Page:United States Statutes at Large Volume 48 Part 2.djvu/624

 1882 Supplementary un· dertaklngs. United States of America. SILVER AGREEMENT. SUPPLEMENTARY UNDERTAKINGS United States of America In connection with the attached memorandum of heads of agree- ment entered into by the Delegates of India, China and Spain as holders of large stocks or users of silver, and of Australia, Canada, the United States, Mexico and Peru, as principal purchasers of silver, it is understood that the Government of the United States shall purchase or otherwise arrange for withdrawing from the mar- ket, as in the attached memorandum of agreement provided, twenty- four million, four hundred and twenty-one thousand, four hundred and ten, fine ounces of silver in each calendar year beginning with the calendar year 1934. This understanding is conditioned upon similar undertakings be- ing entered into by the Governments of Australia, Canada, Mexico and Peru whereby those Governments agree to purchase or otherwise arrange for withdrawing from the market of amounts of fine ounces of silver which, with the obligation hereby entered into, will make in the aggregate thirty-five million fine ounces of silver annually. It is understood that this agreement and the simila.r agreements to be entered into by the Delegates of the Governments of Australia, Canada, Mexico, and Peru, are subject to the following general provisions: 1. That every provision of this agreement shall tenninate on January 1, 1938. 2. That the absorption of silver referred to in this agreement means current mine production. 3. That when the Government of India shall have sold, transferred or otherwise disposed of Government stocks of silver to the net amount of one hundred and seventy-five million fine ounces, as pro- vided in paragraph (0) of Article 1 of the attached memorandum of heads of agreement, the obligations of governments to purchase under this contract shall cease. 4. That this memorandum is subject to ratification by the proper governmental authorities of the United States whose delegate has executed this agreement, and the undersigned delegate undertakes to use his good offices to secure· such action at the earliest possible date. 5. That this understanding shall come into force as soon as the ratifications of all the governments concerned are received, provided that all the ratifications are received before the 1st of April, 1934. A notice by any government, party to this understanding, that the affirmative action necessary to carry out the purposes of this under- standing has been taken will be accepted as an instrument of ratifica- tion. Nevertheless, if one or more of the governments parties to