Tombstone epitaph., 1922-02-19
FAVORABLE TRADE IN
 INDIA HELPS WORLD SEVER
 MARKETS: CHINA INACTIVE

markets are dull. London equivalent bid prices in New York ranged from 67 IS at the beginning of the week to 66 Is cents at the end. Those prices, however. are better than those during the early rart Of January when s4 1-2 to 20 1-2 against 2S- last week and 27 Ii in December This is the highest rate in thirteen months. In dian Exchange on London remain un- changed at l5 3-id.
 Other Far Eastern exchange rates are slightly lower Shanghai is off nearly two cents
 Apparently trade conditions be- tween India and this country are con tinuine the improvement shown near Y all of last year
 Silver coin and bullion holdings of the British-Indian office are Rs. 5SI lakhs under those of two months ago Note circulation is Rs. 400 lakhs smaller. Securities. Indian govern nent. are Rs 233 lakhs larger
 In this country the government has secured during the past six days only li1 GOO Ozs. under the provisions of tze Pittman act and at 99 l-2 cents. net This is total Of 2.s39.O0S ozs. ani is less than onehalf the amount secured in the corresponding period of last year. Apparently domestic production is much lower
 December import and export trade Of india was better than that Of the preceding month. Imports decreased Rs. 324 lakhs and exports increased Rs. is2 lakhs. Excess imports were Rs. 142 lakhs Adverse balance in November was Rs. s22 lakhs which included bullion. India had a favor able trade balance in July. August and September.
 Cotton movements at Bombay last week were smaller compared with re cent weekly periods but since last August are still nearly 754,0O0 bales. receipts. above those of the cores bonding yearly period.
 Production of yarn and woven cot ton goods by India increased during the past year. Yarn spun March to October was 403, ,O00,00 lgs. against 37S S,000, GOO fin 1920 and woven goods, 242 ,000, 900 lbs. compared with 216,- 000, 900 in the previous year. This is an increase of per cent over 1920 but 12 per cent under previous yearly averages.
 It is rumored that an import duty on silver is to be re-imposed in India. The previous duty. ended in 1920. was { annas an ounce.
 Silver stocks at Shanghai are 33,- $50. 900 ozs. in sycee. 22,000,00 dol lars and l,40o bars. This is about the largest since last May.
 Gold received by Kuhn. Loeb & Co. to $12.542,0oo. by Guaranty Trust Co, about s5,000,Oo0 and by National City Bank, about $4.0Oo, ,00o l
 Gold held by the Russian Soviet | was reported at 5000 poo on January 18th. This was sup posed to be deposited in Stockholm. | Another shipment of s29.5oO 900, also i o Sweden. was reported on February 'th. Russian gold appears to possess elasticity. Last year nearly one-haf of all the gold sent to l ndia was credited to Russia, includ- | ng Sss.000.000 to this country and ,early s2,OooOo0 to London.
 A prominent New York Banker. who remains anonymous, insists that the European nations win, while ac- gold reserves. grsdually put a basis of silver behind their cir as soon as possible after hey have built up some measure of urplus goods"
 Silver production in Mexico for No 'ember was s,sl1,137 ozs. compared ] Tith s,1l7.s4s in October and 2, 2os,. 70 in aJnuary. 1921, the best month 7 record for last year. Total for the ear was about ss.ooo.ooo oss.