FALL OF STERLING
NO NEED FOR FE AR
REFERENCE IN THE COMMONS.
(United Press Association—By Electric Telegraph—Copyright.)
LONDON, November 9.
When the House of Commons debate on; .unemployment entered on its con v -; eluding stage, Sir Rooert Horne (exLiiaiiceflor of the Exchequer) spoke. He observed that great service could be rendered the trade, industry and commerce of the world if the international, exchanges were put right. While there was a vast amount of gold in the world, he said, nearly three-quarters of it was in the hands of two countries, and others were denied a necessary supply. The problem was one of the great factors of the present situation. Referring to the position of the British pound, he said that the sterling prices to-day were practically at the •same, level as when Britain went off gold, and the pound now purchased more in commodities than it did five years ago. This was sufficient evidence that no one need be perturbed about the fall of sterling. He also expressed the view that if silver were once more put in an appropriate. position in relation to-the monetary systems of the world, industry and trade would thereby benefit more than from any other single decision.
One measure of relief that he advocated was State assistance to enable the Cunard Shipping Company to proceed with the projected construction of its two giant liners. He suggested that the embargo- on loan issues should be removed as early as possible. Sir Herbert Samuel (ex-Home Minister) expressed the hope that an opportunity would be taken at the World Economic Conference to achieve definite results on tariff and other restrictions, monetary questions, and other matters of world-wide interest. Mr N. Chamberlain (Chancellor of the Exchequer) concluded the debate, which had, he said, been most productive of ideas. While he could not agree with the desirability of many of the proposals made, there were others which would receive the careful consideration of the Government.-
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Hokitika Guardian, 10 November 1932, Page 5
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325FALL OF STERLING Hokitika Guardian, 10 November 1932, Page 5
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