SILVER POLICY

New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 11

SILVER POLICY

ROOSEVELT ACTS N ATI ONALISATH3N ORDER NEW YORK EXCITED CURRENCIES ADVANCE By Telegraph—Press Association—Copyright WASHINGTON, August 9 President Roosevelt to-day issued an executive order providing for the nationalisation of silver at 50.01 cents nn ounce, according to the provisions of the Silver Purchase Act, 1934. Speaking at Green Uav, Wisconsin, Mr. Roosevelt indicated that his pvans would be strengthened rather titan slackened. He made it clear that .if necessary he was prepared to go to av indefinite length in extending the Government's control over business for the common good. " The old unregulated, competitive law of tooth and claw is gone for ever," said the President.

Commenting on the extension of the Government's monetary policy to silver Mr. E. Thomas, Democrat member of the Senate for Oklahoma, says it is a declaration that there is not enough gold in the world to satisfy the demand. It is a return to silver. A message from New York states that in the most hectic afternoon session since the United States abandoned the gold standard leading currencies advanced rapidly as the result of Mr. Roosevelt's order. Sterling advanced cents and touched a new high level for 1934 at 5 dollars 9£ cents. French gold francs rose to .6.67 cents and the Canadian dollar 11-16 th cent to 1 dollar 2 11-16 cents. LONDON ACTIVITY PRICE OF METAL RISES HIGHEST SINCE 1931 (Reoeived August 10, 7.35 p.m.) ' LONDON August 10 Although Mr. Roosevelt's decision regarding silver was not known in London until after the usual business hours yesterday "anticipations caused activity and the price of the metal advanced one half-penny to 21 7-16 d an ounce. This is the highest price since November, 1931.