DOLLAR AND GOLD

New Zealand Herald, Volume LXXIII, Issue 22315, 13 January 1936, Page 9

DOLLAR AND GOLD

[ PRESIDENT'S POWERS EXTENSION FOR YEAR (Received January 12. 5.5 p.m.) WASHINGTON. Jan. 11 The President, Mr. F. D. Roosevelt, has by proclamation extended for one 1 year his powers to alter the gold con- ' tent of the dollar allowed under the ' Gold Reserve Act, which would otherwise have expired on January 20. The President commented: "The emergency has not been terminated by international agreement or otherwise, ; but on the contrary continues and has ' been intensified in divers respects by the unsettled conditions in international finance and foreign exchange." Commenting for the first time on the reversal by the Supreme Court of the Agricultural Adjustment Act, the President informed representatives of the press that he would oppose export subsidies as a substitute. "We must avoid any national agricultural policy that will result in the shipping of our soil fertility to foreign lands," he said, and' insisted that the proper course must be to seek other legal methods to continue the limitation of production. The Gold Reserve Act empowers the President to reduce the gold content of the dollar by a maximum of 50 per cent. At present its gold value is slightly below 60 cents, a figure at which it has stood- for some time.