PRICE OF SILVER

Grey River Argus, 26 April 1935, Page 5

PRICE OF SILVER

RISING STILL U.S.A. Buying (Per Press Association.) (Aus. and N.Z. Cable Assn.) (Received April 25, at 7 p.m.) WASHINGTON, April 21. President .Roosevelt has issued a proclamation to-night fixing the Government ’s price for newly mined domestic silver at 77.57 cents per ounce, as compared with 71.11, the price proclaimed on April 10th. This action has followed a- continued rise in the world price of silver, which to-day exceeded that paid to ithe domestic producers. It is interpreted by the silver purchase advocates as a forecast, in the continuation of an aggressive programme of the accumulation of that metal. To-day’s proclamation, in effect, retain the old statutory price, but has reduced the seigniorage charge to forty per cent. LONDON. April 24. The “Daily Telegraph’s” financial editor reports that speculators had another big drive on silver on Tues day, the price reaching 32g pence, the highest since 1925. The swing-up is due *t<» the United States adhering to the twenty-five per cent, silver backing for its currency. Washington could defeat the speculators if it revalued silver as it did gold. SHANGHAI, April 23. An American mission is now making an exhaustive study into economic and trade conditions in China, after visit ing Japan. The mission, which is headed by Mr Cameron Forbes, former American Ambassador in Japan, comprises ten business leaders, who also j intend visiting other countries. The Chinese press is not over enthusiastic, and points out that while the American silver policy sq drastically hurts China, reacting seriously against her trade, little beneficial result is likely to be the outcome of the mission. LONDON, April 24. Gold is £7 13s 84d per ounce. The dollar is quoted 4.83 13-16 to £l. and 'the franc 73 j.