THE PRICE OF SILVER

Waikato Times, Volume 118, Issue 18764, 20 December 1935, Page 9

THE PRICE OF SILVER

BIG DROP IN AMERICA. GOVERNMENT MOT OPERATING. A READJUSTMENT PROCESS. United Press Assn. —Elec. Tel. Copyrlirtit NEW YORK, Dec. 18. The failure of the American Government to touy silver in London today resulted in a drop of three cents an ounce on the local market, die greatest decline since last April, when the Treasury withdrew as a purchaser after metal had reached the high point of 81 cents. The price here to-day, 552 cents, announced by Messrs Handy and Harman, was fixed before the London p r ice 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 an adjustment of the world price to a quotation at which other buyers than itself would be attracted. Furthermore, since the local price is usually around a level which upon inquiry is acceptable to the Treasury, to-day’s drop of three cents is believed to indicate a desire on the part of the Treasury to hasten this readjustment process.