GOLD STANDARD

New Zealand Herald, Volume LXX, Issue 21597, 15 September 1933, Page 11

GOLD STANDARD

FRENCH ADHERENCE DECISION ANNOUNCED BUDGETARY ADJUSTMENT TRADE TREATIES SOUGHT By Telegraph—Press Association— Copyright (Received September 14, 5.35 p.m.) PARIS, Sept. 14 The French Minister of Commerce, M. Serre, in an important speech proclaimed the Government's determination to remain on the gold standard. A plan for the necessary budgetary adjustment to enable it to do so is now being prepared.

The Minister revealed that oommcrcial negotiations hap been begun for trade rapprochements with other gold standard countries. CURRENCY RAIDERS A BALKANS GANG RENEWED OPERATIONS LONDON, Sept. 7 The crazy currency dance which is demonstrably not related to ordinary commercial transactions is attributed ill the City to renewed operations of the "Balkans Gang." This consists of ten international financiers, who perfected the technique of exchange speculation when Balkan currencies plunged madly to destruction after the war.

Success depends upon the gang's elusiveness, and nobody knows which currency will next be attacked, or who will initiate the raid there. The trial is confused by hundreds of smaller speculators, who are seeking to imitate the gang's operations.

Paris is usually tho spearhead of the attack, and flank advances are made through Berne and Amsterdam. Sometimes tho members of the gang operate together, sometimes separately, and even against each other. They have an elaborate intelligence service, with agents everywhere. Enormous financial resources are behjnd their publicity departments, enabling them to arrange for the speedy dissemination of propaganda designed to weaken or strengthen particular currencies. It is estimated that the gang's profits during recent "bear" raids on the franc and guilder were £10,000,000. Britain's defence against vast speculative operations is the Exchange Equalisation Fund, the working of which is as mysterious as the gang's funds. It is virtually the world's only safeguard against monetary panic which the gang is incessantly seeking to engineer. J

A high banking authority says the failure of the Economic Conference to agree on a common currency plan was tragic, as it was the only means of stopping financial vultures from sabotaging civilisation for their own profit.