Page:United States Statutes at Large Volume 48 Part 2.djvu/629

 SILVER AGREEMENT. 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 24 day of July, 1933, in a single copy which shall be deposited in the archives of the Government of the United States. Peru EDUARDO SUAREZ Delegate of M eanco. 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 Peru shall purchase or otherwise arrange for withdrawing from the market, as in the attached memorandum of agreement provided, one million, ninety- five thousand, three hundred and twenty-five fine ounces of silver in each calendar year beginning with the calendar year 1934. 2. This understanding is conditioned upon similar undertakings being entered into by the Governments of Australia, Canada, United States and Mexico whereby those Governments agree to purchase or otherwise arrange for withdrawing from the market of amounts of fine oun,ces 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 Australia, Canada, the United States, and Mexico, 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, 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 (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 Peru whose delegate has executed this agreement, and the undersigned delegate undertakes to use his good offices to secure such action at the earliest p<»isible date. 5. That this understanding shall come into force as soon as the ratifications of all the governments concerned are received, provided 866:nO-!H-PT 2 -39 1887 Peru.