MR. NORMAN’S MISSION.

Wairarapa Age, 30 August 1933, Page 5

MR. NORMAN’S MISSION.

SOCIAL CALL ON PRESIDENT ROOSEVELT. NATURE OF BUSINESS SECRET. (Received Tuesday, 7 p.m.) NEW YORK, August 28. The Rt. Hon. Montagu Norman, Governor of the Bank of England, after opening a series of conferences with Government officials at Hyde Park, stayed for an hour or more, but did not engage the President in private conversation on international financial matters, big visit being purely social. Although Mr. Norman kept the nature of his business secret, it is reported that he suggested the advisability. of a pound-dollar stabilisation, which American officials again tentatively rejected, pending the outcome of the domestic recovery policy. THE STERLING BASE. SOUTH AFRICA’S POLICY. CAPETOWN, August 28. Mr. N. C. Havenga, Minister of Finance, has returned from the Economic Conference, disappointed that nothing would be done in the way of establishing gold as an international standard, until the American policy had had time for operation. He ridicules -the rumour that the South African Government is contemplating a devaluation of currency. The Union would follow sterling. price: of gold. conjecture; in London. (Received Tuesday, 8.45 p.m.) LONDON, August 29. The “Financial Times,,” in a leader, expresses the opinion that gold is- likely to retain its values even if some European States are forced off the gold ®! andf^d > though it discounts the fear that France may abandon gold. The paper adds that while the suspension of the gold standard tends to limit the supply, demand is maintained, which does not look as if further suspensions will necessarily be a prelude to a fall in the price of gold.