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Taranaki Herald, Volume LXVII, Issue 16595, 18 November 1919, Page 2

Tho American newspapers are now able to publish statistics showing tho number of men who fought in tho battles in France. The United States declared war on April 6, 1917, and troops were sent across the Atlantic as rapidly as possible, hut even the best troops were so little prepared to take part in the conflict that it was some time before they could be broken. in even in quiet sectors. It was therefore practically a year after her entry into the war that any American troops took part in any of tho more serious fighting. At the timo of the German offensive against Amiens, which began on-March 21, 1918, 2200 American troops were thrown in on the Somme in the desperate effort to stem tho German advance. Later 500 Americans -were used in helping to cheek the attack on the Lys. This was tho period when things looked blackest, yet less than 3000 American troops could bo utilised. From May 27 to June 5, 27,500 Americans wore engaged on tho Aisne, and from Juno 9 to 15, 27,000 were put in tho line between Noyoa and Montdidier. Thus up to this timo hardly more than two divisions-—tho American division consisting of 28,000 men—had seen any serious fighting. By tho middle of July the Americans began to show up a little, with, three divisions (85,000 men), one in Champagne and two near Chatoau-Thierry where tho German threat to Paris was becoming dangerous. Tho initiative then passed to Marshal Foch, and the American army, which had been established near the Mouse, began to act as an independent force. Half a million troops under General Pershing attacked the St. Mihiel salient on September ='l3 and wiped out what had been a dangerpoint since the early months of the war. Then the Americans were entrusted with the Meuse-Argonne offensive which began on September 20 and lasted till the armistice. In this offensive 1,200,000 American troops were employed, and an average advance of 34 miles was made. It will thus be seen that, though the Americans came in strongly at the finish, it was not until tho Germans had been battered almost into insensibility by French and British troops, who had to be thrown into battle, in many cases without proper preliminary training, while the pick of American manhood was carefully nursed before being allowed to take any great risks.

Like nearly all metals, and indeed most commodities of any kind, silver has gone up in price until now the quotation is the highest ever recorded. The reasons for the abnormal jump are

ascribed by competent authorities to the enormous demands of India and China, and l to shortage in production. During tho last four years the average annual production of tho world has been 156,750,000 ounces. The demand is said to bo for 250,000,000 ounces per annum. Apart from any causes connected with the war, the amount of silver required yearly has grown through the spread of manufactures. In addition to this, the prosperity caused by the war in India- has increased the demand from that country, where the hoarding of currency is a practice dating from immemorial time's, and whore practically all trade is carried on in coin. Tho exchange on India, is now in a. sadly disturbed state, tho attempt to keep tho rupee at a fixed rate of 15 to tho pound sterling having failed in face of tho tremendous increase in the quotations for silver—or, in other words, of its appreciation. Tire effect of high exchange on the purchase of commodities in China and India may he ganged from the transactions that have taken place in tea. Thirty years ago a certain brand of tea cost Is 3d per lb.; just before tho war tho cost was Is 6d. In August the same article cost 3s to land in Sydney. Purchasers now would have to find the grower 4s 9d. Opinions regarding tho immediate future are confessedly speculative. There is a fooling in London that the silver market will be in an abnormal condition for some months. But while conditions may or may not then bo stabilised, the likelihood of silver retreating rapidly in price is considered to be very remote. Everything turns on output. In America the output is not yet hack to normal* and Mexico, where silver can bo produced in enormous quantities at low cost, is in a terribly disturbed condition. High prices are, of course, a great stimulus to production. But it may take a year or two to make up shortages.