GOLD STANDARD

Feilding Star, Volume 9, Issue 3742, 10 June 1932, Page 8

GOLD STANDARD

RETURN TO IT ADVOC ATED BY A LEAD EE COMMITTEE OBSTACLES IN’ THE WAY 'An»t. and N.Z. Cable) (Received Juno 10, 1.30 p.m.) Geneva, Juno 9A return to the gold standard arid a desirability of a. (rise of its price level aided by tbo Central Bank i s . advocated in the final repair of the gold delegation of the Financial Committee of the League of Nations. A return to the gold standard, however, cannot he expected pend'ag the restoration of a. reasonable dogr c° of freedom in the movement of goods nJtd services the settlement of the reparations war debts -and the establishment <. f certain guiding principles in. tile* working of the gold standard. The delegation considers the rapid decline in the prices in the beginning of 1929 cannot bo attributed to a. deficiency in the gold supply, which had bee l adequate to support the credit structure required by the Board r.f Trade. MINORITY REPORT A minority report signed by the chairman, M. Albert Jamison, and Sir Reginald Mont, and Sir Henry Stmtosoh, coiitenc!, s the dominant cause of the breakdown was the maladministration of the gold reserves beginning in 1929 and emphasises the practicability of restoring* and maintaining gold prices at r " suitable level by a concerted at tempi to restore the wholesae price s to the 1928 level.