Tombstone epitaph., 1921-09-18
INDIA AGAIN LARGE
CONSUMER OF SILVER

gin price of silver advanced to 81 SIS
cents. actual sale price. Sept. 6. This
is the highest price since Jan. 2s when
the market started to decline from Sc
cents.
The absorption OF silver by India
continues to be one OF the sensations
OF the London markets. For the first
months of this year it secured 25.-
01S.i55 ozs and b22O in coin from
London and about 100000 ozs. in
this country. To date its total i'm
ports from both centers is around
100000 ozs. For the same period
last year it secured less than 9.000,-
coo ozs.
4 further interesting phase OF the
Indian buying is that there has been
a nominal or British trade balance
against it during the first months
For July. however. the British Office
reports that these conditions changed
and showed 13.5O0.O0O rupees in In
dia's favor against an adverse balance
OF 100000 rupees in June.
Despite the early short wheat crop
the latest cables report very good and
enthusiastic business situation in In
dia. 1t is quite likely that September
silver demand will be even stronger
There was no recovery in rupee rates
for several months until within the
past month.
In our previous review we referred
TO the pronounced decrease in the sill
yer reserves at Shanghai, China,
amounting to more than 81 per cent
in the May 1S-August Is period. 1t is
understood that most OF this metal
went into the interior. The statement
OF August Is shows loss of 100. 900
ozs in sycee, a gain of 100000 dol
lars and 1880 bars.
CThe actual receipts OF silver bars
at Shanghai between August II and
20, amounted to 1852. Most of this
silver was received on the Siberia
Naru" and the Empire State" both
from san Francisco.)
China fas secured about 100000
ozs. in London and about 10000, 600
ozs. in this country to date. Last
year these purchases amounted to s.
100000 ozs. at London and $4,000, 900
ozs. in New York
The latest statement of the Federal
Reserve Board on silver movements
shows total imports Ito Aug. 20) of
s3S.596,S7i value, and exports OF s27,-
420.2l1 value. This difference of
about 2f.500.O00 represents consumo-
tion in the Photographic, jewelry and
miscellaneous trades of this country.
To date Germany has sent si,152,-
$50 value to this country, OF which
about 100000 is from the German
Reischbank and held in New York as
collateral. The silver reserve Of the
Reischbank was around 100000 ozs.
Sept /, a gain of about 500. 900 ozs.
in the past u months.
Total silver held By the principal
banks OF Europe is lb49,32S, 200. a
gain OF ;b2.1s9,.co "a the past year.
During the past week the Govern
ment purchased $1,000 ozs OF domes-
tic silver at 81 an ounce This makes
total of 4o,5Si730 ozs. secured 50
far this year and a combined total of
70.492.730 ozs. since the Pittman re-
purchase order has been in operation.
Production in Mexico continues at a
comparatively low level. This is es-
peciaIly true in Kuanajuato and the
imposition Of taxes amounting to 5 IL
per cent on silver around so cents is
further detriment The Peregrina
Mining & Milling Co. is closed. The
Guanajaato consolidated is closed as
regards production. out is continuing
development work. Guanajuato Re-
duction and Cuba mining are produc-
ing.
American Smelling & Refining Is
operating 8 lead blast furnaces at
chihuahua and is shipping its high
grade silver from Ve.ardena Its AS
arco smelter is still closed. The Tor
rean smelter has 6 stacks IN operation
and 2 at the Aeuascalientes- The We
Ia Grande cyanide plant at Parral is
under full capacity.
It is claimed that the realization