U.S.A. GOLD STOCKS

Greymouth Evening Star, 20 April 1938, Page 7

U.S.A. GOLD STOCKS

' FURTHER DISTRIBUTION ’’TREASURER'S STATEMENT {.By CABLE —PRESS ASSN. —COPYBIGHT.] WASHINGTON, April 18. The Secretary of the Treasury (Mr. ■•Henry Morgenthau, junr.) announced 11 the abandonment of the gold sterilisation policy, opening the way to sweep- - ing increases in available credit. In - future, gold acquired by the Govern- ' ment will be poured into the credit t arteries as needed. i The only qualification is that some ; of the incoming gold may temporarily be placed in the Treasury’s working - balance in which at the present time ' there is 209,000,000 dollars of free gold. NAVAL NEEDS WASHINGTON, April 18. The Senate naval affairs committee, reporting on the proposed naval Bill, the United States that it “can be defeated and conquered without a military conquest, and an effective blockade against our foreign commerce can be established and maintained at points thousands of miles from our coasts and well beyond aircraft range.” The report therefore emphasises the necessity for a navy capable of controlling the sea areas. AGGRESSOR NATIONS NEW YORK, April 18. An unusual plan to make effective Mr. Roosevelt’s quarantine concepts, mentioned by him in his famous speech on October 5 in Chicago, is seen in a resolution introduced in the House of Representatives by Mr. B. N. Scott (Democrat, California), says the Washington correspondent of the “New York Times.” Under the resolution, the present United States neutrality law would be replaced by an unofficial boycott of socalled aggressoi’ nations. The President would be required to inform the House what nations had in recent years violated treaties such as the Kellogg-Briand and Nine Power Pacts. It is expected that Mr. Roosevelt will reply, naming Germany, Italy, and Japan, and then Mr. Scott will introduce a joint resolution deprecating aggression and advocating a popular boycott and requesting the President to call a convention of the signatories to the treaties mentioned, at which the establishment of an official international boycott would be advocated. OFFENDER PARDONED WASHINGTON, April IS. President Roosevelt has granted a presidential pardon to Colonel Townsend, leader of the old 1 age pension scheme, who was convicted of contempt for his attitude to a Congressional inquiry into the. scheme.. UNIONISTS FIGHT SAN FRANCISCO, April 19.

Hundreds of seamen were involved ip a street fight between members ,of Mr. Harry Bridges’ " International Longshoremen’s Uriion and the independent Sailors’ Union. The trouble started when members of the Bridges faction charged pickets guarding the pier gates. Police broke up the battle after 40 men had been injured.