CURRENCY REPORT

Rotorua Morning Post, Volume 2, Issue 302, 16 August 1932, Page 5

CURRENCY REPORT

(Press. Assn.—

BRITISH APPROVAL should be endorsed by international conference preventing flu ctuatlon

-By Telegraph — Copyright).

Rec. Aug. 15, 8.40 p.m. LONDON, Monday The Morning Post city editor says that the report of the monetary committee at Ottawa meets with the entire approval of the city, although it is still a problem how to avoid credit faciliti'es being ahused hy speculators. Thq report contains ,no liighflown recommendations for stahilising EmP'ire exchange. by the use of a common medium, nor, is there any outside recommeridation for the return to the gold standard. This is implied by the endorsement of the British action in the estahlishment of machinery for preventing wide, fiuctaation in the gold value of sterling. This is a recogiiition that the sterling and the Dominions' currency should not fluctaate without any regard to gold, hut paving the way for the definite re-establishment of gold when a satisfactory world standard is achieved by international action. The Ottawa recommendation should be capable of co.mplete endorsement by the international conference in October. It seemed tq aim at lightening the hurden of duties in all countries by reversing the forces which render their weight in terms of commodities intolerahle.