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oz., but subsequently the output steadily increased up to 1920 As to what the future Mexican production would be time alone couk prove, but in 1921 good authorities did not hesitate to predict that given a recognized and stable Government and a reasonable price it would later exceed that of Mexico's palmiest days.

Canada. The Canadian production of silver hitherto has occu- pied the third position in the world's list of supplies. The metal is found chiefly in Ontario, British Columbia, Quebec and Yukon. The Ontario silver has been almost entirely derived from the silver ores of Cobalt, which field, however judged from a continually re- duced output would appear to be working out. The British 'Colum- bia, Quebec and Yukon supplies are derived mainly from silver, lead and copper ores. In 1920 reports were coming to hand of discoveries of further silver-bearing ores which promise important results. In 1900 the total Canadian production was given as 4,468,225 fine oz., of which 3,958,175 came from British Columbia; in 1910 the Cana- dian output had increased to 32,869,264 fine oz., of which Ontario accounted for 30,366,366, whilst in 1919 the output was reduced to IS. 6 7S,I34 fine oz., and the 1921 production seemed likely to show a further reduction.

Central American States. The silver produced in these States mainly Honduras, Costa Rica and Panama is chiefly derived from gold-silver ores; the production in 1914 amounted to 2,754,868 fine oz., and in 1919, according to figures supplied by the director of the Washington mint, to 2,800,000 fine ounces.

South American States. The countries included under this cate- gory rank as fourth producers of the metal. In early days the true silver mines in Peru, Chile and Bolivia ranked amongst the most important in the world, but as in the case of the older mines of Mexico they appear to be no longer in operation, and the production is being chiefly derived from base metal ores copper and tin. In 1917 the production of Peru was reported as 10,865,061 oz., and in 1919 as 9,781,734 ounces. Bolivia in 1902, according to the U.S. mint reports, gave 12,992,641 fine oz., whilst in 1919 the production had dropped to 2,435,000 fine ounces. Chile was reported to have reached 2,349,379 fine oz. in 1900 and 1,900,000 fine oz. in 1919. Europe. Prior to the World War Germany was looked upon as the largest producer in Europe, and according to the Metattgesell- schaft reports, the silver which is chiefly derived from base metal ores reached a production in 1904 of 5,822,727 fine ounces. The major portion of the concentrates from which the silver was extracted came from the Broken Hill mines in Australia.

Spain. Next in Europe to Germany as a producer comes Spain, whose output of silver is mainly obtained from her important lead and copper ores. In 1915 her output was given as 4,565,396 fine oz., whilst in 1919, according to U.S. mint reports, it was stated to be 2,900,000 fine oz. probably an approximate estimate.

United Kingdom. It is impossible to say what the refinery output of silver in Great Britain is. It may, however, be stated that it is practically all obtained from imported ores treated in the country. The proportion of domestic mined ores is far too small for considera- tion. The number of refiners engaged in this business is consider- able, but as they never publish returns, the difficulties experienced in arriving at anything approaching a reliable figure will be appreci- ated. According to the ' Census of Production" the total outturn in the United Kingdom in 1907 was given as about 43,979,000 oz., troy. Australia. New South Wales stands preeminent as the chief Australian producer, the silver being mainly obtained from the wealthy silver lead ores treated at the Broken Hill Works at Port Pirie. Their output for 1919 has been given as 6,304,818 fine ounces. Africa. The Transvaal, Cape Colony, and Natal provide the main output, and the 1919 production has been stated to be 891,304 fine oz., at the same time a not inconsiderable proportion of their gold-silver ores are shipped to and refined in England.

Asia. The chief countries producing silver are Japan and India. The production of copper has made great strides in Japan of late years, and it is chiefly from these ores that her silver is obtained ; the metal is also obtained from the gold ores mined in Formosa and Korea. Japan's output of silver in 1917 was reported at 6,844,500 fine ounces.

The Indian output is chiefly derived from the mines in Upper Burma belonging to the Burma Corp. Ltd., and the production from Jan. to Oct. 1920 amounted to as much as 2,014,261 oz., and it was said that 1,000,000 oz., per month would in the future be a very possible outturn. What India ultimately would be able to produce must remain problematical, but there is no question whatever about India's potential mineral wealth, which only requires time to develop.

