Undue Emphasis on Currency

Horowhenua Chronicle, 24 June 1933, Page 7

Undue Emphasis on Currency

AMERICAN ATTITUDE DEFINED i (British Official Wireless.) RUGBY, June 22. The! attitude of the United States regarding the suggested temporary currency stabilisation was elucidated today by the following statement issued by the American delegation to the World Conference:—“ Undue emphasis has been placed upon the consideration of a plan proposed for a temporary de facto stabilisation of currencies. The fact is that this was never the affair of the delegation. It was considered by representatives of the "Treasuries and Central Banks of the United States, Great Britain and Trance. Dr. Sprague Haiton had been specially sent to represent the United States Treasury for this purpose. “As to the ultimate objective, tne American delegation has already introduced a resolution designed for ultimate world-wide stabilisation of unstable currencies, and is devoting itself to the support of measures for the establishment of co-ordinated monetary and fiscal policy to be pursued by various nations in co-operation with each other for the purpose of stimulating' economic activity and' improving prices. ;; Economic Nationalism. ' The United States delegation to-day tabled a resolution in the Economic Commission of the Conference, designed to lay the foundations for a gradual reduction and the removal' of artificial trade barriers. It asks the Conference to agree that the policy of economic nationalism, is against the common interest, that all arbitrary restrictions shall be removed completely and quickly, and that tariff barriers be reduced as soon as possible by reciprocal bilateral or multilateral agreements, which should contain no discriminatory features likely to react unfavourably on world trade as a whole. Abundant Credits Wanted. Later Mr. Couzens, the Republican member of the American delegation, tabled a further motion in favour of close co-operation between the Governments and the Central Banks aiming at making abundant credits available to sound enterprises and reinforcing * this with stimulation of employment by Government undertakings in country. British official circles refuse to be cast down by the rebuff caused by the American failure to support the earlier temporary stabilisation project. They state that time must be given to see the effects of President Roosevelt's measures for the recovery of prices. The present rises have only affected existing holders of stocks and have not yet reached the producers. Britain and America are agreed as to the necessity of stabilisation, the only diffierence being when this should take place. The Russians are gloating over the American resolution, declaring that it must 'Strengthen their demands for the withdrawal of the British embargo.