BANKERS CONFER

Sun (Auckland), Volume 1, Issue 87, 4 July 1927, Page 9

BANKERS CONFER

FISCAL POLICIES PROBLEM INTERNATIONAL INTERESTS By Cable.—Press Association.—Copyright NEW YORK, Saturday. The governor of the Bank of England, Mr. Montagu Norman, and the president of the Reichsbank (Germany), Dr. Schnacht, arrived in New York yesterday. The visitors immediately commenced a conference with the deputy-governor of the Bank of France, M. Rist, and the governor of the New York Federal Reserve Bank, Mr. Benjamin Strong. No official information is available as to the subjects to be discussed, but it is understood consideration will be given to the problems created by the conflicting fiscal policies of America, England and France. A reconciliation of money-rate policies and the regulation of international gold shipments are also expected to be the subjects of an extended discussion. Wall Street interprets the purpose of the conference as being to aid Britain to recover from her present trade depression and to assist France to stabilise her currency. Speculation which is occurring in France owing to the appreciation of the franc is one of the difficulties which the bankers hope to solve. It is reported that Germany’s specific interest in the conferences is the maintenance of a good market in the United States for German bonds. —A. and N.Z.