Silver as it comes from the smelter in the form of bars and which has not been, or, in fact, may never be, minted into coins. On March 31, 1921, the commercial value of an ounce of fine silver was 57.25 cents, and in a silver dollar the commercial value of the silver was 44.348 cents. There was a continued advance in the price during 1919 so that it touched the high figure of $1.37 per ounce in November, 1919. This rise has been brought about by a deficiency in the supply • resulting from the steady drain to India and China, together with the demand from France and Russia for coinage purposes. The increase in the world's production of gold has undoubtedly influenced the advance in price of silver. There is also almost constant speculation in the metal in London, where " bar silver " is bought and sold as a hedge against business transactions. A recent estimate of the annual production was only 175,000,000 ounces, of which it is believed about 60,000,000 are consumed in the arts, and a like amount shipped to the far East On November 27, 1902, the price of silver in London fell to 21 11-16 pence (about 43 cents) per ounce, which is the lowest price in the world's history. On September 3, 1890, the price in New York was $1.21.