THE DOLLAR

New Zealand Herald, Volume LXX, Issue 21533, 3 July 1933, Page 9

THE DOLLAR

-NO STABILISATION

ROOSEVELT'S DECISION

"PROBLEM FOR BANKS"

EFFECT ON CONFERENCE

talk of adjournment

jj Teloprnpli —Fropi Association—Copyright (Received Ju'v 2, 5.5 p.ir,.) LONDON, July 1

\ message from Now York says it is learned that- President Roosevelt will _ o t commit the United States at the present time to any form of dollar stabilisation, which, the President says, L considers is a problem for Hie central banks to settle, not for the Governm pnts * ~ , 4 ■ , Economic C onlerolice circles are. astonished at Mr. Roosevelt's decision as they had hoped for his acceptance of B stabilisation plan. The leader of the American delegation, Sir- C'ordell llnil, will make a statement on Monday that Mr. Roosevelt rejects the proposal in its present form. His statement also will elaborato America's policy. It is reported that the President's economic adviser, Professor Raymond Moley, recommended INIr. Roosevelt to approve ft formula under which the central hanks would uso their resources to prevent extreme fluctuations of currencies. It was believed that Mr. Roosevelt would agree to this, thus materially relieving tho situation, especially from the French point of view. A message from Paris says the sug-

gestion of an adjournment of tho con- * ference is again active. It is understood that M. Paladier agrees to tho proposal. It is reported in Paris that Professor jjolpy warned Roosevelt that his failure to subscribe to stabilisation would involve tho adjournment of the Opposition newspapers aro demanding the adjournment. Otio dedares that Mr. Roosevelt in Campobello is "00 per cent Robinson Crusoe." PRESIDENT'S VIEW TEMPORARY STABILISATION NO CHANGE IN SITUATION WASHINGTON, Juno 30 A message from ,Camj)obello, New Brunswick, whero Mr. Roosevelt is upending a vacation, states that tho President regards tho question of a temporary stabilisation of currency as a banking rather than a Governmental problem, and therefore as outside tho immediate realm of tho Economic Conference. Mr. Roosevelt made his view known »fter being advised of London despatches quoting high British quarters as saying that they understood he had replied favourably,.to tho plea to present erratic dollar fluctuations.

Government officials in Washington are making a thorough study of the currency developments in London, but it was stated to-day in official quarters that so far, from the United States' point of view, there has been no change in the situation. AMERICA CRITICISED PARIAH AMONG NATIONS PROGRESS BEING BLOCKED LONDON, June 30 In a copyright message to the North American Newspapers Association Mr. J. Hayden, Washington journalist, writes: Putting it mildly, America is the pariah among the nations, 65 of which have been encouraged to believe that she would stimulate recovery, whereas her delegates have blocked all progress. Yet France, hitherto selfcentredly nationalistic, leads the cry for international co-operation. The French delegates' indignation at the private conferences was boundless. Europe cannot understand America's unwillingness to check the fluctuations of the dollar or bow £>he, as the largest creditor in the world, can sever her international ties and still &°pe to collect debts. GOLD COUNTRIES IMPORTANT resolution APPEAL TO-MR. ROOSEVELT British Wireless RUGEY, .Tune 30 The work of the Economic Conference is still overshadowed by the problem of temporally currency stabilisation. The five European countries whose currencies are based on gold are reParted to desire from Britain a declaration on the gold standard to cover the Period until the currency commission of the conference presents its report. Such a declaration, it is believed, Would have a steadying effect. It is Generally accepted that a declaration in * form to which the United States m, gAt be able to subscribe would be of greater value than a purely European Pronouncement. The subject was discussed to-day at meeting!? of several delegations .a their experts. Two private meetngs between delegates of the five gold countries and Mr. .Mac Don aid were BGe °nd of these, held in if 6 evening at No. 10 Downing Street, rotessor Raymond* Moley, economic tpn'| Se f Ji° P res ' c lent Roosevelt, atR „i • The meeting was adjourned and . sequently J[. Bonnet returned to 1 aris. tinn as ann °unccd that all the delegaagreecl to tlie text of a colrf 3^6 *°- l Roosevelt on the aw "aited eS^'°n s was nn in a statement prior to drew P ar ture, said the gold countries )n at . a joint declaration on the Thpii Soll flbt the British views. \vitv, +1 consulted Professor Moley, to Mr V esillt thift tho niessage sont the* Hoi °. sevc 't was ono which all approved a^ IOUS ' " le '"^' n ß American, ld , colln tries' resolution thus by fv' 'Advocated the maintenance cost akr> +1 ie S°ld standard, at any to j't rj., tae return of other countries &abilj sa ?° added that the s W>ilinin!? n a t the moment ot c oricern f ln,ls t be the independent With . oa °b country. Countries 8 Plan' ° risec^ 'currencies approved of