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that all the ratifications are received before the 1st of April, 1934. A notice by any government, party to this understanding, that the affirmative action necessary to carry out the purposes of this understanding has been taken will be accepted as an instrument of ratification. Nevertheless, if one or more of the governments parties to this understanding have failed to ratify by the first of April, 1934, the understanding shall go into force and effect at that date if the other governments parties to this understanding have ratified the understanding and have given notice that they are prepared to purchase or cause to be withdrawn in the aggregate these thirty-five million fine ounces of silver. The Government of the United States is requested to take such steps as may be necessary for the purpose of the conclusion of this agreement.

IN WITNESS WHEREOF, the undersigned have signed this memorandum of agreement.

DONE at London this 24 day of July, 1933, in a single copy which shall be deposited in the archives of the Government of the United States.

F. TUDELA Delegate of Peru.

Silver Agreement: Reservation by China

"In ratifying this Agreement, the National Government of China declares that as silver is the basic monetary standard of China, the National Government will consider itself at liberty to take whatever action it may deem appropriate, if, in its opinion, changes in the relative values of gold and silver adversely affect the economic condition of the Chinese people, contrary to the spirit of stabilizing the price of silver as embodied in this Agreement.

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Date of deposit
Feb. 16, 1934 2
Mar. 28, 1934
Mar. 27, 1934 3
Mar. 21, 1934
Mar. 26, 1934
Apr. 24, 1934 2
Apr. 24, 19343

Dec. 21, 1933

1Deposited with the Department of State, Washington.

Notice of affirmative action accepted as an instrument of ratification (sec. 8).

'Notice of ratification (sec. 8). China and Spain deposited formal instruments of ratification on May 14 and May 8, 1934, respectively.

Reservation by

China.

[No. 63]

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