Page:United States Statutes at Large Volume 48 Part 2.djvu/622

 1880 SILVER AGREEMENT. WHEREAS, it is to the advantage of China that sales from monetary stocks of silver be offset by purchases as herein provided, with a view to its effective stabilisation; Now, THEREFORE, it is agreed between the parties hereto: 1. (a) That the Government of India shall not dispose by sale of more than one hundred and forty million fine oun.ces of silver during a period of four years, commencing with January 1st, 1934. The disposals during each calendar year of the said four year period shall be based on an average of thirty five million fine ounces per year, it being understood, however, that, if in any year, the Govern- ment of India shall not dispose of thirty five million fine ounces, the difference between the amount actually disposed of and thirty five million fine ounces may be added as additional disposals in subse- quent years. Provided further that the maximum amount disposed of in any year shall be limited to fifty million fine ounces. (b) Notwithstanding anything previously stated in this Article, it is understood that if the Government of India should after the date of this agreement sell silver to any Government for the purpose of transfer to the United States Government in payment of war debts such silver shall be excluded from the scope of this agreement; (0) Provided, however, that when the total of the disposals re- ferred to in paragraph (a) above plus the sales referred to in para- graph (b) above by the Government of India under this agreement shall amount to one hundred and seventy five million fine ounces, the obligation of the parties hereto shall cease. 2. That th~ Governments of Australia, Canada, the United States, Mexico and Peru, during the existence of this agreement, shall not sell any silver, and shall also in the aggregate purchase, or otherwise arrange for withdrawing from the market, thirty five million fine ount~es of silver from the mine production of such countries in each calendar year for a period of four years commencing with the cal- endar year 1934. The said Governments undertake to settle by agreement the share in the said thirty five million fine ounces which each of them shall purchase or cause to be withdrawn. 3. That the silver purchased or withdrawn in accordance with Article 2 above shall be used for currency purposes (either for coin- age or for currency reserves), or be otherwise retained from sale during said period of four years. 4. That the Government of China shall not sell silver resulting from demonetised coins for a period of four calendar years com- mencing January 1st, 1934. 5. That the Government of Spain shall not dispose by sale of more than twenty million fine ounces of silver during a ~riod of four years commencing January 1st, 1934. The disposals during each calendar year of the said four year period shall be based on an average of five million fine ounces per year; it being understood, however, that if in any year the Government of Spain shall not dispose of five million fine ounces, the difference between the amount actually disposed of and five million fine ounces may be added as additional disposals in subsequent years; provided further that the