The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-09-20
BRITISH WILL OPPOSE
SILVER ASSOCIATION
BEING BUYERS. THEY ASK WHY
THEY SHOULD HELP ADJ
VANCE THE PRICE.

Americas proposal to organize a
silver export association is not popular
in London. according to a cabled dis
patch to the Wall Street Journal. The
article continues to say that not only
will the British refuse to cooperate,
but they are confident that they can
defend themselves if it is organized.
"Not content with cornering the
worlds gold supply, with seeking to
own the second largest merchant ma
rine and with enjoying the position of
the biggest creditor nation on the
earth the United States would now
seem to have an eye on Britain's silver
market" is the comment of London
newspaper. which shows how the ex-
port association is regarded in London.
A leading silve trader is even more
outspoken. America is the seller and
England the buyer of silver. Natural
ly Americans want to sell for as much
as they can get and naturally we want
to buy as cheaply as possible. 1t would
be absurd to expect the seller and the
buyer to cooperate to raise prices"
on the prospect of the British having
a government representative along
with Americans in the association he
declares you might as well expect our
government to join an association de-
vised to raise the price of wheat or
cotton"
The British admit that Americans
can succeed in controlling output and
agree that an association is launchable
commanding 20 per cent of output,
which figure will rise in a few years to
so per cent. However taking a long
look at the futuer, they are bearsh.
They believe the motive for the pro-
posed association is to be found in the
poor outlook for silver Currency de-
mands have declined England is still
using silver coins. but employs so per
cen alloy. France, Germany. Russia |
and Italy are certain to use either
paper or base metal currency. Ameri-
can government purchases have ceased. |
India and China cannot be expected to |
expand silver currency to balance such !
losses.
It is pointed out here that control of |
silver prices is not a simple achieve |
ment The supply of silver already |
marketed. but ready to flow back into |
trade, is large Prices have only to |
rise a small margin to lure private |
owners to part with silver possessions. |
The London silver market on which |
Americans are supposed to be focusing |
envious eyes. is in personnel. a some /
what seclusive affair The bulk of the |
orders are handled by four billion |
houses. Samuel Montagu & Co, Sharps |
& Wilkins, Mocatta & Goldsmid, and |
Pixley & Abel Representatives of |
these houses are proverbially believed |
to foregather daily and on the basis |
of orders and supply to fix the daily |
price of silver
Oriental Banks Interested.
Three eastern banks, Hongkong &
Shanghai Yokahoma Specie and Char
tered Bank of India are especially in
terested in the American proposition,
because they finance eastern exchanges.
They will be found modified against
any American attack.
An impressive indication of the di-
mension Of the British silver trade is
found in the fact that exports to India
in July were 795SS14 o. making
seven months total 44,16257S o.,
against 26,SS5,27s for the same months
of 1922.