CURRENCY REPORT

Hawke's Bay Tribune, Volume XXII, Issue 205, 13 August 1932, Page 8

CURRENCY REPORT

COMMENT ON PROPOSALS SIMILARITY TO U.S. METHODS. “SYMPATHETIC REACTION.” Ottawa, Aug. 11. A high British authority, commenting on the currency report, remarks on the similarity of the proposals to the methods in force in the United States, where the Federal Reserve Board releases securities to the banks, enabling the latter to assist recovery by the short term financing of commercial operations. 1 Washington’s method of increasing the liquidity of farm mortgages and thus assisting the farmers is along similar lines. Moreover, the proposal to stimulate private industry rather than finance huge public works is also in keeping with the policy of the Hoover administration.

It is. therefore, highly probable that the report will find a sympathetic reaction in the United States. AUSTRALIAN OPINION GENERALLY APPROVES • Sydney, Aug. 12. The proposals adopted by the currency committee at Ottawa are generally approved by Australian financial, commercial and political circles, the opinion being that they will form a sound basis of policy for the guidance of British Empire legislators. POLITICAL PROPAGANDA. LABOUR GETS IN EARLY. Ottawa, August 11. The Labour advisers, Messrs Bromley and Citrine, have handed Mr Baldwin a letter expressing regret that the conference, instead of fulfilling the high hopes of friendly mutual recipro city, has descended to the realm of sordid bargaining with a grave danger that the British consumer will pay the penalty. This document is regarded as political propaganda, the Labourites taking an early move to protest against possible food taxes.