MONETISATION OF SILVER.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 9

MONETISATION OF SILVER.

STEP URGED IN LONDON. HELP IN TRADE OF EAST. I WORLD CONFERENCE SOUGHT. By Telegraph—Press Association—Copyright. (Received September 23, 9.15 p.m.) LONDON, Sept. 22. A crowded meeting of the public and business men, held under the auspices of the China Association, decided to form a Silver Association. The meeting urged a conference of the world's Governments to consider raising the price of silver and the restoration of silver to a place in the world's monetary system as the quickest remedy for falling prices. Sir Robert Home, M.P., a former Chancellor of the Exchequer, who presided, said many persons believed that the proper use of silver would benefit world trade by mitigating the harsh decline in gold prices, and increasing the purchasing power of the East, where nearly half the world's people were centred. Mr. L. S. Amery, M.P., a former Secretary of State for the Dominions, said that now Britain was off the gold standard they should not neglect the opportunity of maintaining the strength of the pound sterling, to allow of a return to the gold standard at a figure of their own choice. The important step therefore was to strengthen exports, for which the restoration of silver was essential. SILVER AS CURRENCY. OPINION OF MR. THEODORE. CANBERRA. Sept. 23. Mr. E. G. Theodore, the Federal Treasurer, referring to the possibility that Britain might revert to a bimetallic currency, expressed the opinion that she had gone off the gold standard permanently, and either a silver currency would be linked with gold as a common measure of value, or some more complex basis with the currency of countries having central reserve banks would be found.