GOLD STANDARD

Grey River Argus, 11 June 1932, Page 2

GOLD STANDARD

LEAGUE OF NATIONS REPORT. (Ails. & N.Z. Cable Assn). GENEVA, June 9. A return to the gold standard, the desirability to rise the price level, aided by central banks, are advocated in the final report of the gold dele gation of the League’s Financial Com mittee. The report states: A return to the gold standard, however, cannot be expected pending the restoration of a icasonable degree of freedom in movement of goods and services, a settle ment of the reparations and war debts and the establishment of certain guiding principles in the working of the gold standard. The delegation considers that the rapid decline in prices, beginning in 1929, cannot be attributed to deficiency of gold supply, which had been adequate to support the credit structure required by the Board of Trade. A minority report signed by the Chairman (Albert Jandsem, Sir Reg inald Mant, and Sir Henry Strakoseh) contends that the dominant cause of the breakdown was maladministration of the gold reserves, beginning in 1929, and it emphasises the practicability of restoring and maintaining gold prices at a suitable level, by a concerted attempt to restore wholesale prices to the 1928 level.