Page:United States Statutes at Large Volume 48 Part 2.djvu/621

SILVER AGREEMENT.. 1879 Memorandum oj Agreement between the United Statu, Australia, 101),22 ,24 ,31 , 11133. Oaruuia, Ohina, India, Mexico, Peru, and Spain concerning Silver, Aprl124, IVM. with 8upplementary undertakings. Signed at London J'Uly 22, 24, and 26, 1933; effective April 24, 1934. SILVER AGREEMENT MEMORANDUM OF HEAns OF AGREEMENT entered into by the Delegates of India, China and Spain as holders of large stocks or users of silver, and of Australia, Canada, the United States, Mexico and Peru as principal producers of silver, at the Monetary and Economic Conference held. in London, July, 1933. WHEREAS, at a meeting of the Sub-Commission II (Permanent Silver agreement. Measures) of the Monetary and Financial Commission of the Monetary and Economic Conference held on Thursday, July 20th, 1933, the following Resolution was unanimously adopted. "Be it resolved to recommend to all the Governments parties to this Conference: "(a) That an agreement be sought between the chief silver pro- ducing countries and those countries which are the largest holders or users of silver with a view to mitigating fluctuations in the price of silver; and that the other nations not parties to this agreement should refrain from measures which could appreciably affect the silver market; " (b) That the Governments parties to this Conference shall re- frain from new legislative measures which would involve further debasement of their silver coinage below a fineness of 800/1000; " (c) That they shall substitute silver coins for low value paper currency insofar as the budgetary and local conditions of each country will permit; "(d) That all of the provisions of this Resolution are subject to the following exceptions and limitations: "The requirements of such provisions shall lapse on April 1st, 1934, if the agreement recommended in paragraph (a) does not come into force by that date, and in no case shall extend beyond January 1st, 1938; " Governments may take any action relative to their silver coinage that they may deem necessary to prevent the flight or destruction of their silver coinage by reason of a rise in the bullion price of the silver content of their coin above the nominal or parIty value of such silver coin," and, WHEREAS, the Governments of India and Spain may desire to sell certain portions of their silver holdings, and it will be to their advantage that the countries which are large producers of silver should absorb silver as herein provided, to offset such sales, and, WHEREAS, it is to the advantage of the large producing countries named in Article 2 that the sales of silver from monetary stocks be limited as herein provided, and