ROOSEVELT ASTONISHES

Taranaki Daily News, 14 July 1933, Page 7

ROOSEVELT ASTONISHES

REFUSAL TO PARTICIPATE DEBATE ON MONEY STANDARD “TIME NOT OPPORTUNE” OWN DELEGATES STARTLED By Telegraph—Press Assn. —Copyright. London, July 12. President Roosevelt has again astonished his own delegation and startled the conference. Senator Pittman has been compelled to announce that in connection with the Federal Reserve Bank he had received instructions that America regarded this as an inopportune time to participate in the debate on the re-establishment fo an international monetary standard. The sub-committee dealing with the matter had previously agreed to a discussion, subject to the Americans receiving Washington’s permission, which was regarded as certain.

The elimination of this business has halted proceedings until the situation is reported to the bureau.

. A Washington message states that Professor George F. Warren, of Cornell University, and Professor James Harvey Rogers, of Yale, both regarded as outstanding advocates of managed money, have been named by President Roosevelt to survey the fiscal situation. Their appointment leads to the belief that the foundation is being laid for managed currency. DENIAL FROM BRITAIN SUMMONING OF DOMINIONS. NO SPECIAL SIGNIFICANCE. Rec. 1.10 a.m. London, July 13. Official circles deny that the British Government suddenly summoned a meeting of the Dominions’ representatives yesterday in order to suggest the temporary regulation of production and marketing, with a renewed request for a reduction of exports of dairy produce and a further temporary reduction in meat.

Yesterday’s meeting was a regular consultation between Britain and the Dominions to which, the Australian Press Association was informed, it was unnecessary to attach special significance.

The Economic Conference Commission, meeting publicly, discussed the French proposals for the relief of' employment by .means of public works. The American delegation presented resolutions favouring lessened hours of I ‘.our with a scale of wages increasing in proportion to the augmentation of productivity.