EXCHANGE VALUES

Wanganui Chronicle, Volume 76, Issue 106, 8 May 1933, Page 7

EXCHANGE VALUES

GOLD ONLY MEASURE ITALO-AMERICAN STATEMENT RELIEF OF UNEMPLOYMENT WORLD PUBLIC WORKS PLAN (By Telegraph-Press Association—Copyright) Received May 7. 7.10 p.m. WASHINGTON, May 6. An assertion that a truce in the field of tariffs and other obstacles to international trade is essential if the Vi orld Economic Conference is to begin with any hope of sirccess, was made on Saturday in a joint statement by Mi Roosevelt and Signor Guido Jung, Italian Finance Minister. The statement added: “We have found ourselves in the closest agreement on many other measures to reestablish the economic life of the world and we are both determined to approach the problems of the World Economic Conference with the firmest resolve to bring its leaders to success. We are in agreement that a fixed measure of exchange value must, be re-es-tablished in tbe world, and we believe that this measure must be gold. “ The communique is one of the most illuminating issued during the series of conversations between representatives of foreign powers, and Mr Roosevelt said that political tranquility was essential for economic stability. A suggestion that public works programmes undertaken for the benefit of the unemployed should be synchronised, was made. It was recommended that the central banks of the various nations should take converted action in an attempt to provide such adequate expansion of credit as may bo necessary to support constructive work, avoiding as much as possible the use of credit for illegitimate speculative purposes. Previously a joint statement was issued by Mr Roosevelt and Senor Tomas Lebreton, Argentina’s envoy to the Washington conversations. It expressed a similarity of views between the United States and Argentina.