Salt Lake Telegram | 1932-03-25 | Page 1 | Bank Chief Sees Silver Meet Need

BANK CHIEF CHIEP SEES SILVER MEET NEED Sir Reginald McKenna Declares De De- De clares dares International Cooperation Cooperation Cooperation Co Co- Co- Co operation Is Imperative ADVISES HOUSE GROUP CROUP Coinage Committee Gets Oets First Reply to Parley Query en Br A Associated Press WASHINGTON March 25 Sir 25 Sir Reginald McKenna of the Midland bank Ltd London told the house coinage committee in n a letter toda today that he thought prompt international cooperation on silver imperative His statement was i In iii 1 answer to a request by Chairman Somers of the committee for an expression on the need for an international conference on silver Similar requests were sent by Somers Somers Som Som- ers to government officials or economists economists econ econ- of or several countries Sir Reginalds Reginald's Reginalds Reginalds Reginald's Regi Regi- reply the first expressed the belief that prompt international cooperation is not only desirable but bul imperative at the present time and that a reasonable stability can be given iven to the value of silver only Through international action The committee heard today from Professor E. E W. W Kemmerer of Princeton Princeton Prince ton university an analysis of the cause of the decrease in world business He lie disagreed with Maurice Leon committee economist that big sales of silver had caused the metals metal's present pres pros ent trouble If silver is going down do and wise people know it they sell seU silver Dr said That doesn't cause a fall in t te e price but anticipates the falL alL It is only natural that if you think it t is going up you oU bu buy if it you think It t is going down you OU sell Leon remarked that late in 1925 China was notified a royal commission commission commis commis- sion sitting in London intended to put iut India on a gold standard so India was entering the market as a formidable formidable for for- seller of silver He said this his created an abnormal demand for tor gold Dr Kemmerer disagreed contend contend- lag ing ng that India had been on the gold sold standard from 1899 until the World war then went back on it shortly afterward