MR ROOSEVELT'S VIEW.

Press, Volume LXIX, Issue 20899, 5 July 1933, Page 9

MR ROOSEVELT'S VIEW.

| ULTIMATE STABILITY WANTED. IMPORTANCE OF INTERNAL SOUNDNESS. (Bnmsn otoicml. tviuklf.33.) RUGBY, July 3. Issuing President Roosevelt's communication setting forth the position of the United States Government relative to the suggested international currency measure proposals, Mr Cordell Hull (leader of the American .delegation at the World Economic Conference) explained that he was making it public in his capacity as Secretary of State, not as chairman of the American delegation. The delegation, he said, 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 the world's fundamental economic ills. It must not be 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 made an excuse for the continuance of the basic economic errors that underlie so 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 foreign exchanges on the part of a few large countries only. The sound internal economic system of a nation is a greater factor in its wellbeing than the price of its currency in the changing.terms of the currencies of other nations. It is for this reason that reduced cost of government, adequate Government income, and ability to service Government debts, are all so important to ultimate stability. So, too, the old fetishes of the so-called international bankers are being replaced by efforts to place national currencies, in a fixed relationship to goods, with the objective of giving to those currencies a continuing purchasing power which would not greatly vary in terms of commodities and the needs of modern civilisation."

AMERICA FIRM. NO MORE EFFORTS TOWARDS STABILISATION. (Received July 4, 9.20 p.m.) NEW YORK, July 3. The Washington correspondent of the "New York Times" says that it was learned to-night that the Government cannot be expected to make further effprts to aid the London Conference in effecting the stabilisation of currencies. According to the administration's advisers the proposal that the central banks should use their resources to prevent extreme fluctuations has been abandoned because the President disapproved of the provision stipulating that the Government should guarantee anv losses which the Federal Reserve Bank might sustain m the operations. The President is represented as being willing to take any responsibility for failure of the conference if it is due to the American attitude on stabilisation. . . The Administration's opinion is that now that the atmosphere has been cleared by America's refusal to agree to stabilisation the way will be paved for unembarrassed consideration of the other important questions facing the world powers. INDIGNATION IN FRANCE. CRITICISM OF MR ROOSEVELT. MR 'MACDONALD ALSO BLAMED. (Received July 4, 11.50 p.m.) PARIS, July 4. The press considers that Mr Roosevelt's "declaration of monetary war" has struck the deathblow of the conference. Mr Roosevelt's latest message is variously described as insolent, haughty, imperious, a mass of contradictions, and a document without precedent in the history of international conferences. Mr Mac Donald is also criticised for his "mania for convening international conferences"