Tombstone epitaph., 1922-01-08
REVIEW OF SILVER FOR 1921
(Continued from Page one)

REVIEW OF SILVER FOR 1921
 (Continued from Page one)
 than 53,000. 900 ounces went to China and India
 Of the imports into this country, about 9i.0O0. 900 ounces. more than SO. 100000 ounces came from Mexico. Of nearly lO.O00.0OO ounces credited to Germany. all but 1000 900 ounces rep resents silver consigned as collateral and not sold.
 or Britain's imports. G9,o56.s37 ac- tual for II months, or about 55,000. .000 ounces. G3,O94.052 represents receipts from this country. f2.046,0SS from West Africa. el,699. l05 from France. and GI.223,3lI from Holland
 The West African item is interest ing. There is no silver production in W est Africa and this group includes former German possessions. It is likely that German silver marks have been imported and that the same countries have received paper-money and some silver coins 500 rather tran 800 fine. in exchange
 Britain's imports from this country are double in value and triple in vol tune as compared with those of 1920. Imports from France are not equal to those of the previous year. but they aie still large part of the total. Con
 enments from Holland are under.
 ;ooi to represent silver from Ger. many.
 Why Production is Smaller.
 Production for 1921 is smaller be- cause of the decline in output of this country and Australia and. to a much more modified extent. by Mexico. Al though purchases of domestic silver under the Pittman law will amount to around 5S.sO0o0O ounces. production N:ll be less than 40.O00. GOO ounces. This decrease is chiefly due 10 the curtailed operations of the copper companies These companies. in 1920. contributed 9 per cent of the total silver output of this country. or about Is.050,O00 ounces This year this output will be about 5,500.00O ounces Silver ores produced by sil- yer companies amounted to l6,050, GOO ounces in 1920 and should be as large { if rot larger for 1921 About 21.400,. 900 ounces of silver is produced as a ! byproduct in lead and complex ores The difference of about 1s.60O. .0O0 between purchases by the American government and domestic production ! is supposed to represent delayed reali. 1 zation by copper. lead and other min ing companies and also smaller { amount held as speculative account. The government will. no doubt, ex. plain this discrepancy later on. Production of Mexico. the largest source of silver production. is esti. mated by us at e2.000,o00 ounces, or i.662 .253 ounces less than in 1920
 Output of Australia is again likely to be around the low figures of 1920. It was less than I.5O0.oo ounces in 1920. compared with 7.430,77O in 1919.
 Canadian production is likely to be around 1O.CO0.00O ounces. compared with l3.33O.357 ounces in 1920.
 That production held in this coun. try even at the lower volume was due chiefly to large operations in the new and old camps of Nevada. For the same reasons we may expect con tinuance of this record this year, es- pecially at Tonopah, Cortez, Divide and Candelaria
 The Analysis
 In attempting to cetermine future trend in the silver situation il is well to remember that silver is both a commodity and monetary medium. Sensational developments are likely al any time and especially if any ef. fort is made to approach stability in Europe. This is equally true of gold These facts should also be borne in mind: that world production is con- stantly decreasing and consumption is increasing. That considerable amount of silver coinage has disap. peared in the past several years. and 1 that even a debased silver coin, if authorized. would produce a shortage 90 acute that silver pricas womb ;-