OFF GOLD STANDARD

Wanganui Chronicle, Volume 74, Issue 230, 29 September 1931, Page 7

OFF GOLD STANDARD

NORWAY AND SWEDEN LOSS OF THE METAL FEARED OTHERS MAY FOLLOW SUIT i iSy Telegraph—Press Association—Copyright] Received Sept. 28, 8.15 p.m. LONIDON, Sept. 28. Norway and Sweden have suspended the gold standard. The Daily Telegraph’s city editor says: “Now that Norway and Sweden are off the gold standard other Continental countries may follow suit. Sweden especially feared the loss of gold to France.” FREE STATE’S VIEW NO BREAK FROM STERLING. Received Sept. 28, 9.10 p.m. LONDON, Sept. 28. The Times’ Dublin correspondent says that Mr. Cosgrove, speaking at Limrick, made the first authoritative statement of the Free State’s views regarding the sterling. The currency advocates of complete independence have been urging the Free State to break away from tho sterling and convert the £6,000,000 which the Currency Commission holds in London into dollar securities. Mr. Cosgrove disposed of this suggestion by declaring that separation of the currency from tho sterling would rob the Free State of an advantageous position in competing with foreigners, especially in British markets. GENERAL SMUTS’ VIEW NATION WILL WIN THROUGH LONDON, Sept. 27. General Smuts, acknowledging the conferment of the freedom of York, declared that the financial situation must be retrieved. It would be disastrous to humanity if Britain’s word lost its authority in the council of nations.

Britons, owing to their honesty and integrity, had saddled themselves with burdens of which their competitors, by repudiating their post-war liabilities, had relieved themselves. The breaking point had to come. Britons would not fail in their duty. They must marshall the Empire’s vast .csources. If the pound was not to follow the mark the Government must operate carefully-devised schemes not to allow anti-deflation to go over far. Britain had tried the practice of sound finance in a world which did not practise it.

You are in for a struggle as grave as any in your existence, but 1 will bet my bottom dollar that the nation will pull through.” At the Science Congress on Friday General Smuts said that though South Africa was less affected than Canada, Australia, and New Zealand, it was for the farmer as if another war had ravaged the world. He feared vast social upheavals unless a way out could be found, because the situation was unbearable. There was almost economic enslavement in mankind’s primary industry, and the progress in science and tho development of the Empire had falsified Sir William Crooke’s prophecies regarding agriculture. Apparently science must be halted in order to terminate the agricultural depression. It had upset agriculture’s applecart throughout the world.- We must co-or-dinate the results and keep the system in step with the farmers, who were bad business men. Production alone absorbed their energies and prevented them from marketing their products. Farming might be organised in order that the products should reach tho consumer without the payment of an exorbitant tribute to a host of middlcirfen.