America Wedded to Inflation

Manawatu Times, Volume LIV, Issue 7190, 23 June 1933, Page 7

America Wedded to Inflation

Dollar Stabilisation Dead CONFERENCE AWAITING ROOSEVELT’S ADVISER United Press Association—By Electric Telegrapn—Copyright , Received Thursday, 11.30 p.m. LONDON, June 22.

The Monetary Commission of the Economic Conference is virtually marking time till the arrival of Professor Moley (President Roosevelt’s adviser) next week, when it is hoped the American attitude can clearly be defined. In the meantime the American delegation is described as being in a state of “suspended animation,” while the currency stabilisation plans are at a standstill. A Paris report says French financial circles regard dollar stabilisation as dead and the United States being wedded to inflation is now looking to provisional backing of the sterling and franc exchange leading to a European currency trace leaving America out of the picture. British Tariffs as Bargaining Weapon BROUGHT EUROPE TO HEEL Received Thursday, 9.50 p.m. LONDON, June 22. Tn the Lords, Lord Stanhope, replying to au attack oil the Government tariffs by Lord Anold and Lord Ponsonby, said without tariffs it would havo been impossible to adjust our trade balance and the people of Britain would have been faced with starvation. Tariffs wero only part of tho Government’s policy. They were endeavouring to free trade throughout the world and they felt that they now had a bargaining weapon. It would havo been impossible, bo said, to seo tho AVorld’s Economic Conference without the imposition of British tariffs when wo were -a free dumping ground and foreign nations wero content. AYhcn they realised they were shut out of tho British market they thought it worth whilo to confer and sec if something could be done to improve tho trade, credit and exchange position. Plans for Marketing and Production Received Thursday, 9.50 p.m. LONDON, June 22. Britain, Australia, Canada, India, Argentina and Soviet Russia will be among the countries represented on the committee appointed by the Economic Commission to examine plans for co-ordinating marketing and production. This committee will ultimately deal with the question of raising wheat prices.