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Facts and figures about the crisis

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What quantities of silver may be taken as extant in the above named countries and what was their value before the spectacular decline of the price of silver up to February, 1931, when the white metal feil to its then lowest record price of 1212 pence in London?

According to White the value of the silver exported from London to the East from 1833—-1916 amounted to £ 544.300.000. As his statistics end here, we have to -look elsewhere for further information. ' which we find on page 115 of the Report of the Directer of the Mint 1931. Figures for the years 1916—1918 are not given, but it is known that 200.000.000 oz. of silver were shipped in 1918 from the United States to India at one dollar per ounce. The figures on page 115 of the Report disclose the fact that the value of silver exported to the East during 1919—«1930 totalled £ 84.673.370, to which should be added the equivalent at par of the above 200.000.000 oz., thus bringing the total up to £ 126.340.000 and the grand total for the 98 years from 1833—1930 to £670.640.000.

Before 1833 however the East had absorbed large quantities of silver, only almost negligible amounts being produced in India. The large imports from the West began with the advent of the Portuguese in the East in the 16th century. They and the Spaniards shipped silver to the East in quantities which were large for that time and which were mined in their American colonies. That silver was the cause of the rise of direct trade with the East. From the disco very of America in 1492 up to 1600 the total output of silver is given on page 243 of the above named Report as 734.125.960 oz. The share taken by the East of this production is unknown and must be a matter of conjecture. As the East, and particularly India and China, were then in possession of manufacturing industries ■—> chiefly of textiles, carpets. porcelain etc. — whereas the West had little to offer

>) p. 173—157.