STABLE STERLING

Grey River Argus, 3 May 1932, Page 2

STABLE STERLING

British Aim MINISTER’S PARADOX. I (British Official Wireless.’) RUGBY, April 30. Dealing with the foreign exchange problem, Mr Runciman said that the Government desired to see the foreign sovereign reaching equilibrium through which stability could be .main tained. Stability to some extent was at their command through the proposals of the present budget and thenobject was not to deal with the banking problems except so far as they were interwoven with industry. They wished to enable the merchant, manufacturer and shipowner 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 foreign money. It may be that gold would be the fluctuating element, and not sterling. Indeed it was, so far, the opinion of the world that the sterling area was extending. They were finding their responsibilite* growing outside the area of their own country into the Empire, and even into the wider world. The attempt to replace London as the financial cen tre of the world had failed.

<4 I have no hesitation in staking whatever reputation I have,’’ he added, “ in saying that we will be far better off at the end of 1932, than a« the end of 1931.’’