SILVER MARKET REPRIEVED.
The decisions taken by the United States during the week have saved the silver market, temporarily at least, from the crash which might have followed the expiry of the International Silver Agreement on December 31st. America has arranged to continue her absorption of silver from Mexico, Canada and China for limited periods of from six to twelve months ; she has cut her internal price for domestically-produced silver from 75.57 cents per ounce to 64.64 cents-a reduction which still leaves the American producer a large premium over the world price-but she has left her buying price for foreign silver unchanged at 44.75 cents per ounce. These decisions have relieved market fears that America might immediately stop buying foreign silver, and have produced quite a little flurry of " bear covering " in London. They leave the United States, however, still the main depository for the world's surplus silver, and the market will realise that she retains the liberty to retire from that position at will.
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