STABILISATION

Wairarapa Daily Times, 3 July 1933, Page 5

STABILISATION

PRESIDENT'S ATTITUDE

PROPOSAL DECLINED.

Association Electric Telegraph—Copyright LONDON, Saturday. '

-World Conference circles are astonished at the reported decision of President Roosevelt not to commit the United States at the present time to any form of dollar stablisation. It had been hoped that the president Avould agree to the stablisation proposal. Air Cordell ‘Hull Avili make a statement on 3rd July that President Roosevelt rejects the proposal in its present form. The statement, also will elaborate the American policy. It is reported that Professor Aloley has recommended President Roosevelt to approve a formula under Avliich the Central Banks Avili use tlieir resources to prevent extreme fluctuations in currencies. It is -believed that President Roosevelt Avili agree, thus materially relieving the situation, especially from the French vieAvpoint. A NeAv York message says that President Roosevelt, avlio is spending a holiday at Campo Bello Island, New BrunsAvick, AA'ill not commit the United States at the present time to any form of dollar stablisation. Stabilisation, the President considers, is a problem for the Central Banks to settle and not Governments.

The suggestion for the adjournment of the conference is again receiving prominence in Paris. It is understood that the Premier, AI. Daladier, agrees with it.

Paris also reports that Pirofessor Aloley Avarned President Roosevelt that failure to subscribe to stablisation would involve an adjournment. A -Paris newspaper, in demanding an adjournment, declares that President Roosevelt in Campo Bello is “ninety per cent. Robinson Crusoe.” BOLSTERING A SITUATION. (Received Alonday, 8.45 a.m.) LONDON, Sunday. The “Observer” states that if the Conference is -adjourned it Avili be dead, and so Avould the- faith of half the world in orderly Government and human co-operation.' The “Sunday Express” says that President Roosevelt is right. Gold countries acre trying to bolster a situation which should be all-OAved to find its true level. The “Observer’s” Paris correspondent says that it is belieA’ed there- that Britain is restrained by Au-stralih'and Canada which are; under the influence of the dollar from attaching the pound to the francj unless the dollar is included in the combination and that the utmost Britain will de is to’ form, an intermediate group Avith the dominions between the gold countries and the United States. PESSIMISM RE-KINDLED. (Received Monday, 9.45 a.m.) LONDON, -Sunday. president Roosevelt’s rejection of theeurrency scheme has re-kindled the pessimism AvMc-h' prevailed early last -Aveek and again the- threat is heard that an early -adjournment of the Conference is likely, but all the diplomats suggest that such talk is rash until Mr Hull reveals President Roosevelt’s policy to-morroAV.