Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-19
FARLEY ON SILVER
IS HELD UNLIKELY
Recent Improvement in Price
May Make Proposed Con-
ference Unnecessary.
BY ]. C. ROYLE.

BY j. G. ROYLE.
The Departments of the Treasury and
of State afe studying the question of
whether it will be advisable for Presi-
dent Hoover to call an international
conference on the situation of silver.
But it is regarded by mining men and
fnanciers as likely that the white metal
will have improved its position and
solved some of the problems attending
its production and consumption before
a decision is announced or a conference
called. A Senate resolution provides
for the conference if the President
deems it compatible with the best in
terests of the Government.
The statistical position of the metal
has undoubtedly improved in recent
weeks, and many mining engineers and
metalurgists hope for more improve
ment from development of new uses.
Curtailment of production has been adj
vocated by some but it is held that
great difficulties stand in the way of the
use of this remedy. In the first place,
silver is largely produced as by-prod-
uct in connection with the mining of
gold, copper, lead and zinc. 1t is i'm
possible, therefore, TO cut off the silver
supply without diminishing the output
of other metals.
World Production.
Total world production in the last
year amounted to 243,700,000 ounces. a
drop of only 17,00O,0 900 ounces from the
$50, 900 900 ounce total of the previous
year. In view of the low prices which
have prevailed this decline of 6l2 per
cent failed signally to fulfill the predic-
tons of curtailment. Production in the
United States showed a fall of 18 per
cent but in Mexico 105, 100000 ounces
were produced, loss of but per cent.
Only few of the higher cost mines in
Mexico were closed down.
Canada, on the other hand, increased
silver production ID per cent This
was not done deliberately but was due
to the general advance in the mining
industry of the Dominion and the in
crease in other non-ferrouS metal out
put. Similar results were apparent in
South Africa, where large new copper
silver ore bodies were discovered and
new mines were opened Peru, where
the American corporationsa hold a
commanding position, showed drop of
Is per cent.
Consumption of silver for the past
year was BIS, 100000 ounces, as COM
PdACA Will % y5OOsOUO IAAC
year. This drop resulted largely from
decentralization of silver in some coun-
tries. When silver goes into consump-
ton 1t does not pass out of existence
and huge supplies now exist in various
parts of the world.
The government of British India has
Q huge reserve in silver in its treasury
from which it is selling supplies steadily
1t is hoped that this policy may shortly
be abandoned. The native princes of
India also have enormous hordes of
silver. Mexico, with currency on a sill
yer basis, has taken steps to have the
banks place their reserves in silver. 1t
is hoped that the degree of f1neness of
the silver currency of other countries
will be increased Efforts are being
made to have other nations resume the
coinage Of subsidiary currency.
New Uses Needed.
These steps are all calculated to help
the situation but the total additional
consumption from them probably
would not be sufficient to set silver
firmly on its feet again. Improvement
Of the situation in China and the COM
position of disputes in India are ex-
pected to bring favorable results But
the main hope lies in industrial and
uses. Chemists and metal
urgists are working all over the world
to develop such uses. Even without
such assistance, it is predicted that
silver prices will advance as world trade
reviYeS.
Sales Of Furs Improve.
Prospects for satisfactory prices for
the furs now starting on their way to
market from the farms and trap lines
Of the United States and Canada are
This is shown Enthusiastically
by the volume of sales of fur garments
which has taken place in the last few
weeks and of the movement of the I'M
skins at the fur auctions
This trend has not been affected as
yet by the volume of Russian furs,
which later are expected to come into
American markets. In the next three
years $50 ,O00,00 worth of Russian furs
are to be shipped here for manufacture,
but the country seems fully able to
absorb this amount without any de-
cidedly depressing affect on American
and Canadian pelts.
United States, it Is estimated, pur-
chaseS about 20 per cent of the total
world fur output. There have been two
factors which have aided the fur in
dustry this Winter The first Is the
low price at which the fur garments
have been offered and the second is the
fashion trend, which has made the use
of furs almost universal on certain types
Of women's wear.
Women have found that it Is possible
at the present time to secure remark
able values in furs AS a result the pur-
chaSes of silver fox have been exceed
ingly heavy. 1t is expected that this
trend will continue up to and after
Easter as the dress styles stress the
vogue for suits with fox scarfs. The
demand for short jacket also Is extreme
ly heavy.
l. is worthy of notice that the ..igher-
priced furS are among those most pop
ular with purchasers. 1t is possible, of
course. for the furriers to do miracu-
lous things with the dye pot and the
knife, but the prices of real pelts have
dropped to a place where purchasers
prefer to buy them rather than to Sc
cure an imitation at a much cheaper
price.
New Catch.
The new catch just coming from the
United States sources is not liketly to
be of extraordinary quality. This is due
to the mildnesS of the past Winter.
Generally, furs coming from the colder
countries are of higher quality because
The hair is longer and thicker. However,
the fiat furs of the shorter hair variety
at the moment are the most popular.
The color of the recent muskrat catches
has been most excellent, and color is a
decided factor on price with this fur.
At the recent auctions the dark furs
from Delaware, Maryland and New
England brought the best prices. There
has been recently remarkable con-
of mole, which has gone into
garments and trimmings. Ermine has