SECRET BETRAYED.

Star (Christchurch), Volume LXIV, Issue 941, 11 December 1933, Page 1

SECRET BETRAYED.

Leakage of Information From U.S. Treasury. United Press Assn.—By Electric Telegraph—Copyright. WASHINGTON, December 9. A sensation developed to-day when it was announced that the Treasury was investigating complaints that the London market has been getting four to eight minutes’ advance information on the Treasury’s daily announcement of its gold price. It is said that the price is fixed through telephone conversations among various officials. The possibility of a ‘ leak ” is held to be all but impossible. Nevertheless the subject will be sifted. There was again no change in the, gold price to-day. However, the dollar lost about twenty points against the franc, which closed at 63.45. Sterling was up li points to 5.17 dollars, and the franc was up two points to 6.171 cents. The Treasury announced to-day that its certificate issue subscriptions totalled 2,714,000,000 dollars, or three times the amount offered. The Government announced its seventh successive gold quotation of 34.01 dollars an ounce. The success of the Government’s major financing measures since the beginning of its gold buying programme was said in Treasury circles to be especially significant in view of Dr O. M. W. Sprague’s prediction that it might become necessary to resort to “ greenbacks ” to meet debt requirements. It is held that the moderate exercise of the President’s gold buying policy in harmony with commodity price trends apparently constitutes the Administration’s immediate monetary programme. The underlying strength of stocks again was evident in late trading on the New York Stock Exchange. After a mild reaction the market closed firm. Weakness in wheat, coupled with a

steadier dollar rate, left little increase for “ turn-ups ” in the commodity markets and values fell under scattered selling The Relief Corporation, through the Farm Credit Administration, purchased 12,000,000 bushels of wheat in the open market. It is stated that this wheat is moving rapidly, being processed into flour, used to feed livestock, and distributed to needy families. A.A.A. Dispute Settled. The correspondent of the “ New York Times ” learned to-night that President Roosevelt has settled the Agriculture Adjustment Administration dispute between Mr George Peek and Mr Henry Wallace, with the former understood to be willing to accept a special State Department post in charge of finding markets abroad for farm products in return for enlarged liquor quotas. Under the agriculture programme thus far since its removal from the jurisdiction of the A.A.A. to that of the N.R.A., three important codes having relation to farm products have been approved and will soon be invoked by the President. These include the retail food and grocery industry, the wholesale food and grocery industry, and the grocery manufacturing industry. They are estimated to bring 500,000 concerns and 2,000,000 workers under the Blue Eagle of the N.R.A. Chinese Wheat Duties. Increased duties on wheat and flour running to as much as 900 per cent higher than the present rates are under consideration by the Chinese Government, according to information received by the State Department on Friday. No action leading to a protest is expected until the Chinese make a definite move. At present there is no duty on wheat going into China, but under the proposals the duty would be 50 cents a picul. Instead of the present rate of 10 cents a picul on flour a new tariff is proposed of one dollar.