SMOOTH WORKING

Auckland Star, Volume LXVII, Issue 235, 3 October 1936, Page 9

SMOOTH WORKING

TO CONTROL MONEY. Elastic World Arrangement Predicted. SIR ROBERT HORNE'S VIEWS. British Official Wireless. (Received 1 p.m.) RUGBY, October 2. At a meeting of the Association of British Chambers of Commerce at Cardiff, Sir Robert Home, M.P., a former Chancellor of the Exchequer, referred to the currency agreement between Britain, France and America. He said: "This arrangement is going to have an effect on the whole of the currency systems of the world. It will make it far easier to conduct business. "The foundation on which this new system is erected is the fact that these countries have at hand for this operation an immense sum of money, by which these exchanges can be regulated. "I look forward in a future not too remote to seeing the whole international trade of the world completely revolutionised. I believe, instead of an inflexible regulation of money transactions, we shall have a much more elastic method, by which the currencies of the .world will be stabilised through the operation of these exchange funds." 1 ORGY OF BUYING. SHRIEKING PARIS CROWDS. (Received 1.30 p.m.) PARIS, October 2. The Bourse celebrated the- birth of the new franc with an orgy of buying. The week's quiet was broken when throngs of brokers and clerks jammed in an inextricable, shrieking mass fought to buy on the rise. The authorities decided to keep the rises between 15 and 20 per cent. Consequently business was almost confined to outside brokers. International stocks soared.

NO DEVALUATION. DECISION OF HUNGARY. (Received 1.30 p.m.) BUDAPEST, October 2. The Hungarian Cabinet has decided not to devaluate its currency.