 days delivery was freely offered at as much as l and 1 l-4 cents below the price ruling on immediately delivery. Even Canadian and Mexican produc- CTS were willing to sell definite amounts on a forward basis but were painfully silent about the kind that could be sent to China from Pa cific ports within the. succeeding two or three days.
 On the 30th for instance the bid for immediate delivery was as high as 6S l-- 10 bg cents.
 Silver stocks at Shanghai or Nov. l2 were 25.3OO.OOO ozs in sycee. 24.- O00 OO0 dollars and l,490 bars. Rather large shipments are due to reach Shanghai within the next 10 days. The high record in Shanghai silver stocks was in May of this year. when they amounted to 46200000 OPS. in sycee. 39.oO0.OoO dollars and $50 bars. It is quite likely that at the end of the year shanghai stocks will be about 20 per rent larger than on Nov. 12th.
 Expert opinion in New York was toward bullish attitude on future prices of silver It is believed that when present large shipments are al located that the price on forward" will strengthen and that both spot and forward" prices will be higher. lt is also likely that the native Chi nese banks as result of their unfor innate experiences with paper mon ey. in addition to those previously of the Banque Jndustriele de Chine. will carry larger silver reserres.
 Import and export business of China continues 10 be favorable. Our shipments to that country amounted to sS.s3l 900 in October and our i'm ports 10 s916O.00O. Allowing for the lower price level the volume is great CT this year than last October. For three months our imports from Shang- hai were s12s53.00o against sl3,9S6,- GOO for the corresponding period last year From Canton they have been twice the value of last year.
 In this country the silk market is exceptionally strong and while pre- vious demand has been on Japan it is reported that il is now extending to China.
 It is understood that the American banking group of the Four Power Chinese Consortium will announce shortly a loan of sl6O00,O 900 b the Pekin government
 =o;t, ;,, the silver and in total foreign trade movements. It has been receiving considerable wheat from Australia and some from this country and Can. ada. but Bombay has been a large cotton shipper to Japan and China.
 Mexican silver production for the first months of this year is abou; 4s.OOO.00O ozs. compared with 51.163, 7sS ozs last year Total shipments to this country from Mexico for months and 10 days are around 5s. 100000 ozs On this basis the sup plies there ma, be rather small.
 A Paris cIble conveys the infor nation thct French capital will Dc interested in Mexican mining opera tiorc co the extent of 15.000,0 900 francs about s750,000 at current exchange rates.
 Total domestic silver at the s1 a. oz price, secured under the Pittmar law, now amounts to 53,104,Ss3 ozs for this year to date. This is about 15.000,000 ozs. in excess of our esti mates of production for this year.