U.S. MONEY POLICY

Hokitika Guardian, 22 December 1933, Page 5

U.S. MONEY POLICY

BANK OF ENGLAND' DICTATION

WILL NO LONGER BE ACCEPTED

(United Frees Association—By Electrb Telegraph—Copyright.)

WASHINGTON, December 20.

At the Economic Club diliner tonight, Mr Rainey, Speaker of the House of Representatives, devoted much of his remarks during his speech to aii attack on Dr Sprague (who resigned from the U.S.A. Treasury Advisors). He intimated that Dr Sprague had handled Britain’s dropping of the gold and he now was trying to prevent America from following that- policy which had proved beneficial to- Britain.

The Speaker (Mr Rainey) added: The . Administration does hot propose any longer to surrender its monetary 'policies • to the dictation or the control of the Bank of England.

DAIRY INTEREST’ COMPLAINT

WASHINGTON, December 20.

A story of. deflated, rather than inflated, prices through the operation of the Agricultural Adjustment Administration was told to the Secretary (Mr Wallace), to-day by representatives cf the cheese and butter industries. They complained bitterly that he had failed to support the market as promised, through Government purchases of cheese and butter.

Mr Wallace issued a sharp’answer indicating that the Government felt thta their industry had done little to regulate . its over-production. They could not stabilise profits indefinitely through Government buying.

DOLLAR RISES; PRICES DOWN

NEW YORK, December 20.

With the gold price to-day unchanged, and with the dollar gaining in foreign exchange trading here, stocks, particularly certain specialties, suffered heavy losses in value, ranging from four to ten points.

The closing prices, however, wereabove the lowest of the day, and the losses averaged approximately three points. Recent disclosures of pool manipulations as to certain stocks . have caused a nervous market, which is also reflected in commodities, and generally the soeculative element was depressed.