SILVER PRICE RISE

Taranaki Daily News, 12 April 1935, Page 5

SILVER PRICE RISE

UNITED STATES ACTION

PURCHASES BY TREASURY

HIGHER RATIO WITH GOLD

ADVANCE OVER 6 CENTS

By Telegraph—Press Assn. —Copyright. Rec. 8 p.m. Washington, April 10. President Roosevelt has increased the price which the Treasury will pay for newly mined silver from 641 cents to 71 cents. The increase will become effective on production dating from April 10.

While the “silver” senators expressed pleasure at the decision it was felt that the higher price would have little immediate importance outside its effect upon domestic production. Officials indicated that the amount of additional silver that would have to be bought to acquire a 25/75 ratio with gold had been revealed for the first time. Based on the gold reserve silver stocks of 2,866,580,969 dollars would be required, of which the Treasury had on April 8 only 915,613,902 dollars, but the present action had little relation to that. The Secretary of the Treasury, Mr. Henry Morgenthau, earlier stated that if world silver prices advanced above the 64J cents an ounce ndw paid for newly mined metal, the Government was ready to meet the advance.