WORLD CURRENCIES

Timaru Herald, Volume CXL, Issue 20217, 19 September 1935, Page 9

WORLD CURRENCIES

VITAL NEED FOR EARLY STABILISATION United Press Association—By Electric Telegraph—Copyright LONDON, September 17. M. Bonnet (France) at a meeting of the Economic Committee of the League of Nations, urged the principal Powers provisionally to stabilise their currencies. France was ready to reduce tariffs and quotas in favour of nations that were doing likewise. She realised the futility of high protection, but was forced to adopt it by the depreciation of many nations’ currencies. She would later submit a resolution concerning the matter. M. Bonnet told the newspaper “Midi” that France is working on a fresh stabilisation effort with England and America, but it must not involve the devaluation of the franc. Financial experts say that the implication of this move is the revaluation of the dollar and sterling at their old parity, which will be aU to the advantage of France’s trade. FATE OF GOLD BLOC ADHERENCE OF NORWAY United Press Association —By Electric Tel egraph -Copyright THE HAGUE, September 17. Queen Wilhelmina, in opening the Netherlands Parliament to-day, declared that it was impossible to consider any devaluation of the currency, or a departure from the gold standard as a means of improving Holland’s position. The Government was examining the possibility of gradually replacing the systems of quotas and restrictions by other measures, which would create less difficulty. It was proved to grant some relief to shipping companies.