Mexico City, Jan. 8.
One of Mexico': outstanding financial authorities, the financial correspondent of "El Universal" Sr. "Miguel Sanchez de Tagle, commenting on the Handy, Harman silver review told the United Press today that he believes the United States Silver Purchasing Act will not be repealed for many reasons, including President Roosevelts good neigh-hour policy and the protection of American exports.
Handy, Harman, noted silver brokers, in the annual review of. the world's silver situation in 1938 today suggested the probability of repeal of the US. Silver Purchasing Act of 1994.
"It the act is repealed," Sr. de Tagle said, "silver will probably drop to less than 25 cents.an ounce as the China and India markets no longer enjoy the conditions which formerly prevailed. It will also mean an important decrease in United States exports.
"The United States is compelled to receive silver while the present monetary situation in the world prevails. Besides, the United States has sixty per cent. of the world's gold."
He added that it is imperative for Mexico that the United States maintain its silver policy "otherwise Mexico will be unable to buy abroad and pay its debts. A decrease in the price of silver will be ruinous for Mexico."—United Press.
***Full Handy, Harman Report p. 10.
Text read from the printed page and cleaned; old type leaves the occasional error.