(British Official Wireless)

Rotorua Morning Post, Volume 2, Issue 575, 5 July 1933, Page 5

(British Official Wireless)

Rugby, July 3. In issuing Mr. Roosevelt's communication setting forth the position of the United States Government relative to the suggested ' international currency measures and proposals, Mr. Cordell Hull explained that he was making it puhlic in his capacity as Secretary of State and not as Ch'airman of the American delegation. The delegation had at no time had jurisdiction on this subject, which was clearly a Treasury matter. Mr. Roosevelt's communication concluded: — "The conference was called to better, and perhaps cure, fundamental econom-ic ills. It must not he diverted from that effort." After pointing out that the conference had been called to bring about more real and permanent financial stability and greater prosperity to the masses of all nations, he said: — "I do not relish the thought that insistence on such action should be an excuse for the continuance of the basic ' economic errors that underlie iso much of the present) world depression. "The world will not 'long be lulled by the specious fallacy of achieving temporary, and probably artificial stability in foreigfl) exchanges on the part of a few large countries only. "A sound international economic system of a nation is a greater factor in its well-being than the price of its currency in changing terms of eurrencies of other nations. It is for this reason that to reduce the cost of Government adequate to the Governments income, and its ability to supply service and meet Governmhent dehts is so important to ultimate stability. "So too, the old fetishes of so-called international bankers are being replaced by efforts to place national currencies with the objective of giving to those currencies continuing purehasing power, which does not greatly vary in terms of commodities and the need of modern civilisation."