WORLD CONFERENCE

Hokitika Guardian, 13 July 1933, Page 5

WORLD CONFERENCE

GENERAL OPINION

DECISION WITHIN FORTNIGHT.

(British Official Wireless.)

RUGBY, July 11

■lt now seems clear that the general opinion among the Conference delegates is that there is ct sufficient number of subjects to occupy the delegates’ attention with some hope of agreement, within the next fortnight. It is antici. pated that the plenary session of the Conference will then be convened, and its further Work adjourned, if necessary, unti-il the autumn. The House of ’Commons, after a long debase, almost unanimously approved the continuation of the Conference. The Conference - monetary commission throughout the! morning has been endeavouring to reconcile the divergent views regarding subjects .relating to the immediate financial measures which should be proceeded with. The differences of opinion between the gold and non-gold countries have expressed themselves .in the refusal of the former to agree to discussions other titan indebtedness, pending the ternpor* ary stabilisation of currencies. The most important of to-day* s pri - vate meetings was that of the Bureau, which had before if the drafting committee's report of the work of the two sub-commissions of the l monetary commission. The first so,f these tig dealing with immediate financial measures, and the other with permanennt financial measures.

The .Bureau, after a brief sitting under th© presidency of Mr MacDonald, adopted the report. It recommended that the first su'b-commis,sion should proceed, in the first instance, to a discussion of the subject of indebtedness •and that the second sub-commission should take up the resolution adopted by its su'b-committee, on central bmk co-operation and the creation of central banks in certain ' countries where they do not exist, iand propose through its s ub-committee an examination of the position of silver and other .subjects , on •the /agenda, which may by general agreement be considered suitable for discussion.

MR CHAMBERLAIN’S POLICY

TO HELP THE GOLD COUNTRIES.

LONDON, July 12.

■ The “Daily Telegraph's’’ city editor says: Banking circles interpret Mr Neville Chamberlain’s declaration on Monday to mean that the British Treasury has decided that the pound Will not be (deliberately depreciated. In othe,. words, the Treasury is ilot eonteihp'ating a Currency warfare, but la /Shaping a. nfiddlo course towards helping the gold countries to hold the fort until President Ropseve.lt makes up his mind. It is certain that the gold countries will be greatly assisted by such 'a declaration of policy. The franc on Tuesday wa.s a trifle firmer.

MR ROOSEVELT’iS PROGRAMME

BANK DIRECTOR'S OPINION,

LONDON, July 12

Sir Josiah Stamp (a director of the Bank of England), broadcasting to Britain and the United States, said: “The success of President Roosevelt’s measures depends on the mental and the moral orlibro of the American people. Tho great thing they have to fear is too high speculative activity, with inevitable .reactions. If hopes for the future dash frantically ahead of existing facts, then disillusionment may well have results too fearful to contemplate. On the Stock (Exchange are the greatest ostiacles to the success of President Roosevelt’s programme.”