File:Annual report (1919) (14576495229).jpg

Identifier: annualreport191901onta (find matches)
Title: Annual report
Year: 1891 (1890s)
Authors: Ontario. Dept. of Mines
Subjects: Mines and mineral resources
Publisher: Toronto
Contributing Library: Gerstein - University of Toronto
Digitizing Sponsor: University of Toronto

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ly month.- of 1918. Thenecessity of providing bullion to settle trade balances with India led to negotiationsbetween the government of Great Britain and that of the United States, and thelatter agreed to release a- much of its stock of silver, amounting to $350,000,000,held in Washington against silver certificates, a- was required to meet thesebalances. The Act, of Congress authorizing this was passed April 23rd. Thesilver, which was in the form of one-dollar coin-, was -old to the British authoritiesat. $1 per ounce and converted int.. bullion. Up to the end of L918 aboutL60,000,000 coin- had been so disposed id. By the term- of the Act the Directorof the I. S. Mint was required to replace the silver by purchases at the rate of $1per ounce whenever convenient t d so. In August the maximum price wasincreased to $L015 per ounce. This action of the U. s. governmenl saved the The silver equivalent is ahout L!71,000,000 fine oinirrs. 1919 Statistical Review 13 5 o X a X o
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14 Bureau of Mines No. 4 situation as between Britain and India, and prevented the serious complicationswhich might otherwise have arisen b) reason of the impossibility of exportingBritish manufactures to India in sufficient quantity while the war continued. It is a striking fad that India exercises, in peace as well as in war. a powerfulinfluence on the price of silver. Producing but little of this metal itself,the immense population of that country has during generations developed thehabit of hoarding its savings in the form of silver ornaments and jewellery, andlatterly of coined rupees. Gold, in the years preceding the war, was hoarded as wellas silver; hut under present conditions, gold for this or any other purpose will bedifficult to obtain in India. When crops are good, India imports large quantitiesof silver, and the bars into which it is cast in the refineries of America and Europeare of the size, shape and weight demanded by the Indian bazaars. Compara-tively little silver

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