Page:United States Statutes at Large Volume 48 Part 2.djvu/627

 SILVER AGREEMENT. It is understood that this agreement and the similar agreements to be entered into by the Delegates of the Governments of Australia., the United States, Mexico, and Peru are subject to the following general provisions: 1. That every provision of this agreement shall terminate 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, trans- ferred or otherwise disposed of Government stocks of silver to the net amount of one hundred and seventy-five million fine ounces, as provided in paragraph (c) 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 Canada 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 rovqeived before the 1st of April, 1934. A notice by any government, Pt-rty 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 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have ratified the understanding and have given notice that they fire prepared to pur- chase or cause to be withdrawn in the aggregate these thirty-five million fine ounces of silver.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 twenty fourth day of July, 1933, in a single copy which shall be deposited in the archives of the Government of the United States. Me:»ico EOOAR N. RHODES Delegate of Oanada 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, 1885 Mexico.