MONETARY BILL.

Auckland Star, Volume LXV, Issue 26, 31 January 1934, Page 7

MONETARY BILL.

ROOSEVELT SIGNS.

SPURT TO BUSINESS.

Treasury Takes Possession of

All Gold.

STOCK EXCHANGE BUOYANT

(United P.A.—Electric Teli-graph—Copyright) (Received 1 p.m.) WASHINGTON, January 30. President Roosevelt signed the gold bill to-day. He is prepared immediately to carry out its provisions, the first feature of which is to assume possession for the Treasury of all monetary gold. Details of how this technical transfer will be effected, or how long it will require, are not known.

After it is accomplished, however, it is understood the President, on the basis of conferences witli his fiscal advisers, will issue a proclamation fixiii" the gold content of the dollar within the specified range of 50 to CO per cent of the old value. Immediately at the start of the operation "the 2,000,000,000dollar stabilisation fund will maintain the desired value.

The New York stock . market celebrated President Roosevelt's birthday Mid his signing of the gold bill with an avalanche of buying, orders forcing all prices up with heavy profit taking, the closing hour erasing only part of the sizeable gains. The trading volume was over 4,000,000 shares, which is the largest since July.

Industrial and Government bonds were likewise strong, although trading in the latter was probably influenced by the expected support of the newly authorised Federal stabilisation fund. Commodities mixed with wheat in maintaining gains, some futures going fractionally higher, while silver was down and cotton about unchanged. The dollar was fairly steady but slightly stronger than yesterday. The Secretary of the Treasury, Mr. Henry Morgenthau, hinted yesterday that the United States may approach Britain soon, perhaps next week, for a possible stabilisation agreement. He said he anticipated no currency war with Britain. Such a war would be costly to both countries. At any rate, no currency war had been declared by this country.

"SOME" BIRTHDAY!

Demonstration of President's Popularity.

GREAT CHARITY DRIVE. (Received 1.30 p.m.) WASHINGTON, January 30. Telegrams to the number of 150,000 and over 100,000 greeting cards were received at White House to-day conoratulating President Roosevelt on his birthday. Stacks of gifts and dozens of decorative birthday cakes were sent from all parts. To-night some 6000 charity dinners will.be held and countless other celebrations.

In one of the most unique manifestations of loyalty ever given to any President, America observed Mr. Roosevelt's 52nd birthday to-day. The proceeds of the 6000 subscription balls are to go to the Warm Springs Foundation, where Mr. Roosevelt regained his health after a long fight against infantile paralysis. Later the foundation will be endowed as an institution for sufferers from paralysis, mainly children.

After a private dinner party in White House the President will broadcast a speech throughout the country, tendering his thanks on behalf of the nation's crippled children.

From the top of Mount Washington. New Hampshire, giant skyrockets will be fired. From Little America, Antarctica, Rear-Admiral Byrd will wirelees greetings to the President.

Hotelkeepers throughout the United States have arranged to add 50 cents to their dinner charges for those who wish to pay the extra amount for the benefit of the Warm Springs institution.

Mrs. Roosevelt, wife of the President, announced to-day that after February 15, when the "district of Columbia's prohibition laws will be abrogated, only light domestic wines and beer will be served in White House. No - strong spirits will be available.

STRIKE THREAT.

Steel Workers Union Becomes

Impatient.

CODES AND RELIEF PLANS

WASHINGTON, January 30,

A delegation which reported a threatened strike by 75,000 members of the Steel Workers' Union arrived in Washington last evening prepared to explain to President Roosevelt that the long delay over dealing with the industry's code was undermining the confidence of the employers in the N.R.A. and the National Labour Board.

According to the spokesman, the steel workers are on the edge of revolt because all efforts to obtain redress for their grievances had been unavailing. Unless the situation was immediately remedied there was liable to be serious disaffection among the 450,000 other steel workers throughout the country.

The Federal Emergency Relief administrator, Mr, Hopkins, asserted yesterday that his administration is ready to invest 100,000,000 dollars in the transfer of 1,000,000 permanently unemployed men and their families, now living in poverty on the coalfields and in some of the large cities, to new rural selfsustaining communities.