Consumption of Silver. Although great difficulties are expe- rienced in obtaining definite data as to production, that prob- lem is relatively simple in comparison with the consumption side of the subject. Briefly stated, consumption may be dis- cussed from four standpoints the respective world nations' coinages, their arts, and the requirements of India and China, and it is here that the absence of readily obtainable and reliable information is felt. In the case of America the admirable figures annually presented by the U.S. director of the mint, in so far as America is concerned, supply the following information:

497

American silver coinage.

1918 35,004,450 fine oz.

1919 14,682,079 '

1920 19,763,600 " "

Industrial arts. Silver consumed Of which new material

1917 27,039,845 fine oz. 15,998,807 fine oz.

1918 36,252,596 ' 26,722,333 " "

1919 32,700,521 ' 26,237,519 " "

As regards the coinage requirements of other nations, a most remarkable reversal of conditions has arisen. Prior to the World War the annual requirements for such purposes probably amounted to 70,000,000 oz. at least. In 1921 that was all changed, and the spectacle was presented of a great number of countries demonetizing silver as quickly as possible, and / or reducing the fineness of their silver coinages. England had reduced hers from 925 to 500, and the Straits Settlements from 900 to 500. The quantity of silver which had already been placed on the market, though somewhat problematical, was probably 50,000,000 oz., with a fairly safe estimate of as much more to follow.

As regards the world's requirements for arts, it may be safe to say that the majority of European countries were in 1921 in far too impecunious a position owing to the war to become real factors under this heading for many years to come in fact, the majority had been and still were sellers of silver ware.

Table 3. Silver coin and bullion imported into and exported from British India, 1887-1919. (British standard ounces.)

Fiscal yr. ended March 31.

Imported

Exported

Net Imports

1887-8

37,877,141

5,994,542

32,782,599

1888-9 1889-90

37,844,665 43,940,659

5,408,636 5,296,885

32,436,029 38,643,774

1890-1

56,190,870

4,661,785

51,529,085

1891-2

38,177,580

5,829,142

32,348,438

1892-3

54,180,144

8,656,632

45,523,512

1893-4 1894-5

60,328,296 32,638,069

5,999,323 5,598,047

54,328,973 27,040,022

1895-6

34,082,810

7,064,731

27,018,079

1896-7

37,520,322

11,591,234

25,929,088

1897-8

68,535,612

24,250,995

44,284,617

1898-9

49,226,780

26,061,355

23,165,425

1899-1900

50,663,542

32,017,260

18,646,282

1900-1

64,746,549

I5,3",385

49,435,164

1901-2

66,726,972

27,721,780

39,005,192

1902-3

75,569,185

32,294,876

42,274,309

1903-4

104,324,765

25,142,629

79,182,136

1904-5

98,118,908

23,769,313

74,349,595

1905-6

88,853,079

4,535,314

84,317,765

1906-7

125,878,008

7,679,151

118,198,857

1907-8

106,358,274

8,442,915

97,915,359

1908-9

85,048,761

11,308,630

73,740,131

1909-10

75,501,745

14,486,993

61,0+4,752

1910-1

69,272,319

14,396,030

54,876,289

1911-2

70,378,747

38,149,647

32,229,100

1912-3

107,190,427

16,112,785

91,077,642

I9I3-4

79,834,999

8,727,648

71,107,351

I9I4-5

64,160,128

8,394,005

55,766,123

1915-6

39,833-279

6,900,906

32,932,373

1916-7

116,959,115

24,765,309

92,193,806

1917-8

88,814,458

14,282,960

74,531,498

1918-9

241,747,806

4,7i9,i87

In studying the figures for British India (Table 3) very great care is necessary to discriminate between what represents Government and what private imports, as the Government 3gures are for coinage purposes entirely. The need for this will ae apparent when it is realized that out of the figures given in Table 3 for the years 1912 to 1919 Government coinage require- ments were:

Standard oz.

1912-3 56,057,978

'913-4 ; 35,425,057

I9H-5 169,342

1915-6 302,259

1916-7 109,522,499

'917-8 79,404,555

1918-9 237,189,080

As the stock of silver held by the Government of India in their currency reserve, according to the return dated May 22 1921,