| Show INDIA BACKS BACIS PITTMAN SILVER I YER PLAN 1 Largest Holder Of White Metal Pledges Support Attitude Made Known to Economic Eco Eco- t Meet Mee Committee 1 Reveals AMERICANS AMERICA ENCOURAGED Move Seen Vital to Success of Rehabilitation Plan By DE WIn WITT MAC KENZIE Associated Press Staff Correspondent LONDON June 26 India 26 indicated tec to the world economic cent conference to today to day her willingness to cooperate in inthe inthe the rehabilitation of silver u as pro in the solution of Senator Key Pittman This was Wa authoritatively disclosed after a meeting of the conference silver sil il ilver ver committee at wh which ch Sir George secretary of the treasury f far tor r India was present Americans and other Interested Inthe in inthe inthe the rehabilitation of silver sUver said this was the most important event which could have hae happened to force the program to a successful conclusion India Indi is IJ th the worlds world's largest hold holder r of silver having on hand some million ounces Her adherence t to the Pittman plan therefore is considered absolutely vital for its success Experts say that if it the nations holdIng holdIng hold hold- Ing silver agree to control the flow of the metal to the market then it will be easy to fix and maintain a a price Stabilization of the silver essential to the American plan by ty which one-fifth one of each nations nation's currency cur ur- ur rency coverage would be in silver If can be fixed and maintained main main- tamed then there is greater likelihood hood of th the the- Pittman resolution being adopted by the major nations attending attending attend attend- ing fag the conference Adherence by In In Inda India dia dLa advanced Senator Pittman to to toward ward his goal by a huge stride WHEAT PLAN SNAGGED While the silver program has progressed progressed reared so favorably there still is a hitch in the development of the American plan for restriction of ot wheat production The United States delegation delegation dele dele- gation Is continuing its drive to obtain obtain ob ob- ob- ob tain thin adherence to what they consider to be one of at the most important s schemes hemes before the conference Australia still was vas withholding support sup sup- port and the Americans were concentrating concen their efforts on Stanley Bruce chief Australian delegate Other major producers already are in general Jeneral agreement for restriction The American program would provide pro pro- vide for fer an increase in Jn wheat prices through restriction Australia Australla disapproves proves this and holds for keeping the price low so as as' as to increase consumption consumption consumption tion thereby doing away with the necessity of reducing production It Is Js understood Prime Minister Ramsay MacDonald of Great Britain is anxious to see an a agreement on wheat as soon as possible In th the belief belle that this would give to the world a great tangible achievement by the conference over which he presides There is much concerning how far Australia will be Influenced Continued on P Pace Two INDIA SUPPORTS PITTMAN PLAN Continued From Page Pase ue One b by y the wishes of the prime minister ot of f her mother country Conference leaders were understood under under- stood tood today to be predicting that the assemblage would continue its until at least the end of July The French quota truce proposal which was introduced as an offset to Secretary of State Cordell Hulls Hull's res res- lution calling for complete abolition ot of f trade barriers was fiercely attacked attacked at at- tacked lacked in subcommittee this morning by Hungary and Poland Germany and nd Albania also registered on f INDUSTRIAL PRODUCTS The French scheme applies only to industrial products and both Poland and nd Hungary insisted that they could not ot accept any plan which did not in in- elude lude agriculture Germany advanced the ie idea that a large customs union was vas preferable to any bilateral ar- ar s so far as Europe was con con- A subcommittee was appointed to draft raft a report dealing with both the Hull lull resolution and the French reso reso- lution The Americans were greatly pleased with today's silver slIver development The unequivocal expression o of willingness to o cooperate on silver made by Sir ir George Sinister left only Canada among mong the principal holding or producing producing pro pro- pro countries which has not yet et spoken Important American tIon on quarters said they had no doubt the ie dominion would take a construe construe- tire ive stand China which with India is a huge older holder of the metal and Mexico the principal producer have expressed willingness to agree to the stabilization tIon on program Today Senator Pittman called in representatives of or Bolivia and Peru which produce considerable silver and nd it was understood they expressed willingness to adhere Details of the antidumping agreement arc are yet to be worked out but a generally sympathetic attitude is re regarded as a real start tart PITTMAN ITTMAN ENCOURAGED While many countries including at least east one of the components o of the British empire arc are asserting to the Pittman ittman silver program Britain herself herself her her- self sell is yet et to be reckoned with There was some speculation as to the eventual even even- ual attitude of ot the British and it was was acknowledged that their disapproval would be a setback for the American plan Ian Simultaneously with the silver committee com corn meeting there was a session of ofie the ie monetary subcommittee on the gold fold aspects of the Pittman resolution tion ion calling for the withdrawal of the he metal from internal circulation and nd reducing the legal minimum of ol gold old reserves while retaining gold goldas golds as s the fundamental measure of value James M. M Cox and James P. P Warburg represented the American delegation Monetary exp experts expert said that efforts to o work out a stable able monetary standard standrd stand stand- ard rd as well as lS to agree upon common central banking policies had led the delegations legations of a number humber of the smaller countries not having central banking systems such a at af the federal reserve or br br the he Bank of England to c consider their early arly establishment to take advantage tage age of agreements lik likely ly to to be reached here Senator James Couzens of ot Michi Michi- gan American delegate delegat stirred the conference today by declaring in a speech that the worlds world's debt structure must be adjusted He emphasized the necessity of organizing organizing or or- creditors throughout the world and of establishing some form I of permanent body to act in in advisory advisory ad ado capacity between organized creditors and organized debtors debtor SILENT ON WAR DEBTS The Republican senator did not mention war debts but referred to Indebtedness in general He Hc warned that hat this Is in no sense to be con con- trued as an invitation to debtors able to pay to scale down their obligations Certainly it is not an invitation in to default he said He urged worldwide action to raise prices and to increase e the demand for raw aw materials in his address made before the on immedIate immediate imme imme- diate measures for financial recon recon recon- The senator asserted l. l he did not be be- that prices can be raised b bj by monetary means alone At the same time he asserted the purchasing power must be increased by such measures as public works Senator Couzens declared an an increased increased in in- creased demand for tor raw materials as contemplated by the American program pro pro- ram gram offers in Ills his opinion far more hope lope for world recovery than can possibly be expected merely from a reduction in tariff tariU duties on a anum number num num- ber of manufactured articles which are highly competitive between na ia The lone Republican in the American Amen Ameri can delegation spoke in elaboration of j f the resolution the Americans have introduced on expansion of credit and synchronized programs of public works to again start the wheels o of in in- In Indirect direct fashion the sena sena sena- ar tor expressed the belief that debate has hu reached a point where various views can ean be drafted into concrete resolutions for tor adoption |
