STABILISED DOLLAR

Hokitika Guardian, 20 November 1933, Page 5

STABILISED DOLLAR

ROOSEVELT’S PLAN

PRICE OF GOLD ADVANCED.

(United Preg 8 Association—By Electric

Telegraph—Copyright.;

NEW YORK, November 18. A Washington despatch ,to the< “New Fork American” declares that President Roosevelt plans to stabilise tile'dollar on a. reduced gold content, before January 1. The daspnten predicts that the price of go.d in America will be advanced ■to 41 dollars 34 cents per ounce, or twice the statutory figure of 20 dollars 61 cents per ounce. To-day reports came from Paris that Mr Harris, of New York, Governor of the Federal Reserve Bank, had informed the French authorities a stable and pe.mar.ent price for gold will be fixed, on the American market. This is a report, which, incidentally, the Reserve Bank officials here have denied. Mr Harrison was also reported to have informed the French authorities that 'a. Government announcement would be made that the price of geld was remaining unchanged for the day.

As the result of these Paris reports, the dollar gained .93 cents to reach a gold value of 62.68 cents, while the French franc and sterling both fell sharply, the latter reaching 5 dollars 15 1.8 cents, but it later rallied and closed at 5 dollars 21 cents.

The so-called “Committee for the Nation,” which is engaged in monetary research, has issued a report today, signed by many economists and several Senators, including the Reserve Bank Governor, Mr Harrison, and Benta tor Thomas, highly commending President Roosevelt’s gold policy 7, and urging its continuance until the 1926 price levels have been reeahed.

The Board of the Chamber of Commerce of the United States, on Saturday, unanimously demanded “the early restoration and continuance of the gold standard, with a fixed gold value of the dollar properly determined.”

The U.S’. . Chamber of Commerce passed a second resolution objecting to the use of Public Works funds to finance any business units that were deigned to compete with existing facilities, particularly the Governient’s projects for the construction at a low cost, of housing. The foreign exchange market relapsed into a week-end truce to-day, the dollar reacting but moderately from its recovery during the past two days. Its gold. value dropped twenty points to 1.70 sterling. It closed at 524 cents, being three points up.

AMERICAN DICTATORSHIP IDEA

LONDON, November 18,

In a speech at Edinburgh, the Conservative Leader, Mr Stanley Baldwin, commented that a strange dictatorship idea has spread, which has given to the President powers that are equal to those of Herr Hitler, M. Stalin and Signor Mussolini. He also said: “I don’t know what they expect to accomplish, since they are an impatient people. No man is good enough to exercise dictatorial power over a free people. Britons, are not made for dictation. Ylet some consider that they have the mission to seize power, and to hasten changes by violent means. The greatest work of the National Government is to defeat them once and. for all.”

Mr Baldwin said that a people like the British, who were ready to endure any sacrifice, cannot be beaten. He referred to as successful the trade agreements made with. Denmark. Scandanavia, and elsewhere, especially in respect to coal, which had been criticised.

WALL STREET “CONSPIRACY.”

NEW YORK. November 18

A sensational charge lias been made as to a Wall Street bankeis “conspiracy,” which depresses Govon President Roosevelt’s gold policy, on President Roosevelt’s gold policy. Though the charge is voiced here unofficially, neither details nor confirmation are available.