ROAD BACK TO WORK

New Zealand Herald, Volume LXX, Issue 21458, 4 April 1933, Page 8

ROAD BACK TO WORK

INFLUENCE OF CURRENCY FEDERAL MINISTER'S VIEWS RETURN TO GOLD NECESSARY [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Monday The ultimate return of the world to the gold standard for international currency purposes; was given by Senator W. Massy Greene, assistant Federal Treasurer and head of the Australian Trade Delegation, as a solution of the problem of getting the world back to work. In an address to the New Zealand Club Mr. Greene said: "I do not think for a moment it will be at the old parity, but 1 think the idea of an- internal national currency with the idea of maintaining stable prices will sooner or later break down. A metallic basis for the internal currency of a country is no longer necessary. There are very few countries in the world to-day that have a real metallic basis. I think we might abandon it, provided that for purposes of international finance we have some basis of value which will enable one country to keep a parity with others. I do not see any way of doing that but by a return to a gold basis." Referring to war debts, Mr. Greene said America had to realise that she could not be paid, or ,at all events, that sho could not be paid the full amount. "That being so," he said, "we will hope that, in the conversations between England and America, America will evolve some method by which the Lausanne arrangements arrived at between the debtor nations will be finally and definitely adopted."