MOLEY RESIGNS.

Wairarapa Age, 29 August 1933, Page 5

MOLEY RESIGNS.

FIRST BREAK 1N ROOSEVELT’S OFFICIAL FAMILY. DIFFERENCES OF OPINION IN STATE DEPARTMENT. PRECEDING SPLIT UNDER THE SURFACE. (Received Monday, 7 p.m.) NEW YORK, August 27. A message from Hyde Park, N.Y., the Roosevelt home, states that Professor Moley, intimate adviser to President Roosevelt, resigned on Sunday as Assistant-Sec-retary of State. President Roosevelt accepted the resignation. This first break in the official family of the United States President was presaged by an under the surface split in the State Department between Professor Moley and the Secretary of State, Mr. Cordell Hull.

CONFLICTING IDEAS.

NATIONAL AND INTERNATIONAL ACTION. CONDITIONS OF RECOVERY. (Received Monday, 7.15 p.m.) NEW YORK, August 27. Professor Moley explained that his resignation was prompted, by a desire to return to his work of writing, teaching and politics. Nevertheless, wellinformed sources assert that irreconcilable differences over policy with Mr. Hull had caused his resignation. Professor Moley is recognised as an adherent of the nationalist doctrine of economic recovery, whereas Mr. Hull believes that recovery is possible only through international action.

DOLLAR AND POUND.

RACE IN DEPRECIATION. ALARM ON THE CONTINENT OF EUROPE! LONDON, August 27. Referring to the currency confusion, the “Daily Telegraph” says that the pound and dollar last week were each left to find its own level, the Exchange Equalisation Fund having apparently suspended its activities in holding sterling. That was the only possible explanation for the sharp advance on Saturday in the franc, mark and other gold currencies. They have risen steadily since the Economic Conference, and already there is widespread apprehension in Europe as to what this portends. The allegiance of France, Germany, Holland and Switzerland to the gold standard will be tested by the race in depreciation between the pound and the dollar. Unless the movement is checked, currency questions loom ahead to disturb Europe. AUTOMOBILE CODE. NEARLY HALF MILLION HANDS AFFECTED. (Received Monday, 7.15 p.m.) NEW YORK, August 27. At Hyde Park, President Roosevelt to-day signed the automobile industry code, directly affecting 450,000 workers. The code establishes 35 hours work a week and a minimum wage scale of 40' to 43' cents per hour. It also grants labourers the right of collective bargaining.