BI – METALLIC MEETING.

New Zealand Herald, Volume XXXI, Issue 9503, 5 May 1894, Page 5

BI - METALLIC MEETING.

SOME. WEIGHTY; UTTERANCES. A COLONIAL OPINION. Press Association.—Electric Telegraph.—Cojiyrl^ht. London, May 3. The Lord Mayor presided at the bimetallic meeting during a portion of the day. Cables supporting the movement were reoeived from the Austrian, German," French, Dutch, and Belgian delegates. Mr. E. B. Hoare (banker), Mr Leonard Courtney, Mr. Montagu, Sir W. Houldsworth, Mr. Everett, Mr. Knox, and Mr. Chaplin, M.P.'s, supported the movement. Mr. Montagu suggested that a conference should be summoned to devise a scheme for the seigniorage and coinage of silver. Mr. Murray, of Adelaide, said that, until the last two years, the colonies had been apathetic over the matter. They had not been, aware that their depression was connected with the currency; but they were beginning to understand that the enormous rise in the exchange value of gold was the only adequate explanation of the depression. . The hope that an increased supply of gold would mitigate the pressure was certain to prove fallacious. Over speculation caused less permanent trouble than the steady appreciation of gold. He urged that unless silver was demonetised it would be impossible to restore the equilibrium between commodities and the medium of exchange. He feared the continued strain might precipitate a catastrophe, not only in the colonies, but throughout the entire industrial world, unless the legislatures took measures to counteract it. The discussion dealt mainly with the condition of India. The speakers insisted that bi-metallism should be made a test question of candidates at the next general election, in order that the House of Commons may be coerced into action.

Mr. Barclay and Mr. Chapman said that India was practically insolvent, and her condition was entirely due to the fact that Great Britain was the sole country which stood in the way of international bi-metallism.

Mr. William Taylor, a cotton merchant of Lancashire, said cotton was entirely at the mercy of an unsuitable medium of exchange. London, May 4.

Sir David Balfour said that if the Indian Government insists on a gold standard additional heavy taxation will be required.

Mr. Hucks Gibbs considered the great essential was to fix some ratio between gold and silver. The nations interested must arrange the precise figure. Personally he was in favour of beginning with the market ratio. The repeal of the Sherman Act by President Cleveland had compelled Europe to share in the hardships caused by the decline in silver.

America declines to initiate an international conference, but is ready to accept an invitation if a distinct proposal is submitted to rehabilitate silver.