f
matter we await your further instructions.
The course of silver at present is mosi, erratic, after recovering sharply to 27d on Indian buying and "Bear" covering the market collapsed on sales by China and dropped to 25ěd, today the tendency is better on reports of rain in the Punjab and we have recovered to 26 1/16d.
We think it possible that this recovery may go further as there is no doubt a large "short" account in Silver, but, we have no confidence in its lasting as the Indian Government are not likely to be in the market for many months to come and we know of no other buyer who is likely to take their place. Moreover towards the end of this month we look for sales from China as there is a con- siderable quantity of silver bought on China account which will not be required.
We are &c.,
14 M/732 Coins.
3. Jan.1908
(Sa.) Pixley & Abell.
Crown Agents to Colonial Secretary Hong Kong,
Whitehall Gardens, S.W.
Hong Kong.
17th January 1908.
55
Sir,
We duly received your letter of the 24th of September 10.1 in 4244/1906 informing us that the Colorial Government proposed to sell subsidiary coin withdrawn from circulation and that we might expect to receive telegraphic instructions in vctober as to the exact amount to be sold. Up to the present time however, no such telegram has reached and therefore no action has been taken in the matter.
us,
I enclose an extract from a letter from our Silver Brokers as to the present position of the silver market.
I have &c.,
(Sa.) E.E. Blake.
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