AMERICA HITS BACK AT MEXICO
(Received 10 a.m.) NEW YORK, March 27. The Secretary of the'Treasury, Mr Henry Morgenthau, officially announced that the, United States has abrogated the agreement to purchase Mexican silver. It is stated the action has been taken in retaliation against Mexico’s expropriation of the American oil properties, but Mr Morgenthau refused either to confirm this or deny it. The abrogation, which has been in force since January 1, will take effect from April 1. The agreement was a major factor in maintaining the stabile ity of Mexico’s currency. The United States Government’s action is not expected to have an immediate serious effect in Mexico. It will force her to turn to London and the world market. It is believed possible that large-scale Mexican offerings might unsettle the market’ and depress the price. There is a possibility that the" United States will increase silver purchases from Canada, which- at present are 1,200,000 ounces, a. month,, under agreement.
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Northern Advocate, 29 March 1938, Page 7
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160AMERICA HITS BACK AT MEXICO Northern Advocate, 29 March 1938, Page 7
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