CURRENCY WAR

Hokitika Guardian, 23 September 1933, Page 5

CURRENCY WAR

A DISAVOWAL (United Press Association—jjy Electrio Telegi aph—Copyright.) LONDON, September 22. Rt. Hon. Montagu Norman, President at the half-yearly meeting of the Governors of the Rank of England, said. “I hope that I can dissociate myself for the future, from connection with the currency, I am not wholly responsible for some of these questions which lie elsewhere," GERMAN ACTION BERLIN, September, 21. Drastic changes in the German financial constitution were foreshadowed by Dr Scliacht, in a conference with press representatives. The Council of the Reichstag, which has always been opposed to inflation is destined to disappear. Dr Scliacht, declared that the President of the- Reiclibank cannot practice any other policy than that of the Government. Nevertheless he insisted that the money necessary for the movement of trade exists, and that if any more is needed, the Reich’s bank can furnish it without any danger of inflation. The President’s backing of the Reiclibank notes by gold and foreign currencies, Dr. Scliacht stated, will be abondoned. Fixed interest bonds, purchased by the bank in the open market, or accepted as security for loans, will be available as cover for the bank’s issues. LONDON,. September 22. The “Daily Herald” points out ll’y.t the Council of the Reiclibank was established }bv .‘international treaty.

HOLLAND’S BUDCET THE HAGUE, September 21. Holland is balancing her budget deficit of 270 mill 1 on florins by imposing new economics" and taxation, and by prolonging temporary taxation. The Finance Minister says: “The Gold Standard must bo maintained. The Government refuses to experiment with the currency. Accordingly ■it is necessary that Holland should adjust herself to a lower standard of Living,”