MONETARY QUESTION

Hokitika Guardian, 26 April 1933, Page 5

MONETARY QUESTION

POUND AND DOLLAR

DISCUSSION AT WASHINGTON

(United Press Association —By Electrio Telegraph—Copyright)

WASHINGTON, April 23

Despjte it being Sunday the Jpgloeconomic experts met twice at the State Department. It is reported they y.,gifeed unanimously that the pound and the dollar should be stabilised simultaneously at thei r “true value,” but wer e not in complete accord as to the figures which mould represent such value, the British thinking three dollars and fifty cent s for the pound about right, and Americans favouring four tentatively stabilising the dollar about eighty-five cents. Early in the evening the experts went to Whjte House and informed President Roosevelt and Mrs MacDonald of the results of their discussions.

After a three-hour conference at White .House on Sunday night, a joint communique was issued on behalf of Messrs Roosevelt and MacDonald, saying th e discussion had centred around the monetary aspects of the problems of -a world economic recovery to be taken up at the London Conference in June, It is understood that a suggestion for the creation of a world credit-expansion agency was among the ■subjects under consideration at the gecrefc .economic meetings held to-day bfetwe&n the British and American ex* perts,

NEW WORLD HOLD RATES

INTERNATIONAL DISCUSSION

WASHINGTON, April 23

The ’United (States Secretary of State (Senator Hull), British sador (Sir R. Lindsay), and British experts, as well as ■Air Ramsay MacDonald -and President Roosevelt, wel’e present o« Sunday night at a conference >at White House. After a helpful exchange of views, they arranged for further discussion between the experts on Monday morning, as the preliminary to a further conference with the President and Mr MacDoncdd on Monday afternoon.. From two meetings -held throughout the day of the experts, there has developed a very definite idea that new world gold rates, with between thirty and forty per cent, as a gold reserve for currency, were discussed prominently, for their possible inclusion i, n a general scheme.

REASON FOR AMERICAN ACTION

RUGBY, April 22

English newspapers in further comments on American currency developments, are generally agreed that the measure resulted from the domestic situation, but they consider that, for the time being, at least, it must have unsettling effects on the ‘world’s markets. Sir Walter Layton, an eminent economist, telegraphing to the “News Chronicle” from America, says ; “Although it shifts the basis of international negotiations, it wa s certainly not planned to force the Prime Minister’s hand, and it must be fitted into the international plan.” The need for an early World Conference, he considers, is emphasised. ,

NO QUESTION OF RETALIATION

LONDON, April ■24

The “Daily Mail” says: “There ran ; be no question of retaliation against the United States in connection with its currency move, but the situation should be carefully watched while the dollar is finding its true level. France is already talking of increasing her tar' ff to prevent American dumping. The course of events may make it necessary for Britain to adopt;,,some such methods for her own .protection.

MR BENNETT’S STATEMENT

OTTAWA, April 23

Confidence tlrt the conversations in Washington would x-esult in great benefit to Canada and the world in general was voiced by Mr Bennett, Canadian Premier, as he entrained to-clay for the United States capitM, to fulfil his engagement with President Rooseve.t.