GOLD UP, GOODS DOWN

Evening Post, Volume CXIII, Issue 141, 16 June 1932, Page 11

GOLD UP, GOODS DOWN

A MONSTEOUS PROCESS !

THE ONLY SOLUTION

CHURCHILL'S DEMAND

United Press Association—By Electric Tel*.

graph—Copyright (Received 16th June, 11 a.m.)

LONDON, 15th June. "Through the rise in the price of gold debtors everywhere are required to pay 70 per cent, more than a few years ago," declared Mr. Winston Churchill. If the monstrous process continued, it would shatter civilisation as it had already shattered prosperity. War debts had caused the, disease, but the cancellation of reparations would not cure it. "\Sfe.must check," he said, "the progressive 'devaluation of human effort in terms of gold. Therefore I am glad the Government favours a world monetary conference. Those fearing it ought to remember the stern fight the Australians and • New Zealanders are making to preserve their solvency and honour. Their Governments may enforce sacrifices by all classes, but a fresh rise in the value of gold will wipe out all they have done. The only solution is an international agreement ,to revaluate commodities and provide a stable measure for the exchange of- services and goods." s ■