Silver Market In England

Montagu’s weekly reports says the temporary reduction of Indian silver holding is far less material now that steps are being taken to release a portion of the extremely large stock of silver held in the United States against currency. If the proposed step is carried out, an equivalent of about a hundred and fifty-five million ounces of fine silver will be immediately available for such purposes, as the United States may decide. Inasmuch as the United States urgently needs credit in India for the purchase of Indian products and it has been decided to fix the cost of supplying rupees in India at thirty-four and-a-half cents per rupee, there is little doubt that the United States will supply silver for Indian coinage, as required, in order to render this arrangement easily operative.