As can be seen from the following table and accompanying diagram illustrating the monthly movement of the price of silver, in addition to the overall rise in commodity prices since the start of the war, there has been a remarkable advance in the silver price in canada. This price began around the end of 1915, continued steadily throughout 1916 and the first half of 1917, and assumed speculative proportions in August and September of this year.
The monthly averages are slightly exaggerated because they are based on daily London silver quotations that have been converted to their American counterparts at a nominal rate of $4.8665 per £1. The effect of changes in the price unit on the value of the pure silver contained in the American silver dollar is depicted in the figures in the second column by the lower curve in the diagram.
The price of silver in London on September 25 was 55 d. which is the same as $1.20566 for a fine ounce (converted at a nominal rate of $4.8665 for a pound). The subsequent day, the price fell steadily until October 23, when silver was quoted in London at $0.91795 per fine ounce. The quotation for October 30 was $1,0837, and silver prices resumed their upward trajectory during the final week of October.
Naturally, this change has an impact on silver standard country exchange quotations, particularly those in China. New York quotations of Shanghai cables, for example, decreased from $1.03 on October 1 to $0.92 on October 23 and increased to $1.07 on October 30.
In a separate table and diagram, the annual changes in the price of silver and the value of the pure silver content of an American dollar from 1916 to 1882 have been compared for comparison. Additionally, a separate table showing! the value of 371 grains of silver, or the amount of pure silver contained in an American silver dollar, at various silver prices and the ratio of silver to gold.
