Gold and None

Wanganui Chronicle, Volume 76, Issue 163, 13 July 1933, Page 5

Gold and None

DIVERGENCE OF VIEWS WORLD CONFERENCE WORK [ British Official Wireless. | Received Julv 12 5.15 p.m. RUGBY, July IE The Bureau of the World Conference this afternoon considered part of the Drafting Committee’s report of the Monetary and Financial Commission, which throughout the morning had been endeavouring to reconcile divergent, views as to the subjects on the agenda of the sub-commission on immediate financial measures which should he proceeded with. Differences of opinion between the gold countries and those which hove abandoned the gold standard have expressed themselves in the refusal of the gold countries to discussions, other than on indebtedness, pending a temporary stabilisation of currencies. Several sub-committees of the Economic Commission are meeting privately. The plenary session of the Economic Commission is fixed for Thursday. The House of Commons, after a long debate, almost unanimously approved of tho continuation of the World Conference. INEVITABLE CLASH POINTS WILL BE DROPPED POSSIBLE ADJOURNMENT LONDON, July 11. The Drafting Committee of the five gold and non-gold (countries completed a formula for submission to the Bureau this afternoon, outlining a compromise as a basis on which the Conference might proceed, enabling it to discuss a substantial range of subjects, including indebtedness, price-raising, measures of co-ordination, and marketing. Tho gold and non-gold interests will inevitably clash, in whivh case certain points will be dropped, thereby permitting a continuance. It is expected that the sub-commit-tees will proceed until the end of July. This will possibly be followed by an adjournment for two months. BUREAU’S DECISION VITAL QUESTION AVOIDED WHAT EMPIRE SHOULD DO SETTLE'ITS OWN PROBLEMS (Times Cable.) Received July 12, 11.5 p.m. LONDON, July 12. The Times, in a leader declaring that the Bureau’s decision is uot heroic and is an avoidance of tho question likely to split the Conference, emphasises the absurdity of sub-commission discussing indebtedness without considering credit, control of exchanges and price levels. “The Bureau is thereby keeping the conference alive, but what will happen if Mr. Roosevelt is still not ready to talk stabilisation when the sub-committee has concluded its discussions,’’ adds tho Times. “The gold countries will then certainly demand an indefinite or lengthy postponement tantamount to the, end of the Conference. It is increasingly obvious that it will bo difficult to achieve a world-wide agreement acceptable to the gold countries, America and tho Empire, and consequently it is imperative that the members of such groups, especially the British and their trading assoeif-.teSj should use their own opportunity to solve their own problems.” ECONOMIST'S WARNING BARRIERS TO SUCCESS HIGH SPECULATIVE ACTIVITY Received July 12, 11.5 p.m. LONDON, July 12. Sir Josiah Stamp, broadcasting to Britain and the United States, .said: “The success of Mr. Roosevelt’s measures depends on the metal and moral calibre of the American people. The great thing they have to fear is too high speculative activity with inevitable reactions. If hopes for the future dash frantically ahead of existing facts then disillusionment may well have results too fearful to contemplate. The American psychology and ability to rocket ahead on the Stock Exchange, are tho greatest obstacles to the success of Mr. Roosevelt’s programme.” ENOUGH MATTER FOR NEXT FORTNIGHT SUGGESTED DISCUSSION. | British Official Wireless. I RUGBY, July 11. It now .seems clear that tho general opinion among delegates to the World Conference is that there are a sufficient number of subjects to occupy tho attention of delegates with some hope of agreement within the next fortnight. It is anticipated that a plenary session of the Conference may then be convened, and its further work adjourned, if necessary, until the autumn. The most important of several of today’s private meetings was that of the Conference Bureau which had before it tho report of the Drafting Committee on the work of the two sub-commissions of the Monetary Commission of the Conference. Tho first of these is dealing with immediate financial measures, and the other with permanent financial measures. After a brief sitting of the Bureau, under the presidency of Mr Ramsay MacDonald, tho report was adopted It recommended that the sub commission on immediate measures for financial reconstruction should proceed in tho first instance to a discussion of the subject of indebtedness, anil that the second sub-conwiission, dealing with permanent measures, should take up the resolution adopted by its sub-commit too on central bank co-operation, and on tho creation of central banks in certain countries where they do not exist, and propose through its sub-committees the examination of the position of silver

and other subjects on the agenda which may by general agreement be considered suitable for discussion. The sub-commission on subsidies for merchant shipping, in conforinitv with the decision of the Bureau, decided today to appoint a drafting committee to draw up a report embodying tho differ ent points of view and ideas put forward during its discussion. , The Drafting Committee is composed <>f representatives of France Ithly, Japan. Norway, the United Kingdom, and the United States.