CURRENCY AND PRICES.

Press, Volume LXVIII, Issue 20624, 13 August 1932, Page 16

CURRENCY AND PRICES.

IMPORTANT REPORT AT OTTAWA. REALISATION OF THE DAMAGE DONE BY POLITICS.

The importance of the report placed '.cfore the Ottawa Conference by its Monetary Sub-Committ'.c was empha-s:«.->.l by the president of the Associated Chamber.- of Commerce (Mr William Machin.'. in an interview with Tkf. Pbf.ss \csterdav. "The report ot tlii- connr.ittee is undoubtedly a great step forward," >aid Mr Machin. "In ihn first place i', is a definite recognition ihat money and prices are di.-astrously out of balance and that an alteration of monetary policy is necessary to bring about an essential and planned raising of wholesale price levels. This effectively answers and educates all tho.-e little people who have resisted readjustment by raising the bogy of 'no tinkering with the currency' and who have tried to make monetary reform seem to be a crime." Opposition to be Faced. The trouble would come, he believed, when the details—which the report widely avoided, probably in order not to confuse its main recommendationswere brought up for discussion. For then every monetary vested interest would raise objections and resist giving way. and those who held financial ad\antages in terms of ye.-terday—before gold had risen in value by 50 per cent, and produce prices had fallen by 40 per cent. —would strive to entrench themselves in order to retain these to-day. "In the second place, the report is a recognition and condemnation of the political damage which has been done to the economic structure of all nations. If this recognition results in greater reliance being placed on the practical economist, rather than on political, expediency, future generations may escape what we are now experiencing." A Planned Eevival. Third, the report emphasised the necessity for deliberate organisation towards a revival of confidence in business (in other words, towards making business profitable) instead of the mere expectation that business would become better by dint of people saying so. It declared also that the stimulation of private enterprise was better for the community than the financing of public expenditure. "I should hope that this step may be an important one towards a concrete plan at the Economic Conference which is to be held in London," concluded Mr Machin. MINING. KING SOLOMON DEEP LEAD.

(FKISS ASSOCIATION TILEGiAM.) INVERCARGILL, August 12. The mine manager of the King Solo-*' mon Deep Lead, Ltd., reports a washup for the week of 490z 12dwt. GOLDEN POINT COMPANY. The mine manager reports that the assay of ihe stone in the Home reef, which was cut earlier in the week, is ll&wt lgr to the ton in the first 3ft, the next 2ft is mineralised formation not yet assayed, and lOdwt 12gr in the bottom six inches. TALISMAN DUBBO GOLD MINES. The mine manager's report for the week ending August 6th states:— A contract has been let for delivery of ore from the paddock at the Talisman dubbo level to the Golden Dawn battery at Owharoa for treatment. The drive on the No. 1 Talisman level was advanced four feet for the two days worked last week, the two men being employed during the remainder of the week in preparing sledge tracks for delivery and stoping on the dubbo level. METALS MARKET. (CKITED FBKSS ASSOCIATION—M KLXCTBIC TILZORAPH—COPVUIGHT.) LONDOX, August 11. Quotations:— Aug. 10. Aug. 11. per ton. per ton. Copper— £ a. d. £ a. d. Standard, Bpot '.. 29 1 10£ 30 8 9 Forward .. .. 26 1 3* 30 11 3 Electrolytic .. 34 0 0 34 10 0 to .. .. 35 0 0 35 10 O Wire bars .. 35 0 0 35 10 0 Ltad— Spot .. .. 10 7 G 10 13 9 Forward .. .. 10 17 6 11 3 a Spelter— Spot .. .. 12 5 0 13 2 6 Forward .. .. 13 1 3 13 8 9 Tir— - Spot .. .. 110 7 6 142 2 6 Forward' .. .. 11l 17 6 143 12 6Silver— Standard, per oz. 171<I 1815-1 Gd I'ine, per oz. .. 17 5-lGd 20 7-16 d RISE IN PRICE OF SILVER. A REACTION EXPECTED. (Received August 12th, 8.50 p.m.) LONDON, August 12. The ''Morning Post," commenting on the sudden rise of silver to 18 15-ltJd per ounce, says the buying movement began .by some speculation iu China, fanned by larger speculation in Njew York. The precise basis of the speculation . jvas indiscernible, as no development, had occurred indicating any increased demand on the London bullion market. Therefore, the "Morning Post" apprehends a reaction. Hoth silver-miniug and cotton shares .idvanced, the latter on the expectation of increased far Eastern purchasing power, but the movement must have a more definite foundation before it can justify the holies already raised. ; PRICE OF GOLD. r ii ■, LONDON, August 11. f.U • r ounce) is quoted as £ s. d. August 11th 5 is o August 10th 5 ig 9 August 9th 5 18 7