THE GOLD STANDARD

Manawatu Standard, Volume LIII, Issue 63, 10 February 1933, Page 7

THE GOLD STANDARD

POSITION OF GREAT BRITAIN

QUESTION IN THE COMMONS,

ECONOMIC CONDITIONS. (United Press Association—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received February 10, 12 noon. RUGBY, Feb.-9. Asked whether Sir Frederick Leith Ross, the chief economic adviser to the Government, had been instructed to outline at Geneva the conditions under which Britain would be prepared to return to the gold standard, the Prime Minister, in the House of Commons, said: “The statement did not indicate that Britain is prepared to return to the gold standard in the present circumstances. On the contrary, it makes it plain in the words used by the Preparatory Committee of experts at Geneva, that there are a great number of economic as well as financial conditions which must be fulfilled before the restoration of an international gold standard can be a practical possibility.”

BRITISH MONETARY SYSTEM.

VIEWS OF INDUSTRIALISTS.

LONDON, Feb. 9. Opposing an early return to the gold standard, the Federation of British Industries, in a memorandum to the Chancellor of the Exchequer, urges the creation of a British monetary system based primarily on the Empire and secondly on other countries desiring to enter a system related to sterling. The federation urges maximum understandings with the Dominions in adopting a common Empire industrial and financial policy.

ECONOMIC CONFERENCE.

■WASHINGTON, Feb. 9,

Administration officials as well as Democratic leaders are pleased with at least one feature of the official agenda for the World Economic Conference, which was published here to-day—the listing of the restoration of the gold standard as a primary objective in any programme for world recovery, thus coinciding with both Mr Hoover’s and Air Roosevelt’s views. Officials also favour the recommendations for the domestic suppression of inflationary schemes for the balancing of public and private budgets of various countries and the proposed horizontal reduction of tariffs, also a preliminary Customs truce and a bar on further increases.