HOMEWARD RUSH OF MONEY

Timaru Herald, Volume CXXXVII, Issue 19623, 18 October 1933, Page 7

HOMEWARD RUSH OF MONEY

SEQUEL TO GERMAN DECISION AMERICAN INVESTMENTS RECALLED United Press Association—Bv Electric Telegraph—Copyright (Received October 17, 11.30 p.m.) LONDON, October 17. The war talk in Europe is resulting in the homeward rush of American money. One of the factors in the excited exchange market yesterday was the hurried repatriation of money sent to Europe, particularly to France, for safety. The recent months’ rise in the dollar gave the pound in New York the value of 18/1, compared with 18/95 on Saturday. The upward movement of the dollar is expected to continue unless the position improves-, as there are still large American deposits in Europe. Moreover, shrewd judges consider the breakdown of the Conference is likely to prevent France balancing her budget, if she abstains from active military operations in the present crisis. GERMANY’S DECISION DISCUSSED AUSTRALIAN ATTITUDE United Press Association—By Electric Telegraph—Copyright (Received October 17, 10.40 p.m.) The Federal Cabinet discussed Germany’s action in withdrawing from the League of Nations and the Disarmament Conference. The Minister of External Affairs (Mr J. H. Latham), in a statement said; “The Government felt that the Conference should go on. Although the presence of Germany at the Conference was very desirable, it was not absolutely essential. Australia is vitally interested in world peace, for apart from the human aspect, the intense economic nationalism spreading over the world is closing what were our markets, and inflicting great loss on our people. The Government is anxious that an agreement should be reached, even for a limited period.” AMERICAN ATTITUDE DEFINED SEQUELS TO GERMAN DECISION United Press Association—By Electric Telegraph—Copyright (Received October 18, 12.57 a.m.) GENEVA, October 17. The American delegation, defining its attitude at the Disarmament Conference, said: “We have come to Geneva solely in the cause of disarmament, and shall be happy to participate in the negotiations, while there is a prospect of success. We are not interested in the political elements of purely European aspects, and we re-emphasise that we are nowise politically allied to any European Power. We do not wish actively to participate in this week’s consultations between European capitals, in view of their purely political character.” Scope of Four Power Pact. Conversations have been opened at Rome between the British, French and German Ambassadors to-day, but the purpose of the meeting has not been disclosed. The German Embassy announcement emphasises that Germany does not consider the Four Power Pact is affected by the events at Geneva.