FUTILE DISCUSSIONS

Manawatu Standard, Volume LIII, Issue 23, 23 December 1932, Page 7

FUTILE DISCUSSIONS

MR HOOVER AND MR ROOSEVELT INTERNATIONAL PROBLEMS. LITTLE ACTION BEFORE MARCH. (United Press Association —By Electric Telegraph. —Copyright.) Received December 23, 8.50 a.m. AVASHINGTON, Dec. 22. The discussions between Mir Hoover and Air Roosevelt on war debts and other international problems have failed to produce any substantial agreement as to tho procedure, and informed circles consider it strongly probable that little action will be taken before March 4 towards a final settlement of the present difficulties. Mr Roosevelt, in correspondence made public to-day at White House, “declined to accept any joint responsibility” in the appointment of a commission to explore war debts and other international problems, telling Mr Hoover, in effect, that he wishes a free hand after ho takes office on March 4.

AIR ROOSEVELT’S ADVISERS.

DEFINITE LINE TO BE TAKEN,

Received Dccembor 23, 9.5 a.m. LONDON, Dec. 22. The first impression of disappointment at Air Roosevelt’s refusal to cooperate with Air Hoover was removed later by reports that the former had appointed his own advisers, Alessrs Baruch and Young. This action is interpreted as a decision to take a definite lino on his own responsibility as soon as ho enters AVhitc House. The clioico of Air .<■ A. Young is regarded favourably as few have a better knowledge of European conditions than the author of the-Young Plan. ATTACK ON AIR HOOVER. A\ r ASHTNGTON, Dec. 21. The Pennsylvania Republican House delegation on AVednesday yoted to oust Representative AlcEadden as secretary of the delegation because of his attacks on President Hoover, whom ho recently moved to impeach on account of tho President’s granting a moratorium on war debts. The motion was heavily defeated. SHIPAIENT OF GOLD. SEVEN AIILLION POUNDS’ AVORTH. ANGLO-FRENCH CONSIGNAIENTS. LONDON, Dec. 22. “The largest single shipment of gold which has ever crossed the Atlantic is being carried in the AVliite Star Company’s Alajestic which left Southampton for New York yesterday,” says the Daily Mail. ' “It included big Anglo-French consignments, the total value being £7,000,000. Armed police watched it being loaded into the ship’s strongroom, which is being specially guarded throughout the crossing.”

CURRENCY NOT CONTRACTED. NO SHORTAGE OF CREDIT. Received December 23, 10.35 a.m. LONDON, Dec. 22. Replying to the Chamber of Commerce representations Air Neville Chamberlain emphasises the , misconception tlrat the payment to America has correspondingly contracted tlie currency. Ho saw no reason to anticipate a shortage of credit or a necessity for increasing the fiduciary ISS Alajor Hore-Belisha, in a debate in the Houso of Commons, mentioned that between Alay 11 and December 14 the banks’ gold holding increased by an amount almost equal to the payment to America, Notes in circulation increased during the same period from £358,000,000 to £372,000,UOO and the cash at the clearing house from £179,000,000 to £193,000,000 so that credit was notoriously, abundant. Furthermore, instead of foreigners selling sterling in consequence of a reduction of £20,000,000 in notes in tho banking department, they were actually buying so that the worst that was anticipated had not happened.

Tho London Chamber of Commerce wrote to Air Ramsay MacDonald urging that tho fiduciary issue bo raised in order to offset tho payment in gold to tho United States. Air Neville Chamberlain, dealing with suggestions on this line, explained during tho debate in the Houso of Commons that tho fiduciary issue could only ho utilised by tho Treasury on representations from the Bank of England. No such representation had boon made, and he considered it essential not to give the impression abroad that they were careless about tho gold reserves or wanted to conceal anything that was taking place.

STERLING AGAIN RISES

NEW YORK ON LONDON RATE.

(British Official Wireless.) Received December 23, 11.20 a.lll. RUGBY, Dee. 22. Another rise in sterling took place this morning the rate for New York on London exchange being 334} cents compared with 333 11-16ths at last night’s closing. PRICE OP GOLD. Received December 23, 9.15 a.m. LONDON, Dec. 22. The price of gold is £6 3s 4}d per ounce. FRANCE READY TO NEGOTIATE. ON LINES' OF ADVERSE VOTE. Received December 23. 11.5 a.m. PARIS, Dec. 22. The Government announced that it is ready to negotiate with Washington on the lines of the Chamber’s vote on December 14, with a view to a general debt settlement. It- is grateful that a serious effort has been made by Washington since the vote to smooth the difficulties. Referring to tire internal situation the Government insists on drastic cuts and sacrifices on the part of all citizens and a reorganisation of the public service.