GOLD FANATICISM

New Zealand Herald, Volume LXX, Issue 21404, 31 January 1933, Page 9

GOLD FANATICISM

RETARDING WORLD RECOVERY BRITAIN'S OPPORTUNITY LONDON, Jan. 21 South Africa's abandonment of the gold standard murks another - "stage in tlia world's monetary salvation, writes Sir J.' S. WardlawMilrje, M.P., in the Times. Gold fanaticism recently has been mora to blame thin any other cause in retarding British and world recovery, he declares. There is not the remotest prospect of an international arrangement for lestoring this gold standard for a long time yet many indications of those responsible for Great Britain's policy "till regard sterling as a makeshift,- despite the prime need of raising commodity prices. Any consistent movement in that direction is paralysed by the imminence—• constantly receding—of a world conference. Great Britain should initiate action ■ without wE.iting for the -inconclusive results inseparable from conferences between the old and the new worlds. All conditions favour the stabilisation of paper ■ currencies which is essential to the suecess of a world conference. Moreover, without a stable Empire currency, the Ottawa preferences will los« much valu ;. Great Britain, as the leader .. of the sterling countries, could secure stability within, and also largely, outside, the Empire, thus presenting the conference with a fait accompli.