FRANK TALKS

Wairarapa Daily Times, 29 June 1933, Page 5

FRANK TALKS

BRITAIN AND U.S.A.

HAPPENINGS BEHIND SCENES. .Press Association Electric TelegraDb—Copyright LONDON, Wednesday. A frank talk between members of the British and American delegations ■was among the interesting' happenings behind the scenes at tlie World Economic Conference yesterday. It is understood the British representatives emphasised the view that progress on the monetary side was unquestionably being delayed by the American attitude on currency stabilisation. This view -will doubtless be conveyed by Mr Cordell Hull to Professor Moley, also President Roosevelt, with whom the delegation is almost daily in touch by trans-Atlantic telephone. Professor Moley, interviewed, said he was not a member of the United States delegation. He was merely a messenger to it, and was staying only a week. He expressed himself optimistic as to the outcome of the conference, but feared he would be unable to make a statement for at least two days. THE PITTMAN RESOLUTION. (Received Thursday, 11.45 a.m.) LONDON, Wednesday.

The monetary sub-committee adopted amendments to the Pittman resolution submitted by Mr Fraser, President of the Bank of International Settlements, stating the gold is required not for internal circulation but as a reserve against central bank liabilities, and primarily to mebt the external demands for payment, caused by disequilibrium on foreign account; further in order to improve the working future of the gold standard greater elasticity should be given to the Central Bank’s legal cover by the reduction of the gold cover to 25 per cent.

Mr Fraser said that he "wished to expedite the return to the Gold 'Standard, and remedy the past errors of the working thereof.

(Senator Pittman submitted a draft resolution on stability to the sub-com-mittee in favour of the nations assuming an obligation to rapidly bring about stability by re-establishing the Gold Standard, confining gold to the covering of circulation and the settling of international balances. This will entail the withdrawal of gold coin and bullion from circulation, and the establishment of a legal minimum of gold cover and also the re-monetisation of silver). , t; „.