London, May 25.
When the House of Commons this evening reedied the Exchange Equalisation Fund resolution in the committee stage of the Finance Mr, L. S. Amery, three tines Minister in' Conservative Cabinets, moved an amendment to empower the Bank of England to buy silver besides gold for the Exchange Equalisation Fund, His amendment had the support of Sir' Robert Home, a former Chancellor of the Exchequer, The Exchange Equalisation Fund ig being created, according to Mr. Chamberlain, Chancellor of the Exchequer, because of the exchesiga position created by the influx of large accumulations of capital, and which was apt to give rise to The Fund would enable Britain to function effectively as a main ternational centre which required liner to hold adequate reserves of exchange horror & alme not exceeding 160"
The Budget asks for powers
000,000 for the Fund 'As the. resolution concerning the establishment of this fund. stands, bulk silver' cannot be bought through the fund. Me. Amery ex: pressed the opinion that the stabilty" of silver was not a thing with Which Britain could afford to dis-
Dense.
He pointed out that when peace land order were restored in China, that country would be a market of createst importance, mat= eet which hitherto had been hampered by erratic steviing and aliver The stability of silver, he declared, "would be of rear value British industries, "Tt would not only Improve trade but also the Swhele political and. socisd condition India, sit "Hilton Young replied forthe" Government. He anid the Government was anxious leave the matter open because mn Interval must elope. before the time came to'fix the British standard of currency. and also because stick issues would receive fed. consideration at the bron Conferenc July, pera Government to holds of the exchange equalisation "account. Trdity he went any had ery strong Inteteat Tu the "valu silver but it was mot -s0 clear that the interests of Indians was great as hed sometimes been supposed, The course of evolution fof the habits of the people of India was away from silver hoarding in the direction of gold.
Mr. Amery's amendment wag negatived and later, without a division, the House agreed to the establishment of the Exchange Equalisation Fund.
May 25, "The British government does not intend to return to the gold standard, Jat any rate until gold prices hava fe eased to behave as they do ab presents" declared Bfajor Walter Iljott, financial secrotnry to the Treasury, in the House of Commons this evening.
The announcement was made during the committes stage of a debate on the Finance Bill.
An opposition amendment was put forward seeking to deprive the power to purchase for the new Exchange jon Fund. explained that, the recent purchase of gold by the Bank lof England were not connected with {his fund. The opposition amend ment was put to the vote and de-Feated by 243 votes to $2.
Capetown, May 26.
A. vehement attack oh the report lof the. parliamentary Committee which favoured the retention of the gold standard in South Africa wan Made by General Smuts in a speech before. the Assembly.
He declared that adhet gold standard meant national ba Fuptey and he accused. the govern ment of attempting to maintain ite own prestige at the country's expen-
He concluded by declaring "What ever may happen in this House the matter will be fought out in the country to_ the bitter end."-—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.