TUMBLING DOLLAR SCARES EUROPE.

Horowhenua Chronicle, 30 June 1933, Page 7

TUMBLING DOLLAR SCARES EUROPE.

Final Stampede From Gold Feared. No Standard Left to Measure Values. v Received Friday, 2 a.mj NEW YORK, June 29. The sensational market rises in the past few days suffered a reversal as heavy profit-taking among commodity speculators counteracted the rise. There was a further cheapening of the dollar against foreign currencies. The sterling touched 4.43£, the highest since England abandoned gold in October, 1931, and closed at 4.375. Reports that France and her Allies aVe likely soon to abandon gold with a possible dropping of the standard by other gold countries has aroused speculation in . financial circles with the possibility of the unprecedented situation that no country in the world will be on gold. Thus there, will be no standard to measure values by with its undoubted disturbing effect on world trade and the external investment of the various countries. SHADOW OVER CONFERENCE. FRANCE FEARS INTERNATIONAL PANIC. Received Friday, 2 a.m. LONDON, June 29. The slide 6f the' dollar continues to cast a shadow on the .Economic Conference. There has been a revival of the story tliat the gold countries will demand that*Mr. Ramsay MacDonald agree to some measure of temporary stabilisation. Indeed French circles sense a condition of international psychology which forebodes a panic and think it is all too bad that gold is pouring into England for sanctuary and to disturbance of world equilibrium.

According to Plan STABILISATION STILL THE PEOBLEM : Received Thursday, 9.45 pm. LONDON, June 29. 'The Dfoily Telegraph’s financial eclitor says lack of confidence in the dollar has extended to America, hence there has been considerable selling h'ere. So far nd official check has been put on the decline and the deterioration may proceed rapidly. The United States can stop the movement at any time by announcing a stabilisation level. It must therefore be assumed that events are marching according to :plan. In the meantime the Bank of has agreed to hold the :franc, while the Bank of trance •will collaborate in supporting the guilder as long as France and Holland permit gold exports. This is a normal proceeding. Currency and commodity prices are now dominating the stock exchange movements. The Daily Telegraph’s special correspondent says it is gathered that President Roosevelt is prepared to accept the advice of Professor Moley as to whether there ; should be temporary stabilisation ior not. The question will be de-

DAFFODILS ON A ROYAL ESTATE.—Daffodils grow in profusion in iigrounds of Windsor, where the King and Queen often manage to a short time at this season. Blooms are collected by the Queen, who sends them to the various London Hospitals. The charming scene was taken in the grounds of Frogmore House, Windsor, and shows the Gothic ruin in the background.

cided during Professor Moley’s visit. The Daily Express says the bankers are again conferring in London on Friday in another effort to secure stabilisation. America’s recent objective was 4.30 and it is ’ stated to be 4.65. * s ’ i Conference Bureau's Brief . Meeting PROFESSOR, MOLE Y HAS A BUSY DAY . / # Received Thursday, 9 p.m. LONDON, June 29. The meeting of the Conference Bureau this eveaing from which much was expected brought no disclosures beyond a statement that the bureau had agreed that the conclusions of the Economic Commission will be subject to the realisation of an agreement on monetary stabilisation. This condition Was imposed by speakers during the debates. M. Avenol reported on the present position regarding the questions discussed. The meeting lasted only forty minutes. Professor Moley had a long and busy day. He held many conversations with the American delegation and in the afternoon again met the British Ministers to resume the talks started on the previous day.