Show SILVER BUYING ACCORD LOOMS 0 Br BT AssocIated Frets Press LONDON July 24 Senator 24 Senator Key Pittman expects five lve great silver producing producing pro pro- nations to a agree ree this week on their heir purchase quotas of ot the metal thereby completing his hs power eight-power arrangement to stabilize silver in relation relation relation rela rela- tion to gold Under the pact the United states Spates tates Mexico Canada Peru and Australia agree to withdraw ounces of of the market in the next four our years jears while India China and Spain the chief chiet holding countries promise to restrict sales This amount it was explained is a substantial part of the world production production tion ion and its withdrawal would have havea ve haye hayea a bolstering effect ct on prices India may sell an average of ounces annually about more than the average actual sales sale Inthe in inthe the past four years ears and Spain's allotment allot allot- ment meat Is ounces annually China agrees to sell no silver from demonetized coin The pact was called the first international international international inter inter- national effort to aid silver Meanwhile Secretary of ot State Cordell Cordell Corden Cor- Cor dell den Hull was represented as convinced convinced con con- vinced the world economic conference confer confer- conference ence at which the silver discussions have have- been held should recess only for a specified time to assure its re re- convening The Thc leader of the American dele delegation delegation a- a tion believing its work has only started was said said to be considering a recommendation that the recess be for a maximum period of at three months beginning Thursday BASEL Switzerland July 24 JP- JP A concerted effort to establish a worldwide gold standard was tenta tenth ively agreed on today by members of the he European gold bloc bloc- at the monthly month month- ly y meeting of the directors of the Bank Bank for International Settlements The tentative accord was wa partly b based ased upon the expectation that events may bring about the reconvene ing ng of the world economic confer confer- ence Representatives of the gold standard standard stand stand- ard central banks in the dL discussions which began here yesterday held conversations conversations con can upon the mutual assistance assist ance plan which was initialed at Paris early this month Defense of the gold standard was further urther emphasized by Leon Fraser American president of ot the bank who advocated universal observation of gold cold clauses in securities |