NO CURRENCY DEAL

Grey River Argus, 19 June 1933, Page 5

NO CURRENCY DEAL

U.S.A. REFUSAL Of London Terms (Aus. & N.Z. Cable Assn.) LONDON. .June 16. Though it is officially declared that, a stabilisation agreement has not been reached there are reliable indications that a decision will be reached in a few days. It is expected that an a'-iiee merit will be announced early next WASHINGTON. June 16. 11 was stated toMay at the White House that I’resident Roosevelt had heard nothing in the wav of a suggestion toi currency stabilisation from London. It was also asserted ’hat nothing would be d’.nie, or could be doin' bv the Conference on stabilisation, unless the action is approv ed by the President, the Acting’Sec- ' rotary of State and the Secretary of the Treasury (Mr Woodin). t Received June 17 ?.£"». p.nn NEW YORK .lune 17. The ‘‘New York Times’’ Washington ( orres] ondent states: The Treasury Department revealed officially i'-Jay that proposals for currency stabilisation which have been sub* mitted to President Roosevelt from the London Conference are not agree aide to the American Government. . The American delegates have been in I st rue ted as to within what lixed limits they may act, but no specili'* point of stabilisation as between the pound and the dollar has been de s'ignatcd. Although it is made clear that the I.’.S. Administration does not pro !oSi« to enter into any temporary or permanent agreement •calculated to give Foreign countries the economic advantage of their deflated currencies, a Treasury official stated that the L'nifed States should not be placed in the j'.isitinri of closing the door to stabilisation. Tin* official added that all realise the importance of such In the opinion of observers, % Presidon’ Roosevelt’s coolness towards early stabilisation of currency is attributed to the importance with which hp regards the tangible im piovement in L’nited States' domestic piices. He does not wish to risk a .-•■•■tbaek until other phases of the London Conference. «m h as rhe lowering of trade barriers, have been (tnvassed which might have gvrn the nation a corresponding' advantage. Loth Mr Roosevelt and Mr Woodin il.'.S. Troasurey) are represented a - - having strong views’’ as to the stabilisation negotiations, with indi* cations that the Administration’s Con Terence polio v would be rigidly con ’.(lied from Washington. In the view of the extensive stabil isation discussions which the British -. ii'. Aynerican experts have had at the time, of Mr MacDonald s visit the following I art of the (I.S. Treasury’s announcement is regarded with unusual interest in diplomatic iiicl.es: —‘‘The whole stabilisation (Vscussion at London it not one which t) is Government initiated. We are willing to listen, but wo do not wish, m be "placed in the position of trying to reach a deal—that ,i< no counter

proposal will be made.' ’ Pegged Exchange Rate WILL USA. GAIN ITS OBJECT. LONDON, June 17. The “Investor’s Chronicle” says: — It, appears possible that a pegging of the sterling-'lolkir rate between 3.95 and 4.05 will be attempted, together with a controlled sterling-franc rate, ns now obtains. From the British viewpoint it is essential to insist that tueh an arrangement should bo only provisional, for in view of the comparative Anglo-American wage levels the rate should not be higher than three dollars sixty cents to the pound sterling. KEICHSBANK’S FRESH MORATORIUM. LONDON, .lune 17. It is announced that following on a meeting of the Reiehsbank representatives with a committee of its creditors on June Sth, the standstill agreement has been extended to Febru irv 28th. ? DEBT DEFAULTERS U.S.A. REPRUIAXD WASIHXGTOX. June 17. To-day the State Department, made public a considerable p:"* of the re" cent War debts correspondentrevealing there was rather a sharp note sent to France, which country made no mention of innPi'ity to pay. The notes to Belgium and Poland were almost identical, but it noted thei r declaration of their iim’dlity to fay. According to the best information ih ( President’s debt policy regards those nations making token payments as not- having defaulted. Any revision suggestions from them con'd be in’ .mediately acceptable sw •' basis for consideration, while those that default e»i m.ust mako good, the , '/12 / 32 pay" mints, plus a token of ’<• .lune Ist. obligations. The latter ’-rl of this policy, it is believed, • subject to possible change, although much opinion holds that smh action would not be fair to Britain and the othotoken payers. ITALY’S DEMANDROME. June The Fascist Grand C ouncil insists upon negotiating with America for a final settlement of the war debts I roldem before December 1.7. "'hen the next instalment is due.