ROOSEVELT’S NEXT MOVE

Evening Star, Issue 21619, 15 January 1934, Page 7

ROOSEVELT’S NEXT MOVE

THE MONETARY POLICY IMPORTANT ANNOUNCEMENT EXPECTED Frees Association—By Telegraph—Copyright. .WASHINGTON, January 13. The belief that an important decision on monetary policies would be announced soon was strengthened today as the result of a conference between President Roosevelt and Treasury officials. It is understood that the problem of financing the billions necessary for recovery was weighed to determine whether conditions necessitated prompt Presidential action in further impounding the nation’s gold in the Treasury and proclaiming dollar devaluation. Although the conference declined to reveal if any decision was made all quarters feel confident that the President will eventually exercise his power of calling in 3,600,000,OOOdol of gold held by the reserve banks. PRESIDENT CALLS CONFERENCE WASHINGTON, January 13. White House announced that the President summoned members of the Senate and House Banking Committees to a conference on Sunday night for a general discussion on financial legislation. It is generally believed that President Roosevelt will send Congress a message outlining his monetary programme bn Monday or Tuesday.

FOREIGN MERCHANDISE WASHINGTON, January 13. The Treasury ordered the Customs collectors to prohibit the import or delivery of foreign merchandise bearing the N.R.A. label. This follows the attempted landing of Japanese tinned fish bearing the N.R.A. insignia at Los Angeles.

THE STOCK EXCHANGE NEW YORK, January 13. The gold price was unchanged for the twentieth consecutive day. Stock exchange prices were steady, but trading was listless. The. bond. market was strong by contrast, led by Government bonds, which were stimulated by gossip that the Government plans to claim the profit on gold and apply the proceeds to defraying part of the expenses of the recovery programme. The dollar closed at 63.76, sterling at 5.09, and the franc at 6.14 J

AN OUTSIDE VIEW GENEVA, January 12. > Mr Harold Butler, director of the International Labour Office, summing up his observations on a recent visit to America, says: “Without President Roosevelt’s plans the United States would be plunged into a much greater catastrophe. Thougfi final judgment of the plans, which are barely operative, is impossible, nevertheless an immense improvement has occurred in banking, in which faith has largely been restored. The industrial codes have been of benefit to emjployers and workers.”

SIGNOR MUSSOLINI'S COMMENT BOME, January 14. (Received January 16, at 10.5 a.m.) “ Inflation is the road leading to catastrophe,” said Signor Mussolini in the Senate, referring to President Roosevelt’s experiments. He added that monetary manoeuvres could not ensure a lasting effective rise in prices, nevertheless the American measures must not be judged hastily.