MONEY PROBLEMS

Evening Star, Issue 21091, 2 May 1932, Page 6

MONEY PROBLEMS

MR RUNGIMAN'S CONFIDENCE LONDON STILL WORLD'S FINANCIAL CENTRE (British Official Wireless.) PrM* Association —By Telegraph—Uopyrigi^, RUGBY, May 1* (Received May 2, at 11 a.m.) Dealing with the foreign exchange problem, Mr Walter Runciman said the Government desired to see the foreign sovereign reaching equilibrium through which stability could be maintained* Stability was to some extent at their, command through the proposals of the present Budget, and their object was not to deal with banking problems, except so far as they were interwoven with industry. They wished to enable the merchant, the manufacturer, and the, ship owner to 'be assured of his costs at home and abroad, and this could only be achieved by stability in the relative values of British and. eign money. It might ’be that gold would be the fluctuating element, and not sterling; indeed, it was so far thei opinion of the world that the sterling; area was extending. They were find-1 ing their responsibilities growing out* side the area of their own country into the Empire, and even into a widet! world. The attempts to replace Lon* don as the financial centre of the world had failed. “ I have no hesitation in? staking whatever reputation I have ip! saying that we shall be far better off at the end of 1932 than wo were at the end of 1931.”