“SERIOUS SITUATION”
WITHDRAWAL OF DEVALUATION POWER MR MORGENTIIAU’S VIEW lU P A.—By Electric Telegraph—Copy right (Received 30th June. 12.40 p.m.) NEW YORK, 29th June. The Washington correspondent of the New York “Times” says that Mr Henry Morgenthau, Secretary of the Treasury, commenting in the Senate on the withdrawal of devaluation power, said that it might endanger the tripartite agreement with Britain and France. Furthermore, if the entire monetary oill fails in its passage through Congress, by to-morrow the two billion dollar stabilisation fund would revert to the general funds of the Treasury, and before it could be used thereafter in any international monetary stabilisation undertaking, or as a weapon against the competitive devaluation of currencies, it would have to be re-established by new legislation. Mr Morgenthau added that he considered the situation “serious, very serious ”
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Bibliographic details
Nelson Evening Mail, Volume LXXIII, 30 June 1939, Page 6
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135“SERIOUS SITUATION” Nelson Evening Mail, Volume LXXIII, 30 June 1939, Page 6
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