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Hokitika Guardian, 7 June 1935, Page 4

The stabilisation of curency continues to engage the attention of tlm Great Powers. It was the refusal of the United States to be a party to consideration of a currency internationally stabilised, that wrecked the World Economic Conference in 1933. No one knows all the facts better than does Mr MacDonald, who was president of that conference and strove to the last moment to avert the fiasco brought about by this particular American attitude. The plea then advanced by Washington was necessary pre-occupa-tion with domestic problems. At the time this plea was defended by the excuse that “When a great nation concentrates her vast resources to restore vitality in one of the important organs of the world’s economic- system, its ‘enterprise should be regard®! with sympathetic interest.’* Tins attempt to disclaim responsibility tor the ruin of the conference deceived rmbody. As events soon demonstrated m detail, the American policy was wholly selfish. It preferred to put its own interests first and last. Instead of standing by to help others in tan get of serious catastrophe, 'be Imted States c-hose to scuttle away on a l’ I’- 1 ’- vatc raft lest its buoyancy should ue endangered by their laying so much as a finger on it. Wlmt has happened since lu-s proved the folly as well as the selfishness of this “domestic nre-oeupation.” Lately there have come unofficial but clear hints i.-o Washington that the United States will now welcome another .opportunity to deal internationally with the problem, but no honest,, official avowal of readiness to Like responsibility Until such an avowal comes, there will ] ie no assurance of anything bettu than happened two years ago.