The open cover arrangements are somewhat complicated. The foundation of the scheme is that no war cover may. be for a longer period than one month and that on every policy the underwriter shall be entitled to give 48 hours' notice. The cover will include all shipments which are declared and accepted by underwriters during the month, but underwriters will not be bound to accept declarations, more than seven days before the date of sailing. The minimum rates payable will be the scale rates on the date the declaration is accepted or if à declaration is not accepted before sailing, en the scale rates on the date of sailing.
At some points the wording of this cover arrangement is obscure, and traders are particularly troubled about the necessity to declare within seven days before the date of sailing. The relative clause in the cover devaluation to 50 per cent. would bring a US$2,500,000,000 profit to the treasury on the basis of the present record gold holdings which: are above US$14000,000000. He said the dollar is still worth US$1.28 compared to 100 cents from 1926 through 1929.
The budget cannot be balanced with a 128 cent dollar. Further revaluation will help remove its excess value and further raise the price of farm commodities. We can have neither budget balancing nor a return of substantial prosperity until the excess value is removed from the dollar" Senator Thomas declared.—
United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.