BETTER TIME COMING

Waikato Times, Volume 111, Issue 18625, 2 May 1932, Page 7

BETTER TIME COMING

MR RUNCIMAN'S VIEWS. # STERLING STABILISATION. LONDON THE FINANCIAL CENTRE. (Official Wireless.) (Received May 2, 12.15 p.m.'J RUGBY, May 1. Dealing with the foreign exchange problem, Mr W. Runciman, president of the Board of Trade, said, the Government desired to see the foreign sovereign reaching an equilibrium .through which its stability could ba maintained. Stability to some extent was at Britain’s command through the proposals of the present Budget, and ■their object was not to deal with banking problems except in so far as they were interwoven with industry, .

, The Government wished v to enable the merchant, manufacturer, and shipowner to be assured of his costs at Home and abroad, and this oould only be achieved by stability In jthe relative '-j values of British and foreign money. It may be that gold would be the fluctuating element and not sterling; indeed, It was so far the opinion of the .world that the sterling area was extending and the Government were finding their responsibilities growing outside the area of their own country, A' Into: the Empire and even into the wider world. The president of the Board of Trade concluded:— "The attempt* to replace London as the financial centre of the world have failed. I have no hesitation In staking whatever reputation I have In saying that we will be far better off at the end of 1832 than at the end of 1831,”