CORNER IN WORLD'S SILVER

Dominion, Volume 7, Issue 2119, 9 April 1914, Page 7

CORNER IN WORLD'S SILVER

ATTEMPT THAT FAILED INDIAN SPECIE BANK SMASH Bj Tdograpli—Press Association—Copyright London, April 7. Tlio Silver Syndicate, which took over thieo millions worth of silver from the India Specie Bank in December last, has completed its realisation of the stock. Tlio world's annual output of silver is worth twenty-four million pounds. Chanilal Saraya, of the Specio Bank, conceived tho idea of cornering it, and tlio bank was at one time responsible for six million pounds worth. It succeeded in selling three millions worth to the Indian Government, but three millions worth remained, in December last, when tho. bank closed its doorc. The prico of silver was worth 26 11-16 d. per ounco when tho syndicate was formed, and 26 15-16 d. when completed. The realisation removes the incubus that oppressed tho market for five years. Bombay, April 7. The liquidators' report states that the Specie Bank lost on silver transactions £543,000 in 1911, gained £538,750 in 1912, and lost £523,000 in 1913. The losses were concealed by temporarily debiting a large sum -to various people and crediting the silver account. Dividends totalling £152,500 were paid out of capital. The estimated deficioncv is £530,000, ■ :