STABLE CURRENCIES

Manawatu Standard, Volume LV, Issue 177, 26 June 1935, Page 7

STABLE CURRENCIES

DIFFICULTIES TO BE MET. STERLING BASIS UNLIKELY. FRANCO-AMERICAN OPPOSITION. (United Press Association—By Electric Telegraph.—Copyright.) Received June 26, 11.30 a.m. PARIS, June 25. Lord Luke, addressing the International Chambers ot Commerce, said that Britain aimed at the restoration of ail international monetary standard, but before the pound could be stabilised certain conditions were necessary, including higher commodity prices, lower international trade barriers, and the avoidance of fluctuations in the purchasing power of gold arising from monetary causes. Professor T. E. Gregory, the eminent economist, referring to the suggestion of international stabilisation, on a sterling basis, said it was impossible because neither France nor America would agree to the British Treasury directing their economio policy. The conference appointed a committee to lay down definitions of fair and unfair trading and the unity of laws in all countries relating to commercial competition, and to act as adviser and arbitrator in law suits relating to uniair competition and advertising. BRITAIN AND AMERICA. NO VISIT INTENDED. Received June 26, 11.50 a.m. LONDON, June 20. Mr Stanley Baldwin, in answer to a question, said that rumours that Mr Ramsay MacDonald was going to the United States to consult President Roosevelt on American co-operation w ith the British Empire regarding a possible stabilisation of exchanges were without foundation.