CENTRAL BANK PLANS ABANDONED

Stratford Evening Post, Volume II, Issue 296, 5 July 1933, Page 5

CENTRAL BANK PLANS ABANDONED

President Disapproves of

Provision

Press 'Association. —'"'orivrierht. New York. July 3

' The Washington correspondent of the New York Times says it was learned to-night that the United States Government cannot be expected to make further effort.* to aid the London Conference in effecting stabilisation of currencies.

According to Administration advisers the Central Banks' plan has bean abandoned because the President disapproved of the provision stipulating that the Government guarantee the Federal Reserve Bank against losses which might be suffered in the operations. The President is represented as. willing to' take any responsibility for the Economic Conference being a failure if it is due to' the American attitude to stabilisation. The Administration's opinion is that the atmosphere has been cleared by America's refusal to agree to stabilisation and that the way would be paved for unembarrassed consideration of other important questions facing the world. FRENCH PRESS OPINION • Press Association.—Cop/rieht. Paris, July 4. The French Press considers President Roosevelt's reply a declaration of mone- I tary War and that it jvill strike the : death-blow of the conference.

Mr. Roosevelt's message is variously described as "insolent," "haughty," and 'lmperious," a "mass of contradictions," and a "document without precedent in the history of international conferences." A section of the Press also criticises Mr. Ramsay MacDonald for his "mania for convening international conferences."