DRAFT RESOLUTIONS

Northern Advocate, 20 July 1933, Page 5

DRAFT RESOLUTIONS

FLUCTUATIONS OF SILVER adjustments recommended. FOUR SALIENT PHASES. (British Official Wireless.) (Received 12.30 p.m.) RUGBY, July 19. Resolutions adopted yesterday in the drafting committee dealing with the question of indebtedness recommend internal debtors to maintain contact and agree where necessary to the revision of contracts. Assurance was given, on the suggestion of Mr J. Couzens (America), that the resolutions had no reference to intor-Governmental debts, namely, war debts.

Draft resolutions on silver, unanimously adopted by the Economic Conference sub-committee, make the following recommendations to all Governments that are parties to the conference: — (a) That agreement be sought between the chief silver-producing countries, and countries which are the largest holders or users of silver, with a view to mitigating against the fluctuations of the price of silver, and that' other nations, not parties to such agreement, refrain from measures which could appreciably affect the silver market. Degree of Fineness. (b) That the Governments that are parties to the conference refrain from new legislative methods which would involve further debasement of their silver coinage below a fineness of 800— 1000. (e) That they substitute silver coins for low value paper currency as far as budgetary and local conditions permit.

(d) That all provisions of this resolution are subject to the following* exceptions and limitations: The requirexnents of such provisions shall lapse on April 1, 1034, if the agreement recommended in (a) does not come into force by that date, and in no case shall extend beyond January 1, 1038. Governments may take any actiou relative to their silver coinage they may deem necessary to prevent the flight or destruction of their silver coinage by reason of the rise in the bullion price of silver content coin above the nominal or parity value of such . coin. The committee with the balance of trade between Britain and the Soviet in connection with the negotiation of a new trade agreement held a further meeting today.