DEALING IN SILVER.

Sun (Christchurch), Volume I, Issue 53, 8 April 1914, Page 7

DEALING IN SILVER.

SYNDICATE'S TRANSACTIONS. THE ESTIMATED DEFICIENCY. By Cable.—Press Association.—Copyright. (Received April 8, 8.20 a.m.) LONDON, April 7. The Silver Syndicate, which took over three millions from «the India Specie Bank in December, has completed its realisation of the stock. The world's annual output of silver amounts to £24,000,000, and Chanilal Saraya, of the Specie Bank, conceived the idea of cornering it. The Bank was at one time responsible for £6,000,000 and succeeded in selling £3,000,000 worth to the India Government, but £3,000,000 remained in December, when the bank closed its doors. Silver was quoted at 2/2 11-16 per standard ounce when the syndicate was formed, and the price was 2/2 15-16 when its operations were completed. The realisation removes the incubus Which has oppressed the market for a period of five years. The Bombay liquidators report that tlie Specie Bank lost, through silver transactions, £543,000 during 1911 and gained £538,750 in 1912. It lost £523,000 in 1913, and this was concealed by temporarily debiting large sums to various people, and crediting the silver account with dividends totalling £152,500, "which were paid out of capital. The estimated deficiency is £530,000.