The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-06-15

600 900 ounces annually.
The production figures for this con-
tinent show:
United States peak-1915, $4,000, 900
ounces: 1921 5O,OOO,OOO ounces.
Mexico peak-1911. 100000 ozs.;
1921, $4,000 900 ozs.
Canada peak-19l1, SS,OOO,OOO ozs.;
1921, 100000 ozs.
Silver is largely a by-product in
the mining Of copper and lead and
consequently the recent reduction in
copper mining has affected the silver
output The consumption Of silver for
coinage, trade balances and manu-
featuring purposes yearly amounts to
the total output For the last two
years the silver market has also alb
sorbed about 5OOOOOOO fine ounces,
the proceeds of coin melted mp by the
countries of central Europe.
China is usually a heavy buyer to-
ward the close of the year, in time for
shipment for the Chinese new year
settlement, which occurs in January
or February Indian demand may in
crease at the time of the settlement
periods. which occur monthly. but the
only seasonal demand is during the
summer and early fall. depending on
the prospect of a good monsoon,
which means good crops.
For export and coinage purposes.
silver .999 fine in bars Weighing 1000
to 100 ounces is considered good de-
livery although bars assaying 1876 to
.99S fine are sometimes accepted
without additional renning charges;
but settlement is always on the basis
of a troy ounce 999 fine
Manufacturing demand in this
country is usually heavier in the
spring and fall
For manufacturing purposes .999
fine silver only is good delivery and
the metal must be free from all chem
ical impurities. such as selenium tell
urium. arsenic, cobalt and other met
ais
Silver bars bearing the stamp of
the U. $. government or of any recog-
nized refinery are considered good de-
livery and settlement is made upon
the basis of stamped weight and fine
ness, subject TO claims for any differ |
ence in weight or fneness verified by |
report of reliable assayers Quanti-
ties handled vary from a few hundred |
ounces to FIJI requirements of some
small manufacturer. to hundreds of |
thousands of ounces. covering ex-
change operations or coinage orders.
Fractional fneness less than .OO1 is
not recognized and in weighing. 500 |
Of an ounce is the closest fraction al
lowed although in London settlements
4 of an ounce is the nearest fraction
paid for
Silver for export in har form is
usually shipped naked the shipping
marks being stamped or painted on
he bars. Silver for manufacturing
demand in small lots or in fabricated
shape is always packed for shipment
for export or domestic use
are always insured against loss at the
pest rates obtainable, upon actual cost
Storage charge in safe deposit
raults is at the rate of 1c per day per
oar. with a minimum charge of sc per
,ar
Silver is valued in cents per troy
ounce .999 fine and terms are net
ash against delivery of silver; but
he domestic manufacturer expects
'redit, depending on conditions.
London Important Silver Center.
In London there is a spot and flu
ure market and daily quotations are
made for prompt and 60-iay deliver
es. the latter quotation generally rul-
ng at discount under spot. The Lon
lon price is quoted in pence per
'unce 925 fine. Purchase and sale of
liver bullion in London is conducted
" four bullion houses which COM
nand the respect and confidence of
he eastern banking institutions and
Their leading silver operators. These
our firms are Messrs Mocatta &
ioldsmd. Samuel Montagu & Co, (.
'ixley e Abel and Sharps & Wilkins.
IL Of them have been engaged in the :
liver trade for several generations. 7
'hedaily quotation that these brok- f
rage houses settle upon at p. m. is
rrived at ny comparing the orders to u
urchase with those to sell, and as il
esult of the exchange of ideas the Of {
cial or what is called the fixed" a
rice is determined 1t is the general ~
sage, when the price is established. $
'r the buyers to accept all silver Of
red at the conference at that price.
his however does not imply that
liver offered for sale afterward can n
e disposed of at the fixed price. II
light command a higher or lower y
rice Bullion is sold free of charge
ut the purchaser pays One-eighth
sr cent commission.
Silver in New York is usually sold n
n prompt delivery. although at "
mes forward business is also trans D,
ted. The daily New York official Il
rotation is for spot silver New York o
livery per troy ounce 999 fine. and -
based on the best market obtainable II