PROBLEM FOR AMERICA

Manawatu Standard, Volume LIII, Issue 50, 26 January 1933, Page 7

PROBLEM FOR AMERICA

DEPRECIATED CURRENCIES. GOODS FROM FOREIGN COUNTRIES. FLOW INCREASING IN INTENSITY (United Press Association—By Electric Telegraph.— Copyright.) Received January 26, 8.35 a.m. WASHINGTON, Jan. 25.

President Hoover feels that the United States is faced with the necessity of either increasing its tariff walls or action to gain stability in foreign currencies, and it is considered possible that moves will be made for speeding up the approach to the World Economic Conference.

It was stated in a high administration source that the President desires to avoid major increases in the tariff, but feels that they may be necessary unless the World Conference can act quickly to bring greater stabilisation of foreign currencies. President Hoover, it is stated, believes that only in the past four or five months has the United States felt the full reaction from the departure of various European countries from the gold standard. Figures have been placed before him designed to show that goods from countries of depreciated currencies are flowing into the United States with increasing intensity.

HIGH TARIFF WALLS.

STATE DIVIDED FROM STATE. Received January 26, 11.5 a.m. LONDON, Jan. 25. In an article entitled “World Recovery and War Debts,” in Lloyd’s Bank Review, Rt. Hon. H. A. L. Fisher, formerly President of the Board of Education, says: “Europe cannot say the word ‘default,’ and, in view of the American Government’s repeated declaration that such a solution is entirely unacceptable, Europe cannot ask the United States to say the word ‘cancellation.’ Let America use her great economic position and press for a reduction in the high tariffs, which are throttling European trade and herself, by the offer of a liberal tariff revision and give an example which other nations may follow. The prime cause of the present economic discontent is the existence of the high tariff walls dividing State from State.”