Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-07-10
FARLEY MAY TAKE
RECESS ON July e
Steering Group Fixes Tenta-
tive Date-No Decision on
Monetary Question.
Continued From First Page.)

things have gone as well as could
be expected"
1t was understood that, contrary to
expectations, no fireworks developed in
the committee discussions.
An important development of the
morning was the announcement BY Sen
ator Key Pittman of Nevada that he ex-
pected his committee on silver to report
favorably this week on the American
resolution for rehabilitation of the
white metal.
Mr.. Pittman told the press his ex-
pectation was based on the prospect
India would agree to limit the sales of
her huge stocks resulting from the
melting Of silver coinage.
The Nevada Senator added that pres
ent indications are the agreement will
allow India to sell between 10000, 900
and 100000 ounces of silver annually
and that all that now remains is to
determine definite figure somewhere
between those limits.
Senator Pittman expressed the opin-
ion that II the agreement was reached
the price OF silver would rise to 40 or
80 cents an ounce, and that after un-
derstandings had been carried out by
legislative action-which he estimated
would take about six months-the price
would rise to so or 60 cents, the level
at which it stood for many years.
The Pittran resolution is intended
also to halt the debasing of silver coin
age and dumping of the metal end to
increase its uses for coinage and cur
rency reserves.
Collin Describes Proceedings.
Mr.. Collin, the Dutch chief delegate.
described the proceedings of the Steer
ing Committees meeting to the press in
this manner:
1.-THE bureau Steering Committee)
adopted without discussion or vote the
report OF the Economic Commission of
which I am chairman. There are four
subcommittee.
The subcommittee on Indirect Pro-
tectionism and on Adaptation of Pro-
duction and Marketing found that they
could usefuliy continue their discus
sions, and will do SO.
The subcommittee on Commercial
Policy and Subsidies reported to me
that there was great divergence of
opinion as to what could be proceeded
with. I told them to appoint drafting
committees to determine what they
could continue to talk about, and until
those drafting committees report the
bureau decided to let the subcommittee
stand in adjournment without further
work
It do not know how long it will take
them to report back-maybe 10 days
maybe more"
Monetary Commission Meets.
The Monetary Commission met late
in the afternoon to hear reports of its
subcomittees and try to prepare
definite recommendation regarding the
agenda for submission to the Steering
Committee tomorrow.
James NJ Cox of Ohio, chairman of
the group. was in the chair. 1t was
his first appearance in the conference
for several days owing to illness.
The commission appointed a Drafting
Committee to prepare the agenda. Ten
countries were represented. Ave from
the gold group and five from the non
gold. including Mr. Cox.
The members are Collin. Guido Jung
of Italy, Victor Kienboeck Of Austric.
Finance Minister Bonnet Of France,
Chancellor of the EXchequer Chamber
lin of Great Britain, DR.. II almar
Schacht, president OF the Reichsbank;
Ernst WigforSS, minister of finance of
Sweden: Prime Minister R. B. Bennett
of Canada. Thomas LIE Breton of Ar
gentina. and Mr.. Cox.
Mr.. Cox said that as he could not
both preside and voice the national
viewpoint he would like for Senator
Pittman to act as his alternate on the
committee if necessary for America to
be represented in the voting The COM
mission agreed to this.
1t again was brought out in the dis
cussions that both gold bloc representa-
tives and non-gold delegates were
agreed that Senator Pittmans silver
resolution should be considered.