GOLD STANDARD

Wanganui Chronicle, Volume 75, Issue 117, 20 May 1932, Page 7

GOLD STANDARD

; DEPARTURE SCOUTED AN AMERICAN VIEWPOINT THE GOLDSBOROUGH BILL RESERVE BANK OPPOSITION {Dy Telegraph—Press Association—Copyright) Received May 19, 5.5 p.m. WASHINGTON, May 18 Governor Meyer, of tho Federal Reserve Board, testifying to the Senate Banking and Currency Committee against the advisability of tho Goldsborough Bill, confidently predicted that the United States would go off tho gold standard. “There is not the slightest doubt in my inind and that of any responsible official, of the ability or intent of the United States to stay on the gobi standard,” said Governor Meyer. “No nation has gon? off except through necessity. There is none that does not want to -eturn to a metallic basis. Mr Neville Chamberlain recently said his country must return to a mctalli'c basis.” Governor Meyer said that the Goldsborough Plan would do hawn. The United States could not alone control the world price level, especially in the face of conditions “more serious than we have ever known.”

WORLD SINKING DEEPER WESTMINSTER BANK’S REVIEW LONDON, May 18. Tho Westminster Bank Review, in discussing the world’s financial problem, says: “Our return to the gold standard sooner or later is morally certain, but only on conditions which will ensure that the standard should not again be called upon to function under impracticable conditions. “The world as a whole has sunk deeper into the trough of depression, while Britain has been preoccupied in the task of saving her soul alive. It would be dangerous to ignore the contingency that if the world outside these islands continues indefinitely to relax its grip on the standards of life, it may bo impossible to maintain the position we have gained with so much effort and self-sacrifice in the past few months.’’

DECLINING TRADE GERMANY AND FRANCE. BERLIN, May 18. In April exports declined by £16,830,'■oo to a total of £24,065,000, and by £21,365,000 to £33,950,000. A Paris message says that exports in the past four months declined by £33,684,000 to £56,288,000, and imports by £44,132,000 to £91,472,000.

INTER-EMPIRE TRADE THE POSITION IMPROVING COMPARATIVE FIGURES [ British Official Wireless. ] RUGBY, May 18. Returns published by the Board of Trade reveal that the proportion of imports from British countries in the January-March quarter showed a marked increase as compared with the corresponding periods of 1931 and 1924. British countries also took a slightly larger proportion of United Kingdom exports, against 43.0.1 per con* in the first quarter of last year and against 40.94 per cent, in the corresponding quarter of 1924, were absorbed by British countries.