AMERICA NOT SATISFIED

Hawera Star, Volume LIII, 19 June 1933, Page 5

AMERICA NOT SATISFIED

Currency Stabilisation Plans PROPOSALS AT LONDON The Sterling And Dollar NO SPECIFIC POINT APPROVED. DELEGATES GIVEN LIMITS (United Press Association—By Electric Telegraph Copyright.) WASHINGTON, June 17 The proposals for the temporary stabilisation. of oiurrenoies advanced at the World Ebouomic Conference were said authoritatively to-day, to be unsatisfactory to the United States. The Treasury Department revealed officially to-day the proposals for currency stabilisation which have been submitted to President Roosevelt from London, says the Washington corres-pondent-of the “New York Times.” The American delegates have been instructed within what fixed limits they may act, but no specific point of stabilisation between the pound and the dollar has been designated. Although it was made clear here that the administration does not propose to enter into any temporary or permanent agreement calculated to- give foreign countries the economic advantage of deflated currencies, ft Treasury official stated that the United States should not he placed in the' position of closing the door to stabilisation, adding that i all realised the importance of such action. In the opinion of observers the Presidcut's coolness regarding early stabi]- . isation is attributable to the importance ; with which he regards the tangible im- • provenient in domestic prices. He does not wish to risk a,, -setback until other phases of the- conference such as the lowering of trade barriers have been canvassed, and which might give the j nation a corresponding advantage. Both Mr Roosevelt and Mir AY. ; Woodin (Secretary to the Treasury) ! were represented as having “strong ( views” on the stabilisation negotiations with indications that the 'Administration’s conference policy would be rigidly j controlled, from Washington. __ ! In view -of the extensive stabilisation disoussioUhS the British and a American experts had at the time of Mr MacDonald’s visit the following part of the Treasury announcement is regarded with unusual interest in diplomatic circles: “The whole stabilisation discussion in London is not one which this Government initiated. We an*e willing to listen but do not wish to be placed in the position of trying to reach a deal that is no counter-proposal to the proposal we made.”

POSSIBLE EXCHANGE PEGGING BETWEEN 3.95 AND 4.05 LONDON, June 17. The “Investors’ Chronicle” says it appears possible that the pegging on sterling and the dollaa* at a rate between 3.95 and 4.05 will be attempted, together with a controlled sterlingfranc rate as now obtains. From the British viewpoint it is essential' to insist that the arrangement should be only provisional, for in view of the comparative Anglo-American wage levels the rate' should not be higher than 3.60. INQUIRY BY COMMISSION CO-ORIDTNATION OF SCHEMED LONDON. June 16. What is going on at the Bank of England in the direction of exchange stabilisation between sterling, the dollar and the franc is undoubtedly the all sufficing reason why in the morning the Monetary Commission had the briefest of sittings and then adjourned till 10.30 a.m. on Monday. The Monetary Commission -appointed a committee to appoint a ' .sub-com-mit-tee to deal with -.selected subjects on the agendas. It is proposed to coordinate the whole of the suggestions for the week’s general debate under sub-headings, including the production and marketing of wheat and other raw products, and measures and prohibitions affecting commerce. , Mr Cox opening the Finance Commission meeting said : “We all agreeo before the conference that there wa.s Unprecedented world-wide disorder. Our task is the maximum treatment with the minimum of talk. We must be patient and face the perplexing situations. Let us promote treatment by sustained efforts. Let us get. to work.” A committee was immediately npnointed to select committees, comprising Mr Cox. Signor Jung (Italy), Dr. Kienbock (Austria) M. Bonnet (France) with representatives of. Britain, Germany, Finland and Czechoslovakia,. Mir Brunei represents Australia, on the monetary and economic committee. The “Da.ilv Telegraph,” in a- leader, says: “Mr Forbes’ reluct anee to agree to limitation of either export's or prodaotioni is natural, hut regulation is in the very air in our times.”