BI-METALLIC CONFERENCE.

Temuka Leader, Issue 2656, 8 May 1894, Page 1

81-METALLIC CONFERENCE.

Sydnsv, May 4. The Lord Mayor presided at the bimetallic meeting daring a portion of the day, Cables supporting the movement were received from Austrian, German, French, Dutch, and Belgian delegates. Mr E. B. Hoare, the hanker, Mr Leonard Courtney, Mr Montague, Sir W. H. Houldsworth, Mr Knox, and Mr Chaplin, members of the House of Commons, supported the previous speakers. Mr Montagu suggested that a conference should be summoned to devise a scheme for seigniorage and coinage of silver. Mr Murray, of Adelaide, said that until the last two years the colonies had been apathetic over the matter. He had not been aware that their depression was connected with currency, but they were beginning to understand the enormous rise in exchange. The value of gold was the only adequate explanation of the depression. He hoped that an increased supply of gold would mitigate the pressure, which was certain to proyo fallacious. Over speculation paused less permanent trouble thrift thQ steady appreciation of gold- Ho urged that unless silver was remonetised it would be impossible to restore the equilibrium between commodities and the medium of exchjy?se. ] He feared that the continued attain migh*, precipitate a catastrophe only in the colonies but in the e&tire industrial world, unless the) legislatures took measures to counteract it. The discussion dealt i mainly with the condition of India. The speakers insisted that bi-metallism should be made a test question with candidates at the U' ixt General Election in order that the. House of Commons may be coerced into, action. Mr Barclay and Mr i Chapman said that India was practically insolvent, and that her condition was entirely due to the fact that Britain w;va the solo country which stood in the way of international bi-metaHl s W,- Mr William Taylor, cotton suerchant, Lancashire, said thqk yittvsn was entirely at the merry, an unattainable medium of

At tho bi-metallic moating Mr Balfour sail tliat. if the Indian (.Government insist on a gold standard additional hqivy- taxation will bo required. Alt' Huoku Gibbs considered that th,o great essential was to fix soi:qe 53,410, between gold and silver; tha n:\tio.in; interested must arrange the precise figures. Personally he was in favor of beginning with tho market ratio. Tlvo repeal of tho Sherman Act by Brogue at Cleveland had compelled Europe to finite in the hardships caused by tho decl’ne in silver. America dc dined to initiate an international conference but was ready to accept an invitation if a distinct proposal was submitted to rehabilitate silver.