SILVER PROBLEM.

Auckland Star, Volume LXIV, Issue 117, 20 May 1933, Page 9

SILVER PROBLEM.

CHINA AND AMERICA. Enhancement and Stabilising Essential. TALKS AT WASHINGTON. (United P.A.—Electric Telegraph—Copyright) (Received 12 noon.) WASHINGTON", May 19. In a joint statement to-day, President Roosevelt and Mr. T. V. Soong, the Chinese Minister of Finance, said that they were in agreement on the measures to be taken to solve world problems, and that it was considered "essential that the price of silver, the great medium of exchange of the East, should be enhanced and stabilised." Senator Pittuian, chairman of the Senate Foreign Relations Committee, and a member of the United States delegation to the London Economic Conference, to-day declared for the rehabilitation of silver on which, he said, all nations with which the United States had discussed the subject in the international conversations here, are in agreement. He declared that the silver price should be raised and substantially stabilised, but no specific price was mentioned, although it is unofficially placed at 00 cents per ounce. He also proposed that the Governments should agree to abandon the policy and practice of debasing silver, and that the restoration of the fineness of debased coins should be brought about as rapidly as was practicable. Tariffs and the other obstructions to the free movement of silver should be lowered or eliminated.