AMERICA'S GOLD.

Auckland Star, Volume LXIV, Issue 81, 6 April 1933, Page 7

AMERICA'S GOLD.

EASING OF EMBARGO.

Roosevelt Order Issued to Stop

Hoarding.

HEAVY PENALTIES STATED.

(United P.A.—Electric Telegraph—Copyright)

(Received 11 a.m.) WASHINGTON, April 5. President Roosevelt 011 Wednesday ordered the return of all gold over 100 dollars held by individuals to the Federal Reserve system before May 1.

In the same Executive order lie authorised the Secretary of the Treasury, Mr. William Woodin, to issue licenses permitting the use of gold in necessary domestic and foreign trade -transactions.

For violation of the order the President decreed a maximum fine of 10.000 dollars or imprisonment for 10 years, or both. The order was issued to get such gold as is still in hoarding, and to ease the national embargo to permit legitimate transactions under Federal license.

The President is prepared to case the gold embargo to permit licensed exchanges of gold for necessary commercial transactions. Mr. Roosevelt, however, will continue his firm executive hold on the gold supply of the United States to prevent foreign raids or domestic hoarding, but otherwise the embargo will be lifted.

CUTS IN U.S. TARIFF.

Decrease of Duties on Farming

Implements.

CANADIAN AGREEMENT?

(Received 1.30 p.m.) WASHINGTON, April 5. The Tariff Commission 011 Wednesday announced that President Roosevelt has issued his first proclamation under the authority of the flexible tariff law, calling for a decrease in duties on certain agricultural lancl tools.

From Ottawa it is reported that events in the past few days have strengthened the belief that a reciprocal trade agreement between Canada and the United States is in the making. No official confirmation is available, but it is not the custom of the Government to make disclosures while such projects are pending.

PLEA FOR INFLATION.

SENATE COMMITTEE'S REPORT.

(Received 11.30 a.m.) WASHINGTON, April 5. 111 a partial report to the Senate today 011 the Administration Farm Relief Bill, the Senate Agriculture Committee recommended inflation of currency to check the policy of deflation.

The report asserted that. 110 substantial improvement was possible for agriculture until the policy of deflation was not only .checked but reversed, a substantial sum of actual money admitted, and, if need be, forced into circulation. The committee also said that the Federal Reserve system, created to serve and promote the best interests of the people in commerce and industry, while pretending to be trying to keep sufficient money and credit available, has failed.