SILVER’S FUTURE

Poverty Bay Herald, Volume LV, Issue 17588, 2 October 1931, Page 5

SILVER’S FUTURE

HOOVER WARNS U.S.A. BRITISH COMPETITION WASHINGTON, Sept, 20. Will silver come hack to its own? Friends of silver currency in the United States and Canada leaped nimbly to the front to-day with various propositions favorable to silver, purposing to take advantage of Britain’s gold standard suspension. President Hoover, discussing the situation with journalists, smilingly declared that the American Government regards the British action ns likely to improve economic conditions in England and elsewhere in the world. He suggested that the British have really adopted a variable standard, rather than completely abandoned gold. The United States, lie said, must get ready to meet stronger competition in the world markets from British mamifaeturors. It was pointed out during the President's talk that both Britain and America have their own lines of export specialties, and that each excels in some commodities. For instance, a recent study by trade experts in Argentine showed that only 10 per cent, of the country’s imports were competitive. President Hoover’s experts believe that silver has no connection with the present situation in Britain! Senators from the western silverproducing States believe that the United States and other leading nations should stabilise _ silver currency as a medium along with gold. ’[’lie Government’s experts, however, declare that only by the universal adoption of a joint gold and silver standard, by international agreement, could such a change he accomplished without disturbing world economic conditions, and they see no indication of such joint action.