PRICE OF SILVER.

Auckland Star, Volume LXVI, Issue 3000, 19 December 1935, Page 4

PRICE OF SILVER.

AMERICA STOPS BUYING. DROP OF THREE CENTS. (Received 1.30 p.m.) NEW YORK, December 18. The failure of the American Government to buy silver in London to-day resulted in a drop of three cents an ounce on the local mar'ret. This was the greatest decline since last April, when the Treasury withdrew as a purchaser after the metal had reached as high as SI cents. The price here to-day, 55% cents, announced by Handy and Harman, was fixed before the London price was announced. For the first time since the World War some silver dealers took the view that the Treasury, in quitting the world market altogether to-day, intended to await the adjustment of tho world pricc to a quotation at which other buyers than itself would be attracted. Furthermore, since the local price is usually around the level which upon inquiry is acceptable to the Treasury, to-day's three cents drop is believed to indicate a desire upon the part of the Treasury to hasten this readjustment process.