Tombstone epitaph., 1921-10-23
JAPAN TO REPLACE PAPER
WITH SiLvER-PROeAe
100000 oo oxs. NEEDED

hhPof' ant tdctoT In the SILVER market
IL is now known thai in addition to
other silver purchases that it is pro
ceeding to replace paper money of
small denominations with silver coins
A Toxic cable of Oct l3 carried the
information that Japan plans to
make extensive purchases OF silver"
The gold and silver account of the
Bank OF Japan shows l.345.335 yen as
reserves Aug 10. A few years ago
that government in its attempt TO ell
inmate silver currency melted down
1s0000.0oo silver yen. or around $780,
100000 and about 1870. 600 900 ozs. IT
prevailing prices on foreign origin
silver.
The conversion. or the apparently
compulsory return of Japan 10 silver
currency appears significant.
The Soviet Russian government
started to coin silver rublies Sept.
according to a cable received late in
August. Coinage was supposed to be
100000 rubles daily.
The Chinese bankers are proceed
ing TO place new silver coins in cir
culation, and the largest mint in the
world will be opened, al Shanghai
shortly.
There is a nominal shortage of sill
yer and the demands Of Japan,
France. Russia and China could not
be filled against prevailing produc-
ton and indicated available supplies
premium of one cent an ounce OBJ
tains on cash" silver in the London
market. and this is not surprising in
view of the buying of the past three
months
Gold receipts from India September
20 to 80 was s1,524,542: and from
China. s115.233. Combined gold total
from Far East, s62.533,44?.
Silver movements in and out of this
country for the last ten days in Sep
TENDER, reported by the Federal Re
serve Board. show greatly decreased
supplies, foreign origin. Imports were
$S77, 666 against average ten-day i'm
ports of s1,700,000. This decrease
is due chiefly TO the smaller receipts
from Mexico. Total from Germany is
nov s5.o3s.023, but most OF this is sill
yer pledge as collateral
Increased business activity in the
Far East is responsible for the conrin-
ued higher prices in foreign origin
silver. Sales in New York this week
were high at 72 cents, new high"
on foreign origin.
Far Eastern exchange rates present
and strength. Shanghai on London
a months bank credits is up TO As.
Sd. against As. Sd. last week and IS.
Id. two weeks ago Hong Kong holds
at IS, gain OF cents in three weeks.
London on India is again mp to II SD.
against IL SD last week. Open check
rates are So, Shanghai IS IL BON
bay, and 90. Calcutta.
The japanese rate rules slightly
lower. Japan IS still buying cotton in
Texas and large amount Of heavy
low grade wheat in this country and
Canada. 1t is still buying in China
ID India Both rice and wheat crops
sre failures in Manchuria, the chief
sources of Japan's food supplies.
India's coton shipments to China
and Japan for the past week amount
ed to $1,000 bales. Total Indian cotton
exports for the past four weeks are
21s.O0s bales. against $1,000 bales for
the corresponding period last year.
Total to Great Britain. same period, is
but 1000 bales, compared with 1900
last year.
Trade balance for August was agai3
in favor OF India. amounting to 234. 900
laos Of rupees In July. $4,000 laos.
the first favorible monthly balance IN
thirteen months.
Strength in Chinas position is no
doubt chiefly due TO the increased
operations OF the new Chinese bank
ing group. The North China Herald
reports that Considerable amount
of silver from America and London
was landed during the week, the
greater mart of which has, however,