AMERICAN FINANCE

Evening Star, Issue 21231, 12 October 1932, Page 7

AMERICAN FINANCE

DISCUSSION CENTRES ROUND GOLD STANDARD Press Association —By Telegraph—Copyright NEW YORK, October 10., Although the European raid on the dollar, in which French speculators apparently attempted to capitalise President Hoover’s gold standard utterances, completely collapsed to-day with the franc exchange down 1 1-8 to 3.92 5-8, safely below the gold point, the recession of domestic security and commodity prices has continued. Meanwhile, the Republicans apparently intend to press the gold standard as a political issue. The New York 1 Times ’ Washington correspondent reports that Senator Reed, who has just returned from Europe, had a conference with President Hoover and reiterated his contention that the standard was severely endangered, blaming the inflation measures that were pending in the Congress. He added: “If the Democrats get control of the Government and pass these measures the United States will be thrown off the gold standard without any doubt.” In discussing the European situation, Senator Reed declined to predict the action of Britain or Prance on the Lytton report. He insisted that he had not discussed war debts, hut he expressed the opinion that both Britain and France would meet the interest payments that were_ due on December 15. He characterised the_ domestic fiscal situation as still serious, and he indicated that another attempt to enact a sales tax would be undertaken during the session of Congress which would start in December,