Messrs Pixley & Abell to Crown Agents
464
No. 27, Old Broad Street,
D/ Hong Kong
585
London E.C. 23rd April 1903
Gentlemen,
We beg to acknowledge the receipt of your favour of the 23rd instant.
Immediately on learning your requirements we put ourselves in communication with the Royal Mint and regret to learn from them that it is imperative that we should deliver not less than Two hundred and fifty thousand ounces in the course of next week. This we find the greatest difficulty in obtaining, as the scarcity of spot silver caused by the purchases of the American Government and of the French Mint and latterly your own requirements has become aggravated and to-day there has been a further demand by sellers who are unable to fill their contracts. The spot price has risen to 234d with no sellers.
We are making every endeavour to secure the silver and have bought in the meantime Oz: std: 100,000.- @ 23¾d, but we cannot be sure when this will be delivered.
As to money requirements, we shall be pleased if you will hold about £25,000 at our disposal next week and £35,000 for the following week, and we will advise you later as to balance.
We are
(Sa) Pixley & Abell