INTERNATIONAL CURRENCY

Otago Daily Times, Issue 21920, 4 April 1933, Page 8

INTERNATIONAL CURRENCY

RETURN TO GOLD STANDARD GETTING THE WORLD BACK TO WORK. (Per United Press Association.) WELLINGTON, April 3. The ultimate return of the world to the gold standard for international currency purposes was given by Senator Massy Greene as a solution of the problem of getting the world back to work; In an address to the New Zealand Club he said; “I do not think . for a moment it will be at the old parity, but I think the idea of an internal national currency with the idea of maintaining stable prices will sooner or later break down the metallic basis, for the internal currency of the couhtry is no longer necessary. There are - very few countries in the world 10-day that have a real metallic basis. I think we might abandon it provided that for the purposes of international finance we have some basis of value which will enable one country to keep parity with the others. Ido not see any way of doing that but by a return to the gold basis.” Referring to war debts, Senator Greene said: “America has to realise that she cannot be paid, or at all events thatshe cannot be paid the full amount. That being so, we shall hope that in the conversations between Great Britain and America America will evolve some method by which the arrangements arrived at at Lausanne between the debtor nations will be finally and definitely adopted.”