THE SILVER QUESTION.

Temuka Leader, Issue 2523, 1 July 1893, Page 4

THE SILVER QUESTION.

London, June 26. There is nothing doing in silver, and it is nominally 2s lid per oz. The American correspondent of the Daily News says that the action of the Indian Council has caused a great sensation in the United States. The extreme silver advocates admit that it will be impossible to continue the present policy of monthly purchase of silver. Business is paralysed. Nevertheless the President is adverse to Congress meeting before September. June 28. Mr Gladstone, in reply to a question in the House of Commons, declined to enquire whether it would be necessary to grant compesation owing to the closing of the mints in India. Calcutta, June 28. Australian sovereigns are accepted at Indian mints as an equivalent to 15 rupees. Lord Herschell’s scheme has been well received in India. Great disturbances in the trade with Chsna are feared in consequence of the action of the Indian Council in closing the mints. The American mine-owners are offering silver in London at 2s 9sd. Mr Dadibhai Naoroji, the Parse© member of the House of Commons, contends that the closing of the Indian mints is entirely in the interest of the officials, and will increase the burden of the taxpayers. Washington, June 27. The Government have cancelled summonses issued for the Monetary Conference. The action is said to be owing to the British policy. Chicago merchants are urging the immediate repeal of the Sherman Act. Silver is quoted in New York at 7Qcents, which is the lowest price on record. June 28. Business in Denver City, Colorado, is paralysed, and many mines have been closed down. June 29. Senator Brand declares that the action of India will force Congress to consider the adoption of bimetallism, Sydney, June 29. It is expected that the fall in the price of silver will have the effect of closing three of the mines at Broken Hill. It is -iated that the Proprietary Mine can make & WOfit even if silver drops to 2s 8d per oz.