STERLING STANDARD

Hokitika Guardian, 29 September 1931, Page 5

STERLING STANDARD

EXTENDS IN EUROPE. (United Press Association.—By Electric Telegraph.—Copyright.) LONDON, September 28. Norway and Sweden have suspended the gold standard. I LONDON, September 28. ' The “Daily Telegraph s” city editor says: “Now that Norway and Swe den are oft’ the go:d standard, other Continental countries may follow suit Sweden, especially, feared the loss of Tig gold to France.” PARIS, September 27. “Despite the stability of the iranc and the considerable gold reserves, the French economic situation might be tragic, if Britain’s abandonment of tbe gold standard increased the economic offensive of the over-populated, overnationalised nations against countries with lesser power of production,” said > the Radical Socialist leader, M. Dalad'er. “Already France has U million unemployed. The adverse trade balance will probably amount to ~3.20 millions sterling, normal exchange, in the present year, while the Budget,will,show • a heavy deficit. Next year’s will be worse.” He added that economic peace could only be realised by a decline in nationalism in production as well in politics. _ • . ROME, September 27. The bank fate, in Italy has been raised by one and e-half per cent to seven per cent. IRELAND’S DECISION. TO STICK TO STERLING. LONDON, September 28. Tbe Dublin correspondent of “The Times” says: “Mr Cosgrnve, President of the Irish Free State, speaking at Limerick, made the first authoritative statement of the Free State’s views regarding the question of sterling currency The currency advocates of complete Irish financial independence have been urging the Free State to break away from sterling, and to convert the six millions sterling which the Currency Commission holds in London into dollar securities. President Cosgrave disposed of this suggestion by declaring that the separation o' the Irish currency from sterling would rob the Free State of an advantageous position in competing with foreigners especially in the British markets.” AUSTRALIA’S GOOD WIN. MELBOURNE, September 28;. “England’s action in abandoning the gold standard will*relieve the real burden of Australia’s interest obligations,” declared Professor Gibbin, Acting*Cotoffi6ftwealth' Staitisticiail. He estimates that the felief Will be 25 per cett., irrespective of what happen? to the exchange rate,