PRESIDENT’S POLICY

Hokitika Guardian, 19 July 1933, Page 7

PRESIDENT’S POLICY

primary objective

WASHINGTON, July 7

Whatever Europe may think of President Roosevelt, isolated though he is in 'his corner, he 1 to be • very pleased indeed with the plum he has found for himself.

He regards the apparent failure of 'tho Economic Conference—which the world regards a's due entirely to his rejection o f currency stabilisation—as something to he regretted, but run. mourned.

Six weeks ago the President would have mourned rsuch a happening exceedingly ; to-day it is to him just a failure to achieve a meeting of mindsMr Roosevelt will not let the conference situation interfere with his bending every energy to the carrying out of his newly-rounded plan for managed prosperity for America. Emphatically, Mr Roosevelt does not share the view of the European gold bloc nations that nothing can be done to relieve international economics without stabilisation of moneys, and very lightly does he regard the loud cries, particularly of Prance, that it was his .refusal to enter into the Isltabi-lisaltiojn agreement that brought about the present situation. Mr Roosevelt is prepared to begin negotiations to-morrow with separate nations, to secure trade agreements by which, without tariff restrictions, the United States os.n exchange some of its surplus icropo for tho goods of other nations, White House denies that the New York Federal 'Reserve Bank would ho permitted to enter a pool with the central hanks of other nations for the protectio, n of the American dollar against '“bear” raids.

"Mr Bernard Baruch appears now to be Mr Roosevelt’s right-hand man, and Mr Cordell Hull, when he return s from London, will either resign or will become an important factor in the administration.