TO RESTORE PRICES
AMERICAN PROPOSAL HIGHER GOLD VALUE NEW YORK, April 6. A group of prominent industrialists will submit proposals to President Roosevelt designed to restore world markets and active commodity prices. The committee, which is headed by Mi-. Julius Rosenwald, chairman of Sears, Roebuck and Company, would increase the price of gold to 36 dollars an ounce (£7 10s at par), being a rise of 75 per cent., and would diminish by 37 per cent, the amount of gold in the dollar. The committee suggests that the United States should continue to manage its currency, and work for an agreement with Britain to have both countries return to the gold standard on terms which would give each the price level it desires.
Mr. Rosenwald’s programme is frankly inflationary, and it is calculated to restore at least part of the £36,000,000 COO in values which, he says, have been wiped out- in three years by the tobogganniug of prices.
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18066, 18 April 1933, Page 5
Word Count
159TO RESTORE PRICES Poverty Bay Herald, Volume LX, Issue 18066, 18 April 1933, Page 5
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