WORLD CURRENCY

Hokitika Guardian, 20 June 1933, Page 5

WORLD CURRENCY

OFFER TO JAPAN STABILISING DOLLAR AND YEN. ‘LONDON. June 19. The “Daily Express” states that it understands that the United States has opened negotiations with Japan with a view to stabilising the dollar and the yen on exchange. One hundred yen are now worth twenty-five dollars. Tile Americans are offering stabilisation at twenty-six or tventy-.-evcn dollars to 100 yen, but this remarkable pioc.ei of American generosity bears a condition. It is that Japan shall join forces with America in opposition to the ‘Ottawa agreement. At present Japanese goods are flooding the United States, which however, prefer to see Japanese goods dumped into the’British Empire. STABILISATION OF CURRENCIES. COMMENT IN THE “TIMES.” RUGBY, June # l7. The “Times’” city editor says:— “The immeditae legal stabilisation of currencies iri terms of gold is out of the question, but it is understood that an agreement to keep' tile British-French-American exchanges within certain limits may ho possible, if, among other things, an American equalisation fund is established to asgist to control the dollar.

“A temporary experimental period of sn-called ‘elastic stabilisation’ is possible, but its success must depend on whether the stabilisation figures accord with commercial and economic facte. A ■satisfactory preliminary agreement by those three countries would enable the Monetary Economic Conference to tackle the question of exchange stabilisation, and the removal of exchange restrictions, on a broad front-. Until this point is settled, restoration of international trade is out of the queotion. A

AMERICAN VIEW OF CURRENCY

LONDON, June 19. “The' Times” says:—“The London Conference, will again meet under the. shadow of President Roosevelt’s unwillingness to endorse a temporary currency stabilisation plan, which ig not so much even de facto stabilisation,, as an attempt to coniine the instability of the dollar and the pound, within certain elastic limits. i Mr Harrison has returned to Now York. Mr Roosevelt’s other financial emissaries, apparently,...remain to MTi draft and .dispatch further proposals, but these ate' liardly like-y .to .ho succemful until it is known how far American domestic policies - permit President Roosevelt to co-operate with other nations.” FRENCH PREMIER’S OPINION. ’ . '. • -PARIS, June 18, M. Daladier, ' Premier of France, after conferring with the Ministers of Commerce and Agriculture, reiterated that it' was indispensable to secure stabilisation, of currency and aho a return to the gold standard as a prelude to solving the economic problems. It is felt that France should be no party to tariff agreements unless some form of stabilisation of ctu-erncy is jnade a .preliminary condition.