SURPRISE IN ENGLAND

Evening Post, Volume CXV, Issue 144, 21 June 1933, Page 9

SURPRISE IN ENGLAND

DRIFTING CURRENCY

STABILISATION BEFORE ALL LONDON, Juno 20. Tho "Daily Tolegraph" says it is difficult to minimise the surprise and disappointment in English financial eireles at tho news that President Roosevelt has rejected temporary stabilisation of the dollar. Onpe again America's money policy is drifting. Withput stabilisation neither tariffs, quotas, nor other matters can bo discussed with a prospect of success. Tho spectacle of the currency being deliberately depreciated until it reaches a level favouring that country's export trade is comparable to steering by a shifting landmark. The danger lies in Britain being driven into a united European front against tho United States, a position which was only with difficulty averted at Lausanne. "Tho Times" says that soino of President Bopsevolt's advisers have their gazo fixed on the internal situation and so are blind to the international aspects. Others are prooccupied with world causes of tho crisis. This lack of co-ordination is proving disconcerting to tho Conference. It would almost appear that tho American delegation had been sent without a definite idea of the objects it is expected to pursue. It is possible there may be more effective direction when Professor Moley arrives in London. Ho is regarded in the United States as the leading advocate of purely American remedies, while Mr. Hull is prominent on tho international side. ,