Page:United States Statutes at Large Volume 48 Part 2.djvu/625

 SILVER AGREEMENT. this understanding have failed to ratify by the first of April, 1934, the understanding shall go into force and effect at that date if the other governments parties to this understanding have ratified the understanding and have given notice that they are prepared to pur- chase or cause to be withdrawn in the aggregate these thirty-five million fine ounces of silver. The Government of the United States is requested to take such steps as may be necessary for the purpose of the conclusion of this agreement. IN WITNESS WHEREOF, the undersigned have signed this memoran- dum of agreement. DONE at London this 26 th day of July, 1933, in a single copy which shall be deposited in the archives of the Government of the United States. KEY PrrrMAN Delegate of the United State8. AustraUa 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 Australia shall pur- chase or otherwise arrange for withdrawing from the market, as in the attached memorandum of agreement provided, six hundred and fifty-two thousand, three hundred and fifty-five fine ounces of silver in each calendar year beginning with the calendar year 1934. This understanding is conditioned upon similar undertakings being entered into by the Governments of Canada, the United States, Mexico and Peru whereby those Governments agree to purchase or other- wise 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 similar agreements to be entered into by the Delegates of the Governments of Canada, the United States, Mexico and Peru, are subject to the following general provisions: 1. That every provision of this agreement shall terminate on J an- nary 1, 1938. 2. That the absorption of silver referred to in this agreem~nt 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 ob1igations of governments to purchase under this contract shall cease. 1883 Australia.