U.S. SILVER POLICY

Nelson Evening Mail, Volume LXVI, 21 April 1934, Page 7

U.S. SILVER POLICY

REMONETISATION PLAN INTERNATIONAL AGREEMENT? (United Press Association—By Electric Telegraph—Copyright) WASHINGTON, 19th April. An international agreement for the remonetisation of silver at a uniform ration to gold is foreseen in high official and diplomatic quarters of Washington. There have been conferences hero in the past few days aimed towards putting under way international discussions on the subject. In one, important quarter there was said to be a close relationship between the discussions and President Roosevelt's desires to avoid mandatory silver legislation at the present session of Congress. Bills now before Congress would require the President to remonetise silver in the United States. This might make, an international agreement impossible. The President already has power to do most of the things suggested in the proposed legislation, and specific congressional commands-might limit tho direction of international discussions. Tiie Government has recently sent monetary experts to the Far East, and financial observers have visited other countries. It was said that one expert was to ascertain the quantity of silver in the Far East. AMERICAN" BANKS AMERICAN BANKS TION AID FROM FINANCE COR.PORAWASHINGTON, 19th April. It is announced that loans aggregating 753,000,000 dollars have been granted 2,528 embarrassed banks by the Reconstruction Finance Corporation, enabling their opening or liquidation. Some 950 banks have closed, 700 of which institutions having state charters have not applied for loans to aid them in the work of liquidation. These banks have a billion dollars of frozen deposits.