CURRENCY DEADLOCK

Waikato Times, Volume 114, Issue 18986, 1 July 1933, Page 7

CURRENCY DEADLOCK

WORK HELD UP.

PARLEY’S CONTINUE.

REPRESENTATIONS TO AMERICA.

MR ROOSEVELT’S OPINION

MAINLY A BANKERS’ PROBLEM,

The work of the Eoonomlo Conference is still being held up by the negotiations on the currency problem, delegates being of the opinion that It Is essential to reach an agreement on this matter, as all other questions hinge thereon. The delegates In London, after a meeting in Downing Street, forwarded a Message to Mr Roosevelt urging the necessity for tho adoption of a temporary plan for the stabilisation of currencies. Mr Roosevelt, however, is reported to hold the view that the problem Is one for the bankers to solve, and does not come within the scope of th© Conference. (Omciai Wireless.') (Received July 1, 10.30 a.m.) RUGBY, June 30. The work of the World Conference is still overshadowed by the problems of temporary currency stabilisation. European countries, whose currencies are based on gold, are reported to desire from Britain a declaration on the gold standard to cover the period until the Conference Currency Commission presents its report. Such a declaration, it is believed, would have a steadying effect. It is generally accepted that a declaration in a form to which the United States might be able to subscribe would be of greater value than a purely European pronouncement, and the subject was discussed at private meetings by several delegations with their experts. Two private meetings between the delegates of the five gold countries and Mr Ramsay MacDonald were held today. At the second of these held this evening at 10 Downing Street, Professor Moley, the special adviser to President Roosevelt attended. The meeting was adjourned. The fluctuations in the dollar market in London were narrower to-day. The rate opened at 4.27, and moved to 4.30, but closed at 4.2Gi. Gold currencies remained firm. MESSAGE TO PRESIDENT. ALL DELEGATES SUBSCRIBE. United Press Assn.—Elec. Tel. Copyright (Received July 1, 11.45 a.m.) LONDON, June 30. Following a meeting at Downing Street it was announced that all the delegations had agreed on the text of a message to Mr Roosevelt regarding the gold question and are awaiting Mr Roosevelt’s reply. M. Bonnet, in a statement, said the gold countries had drawn up a joint declaration, and in this connection they sought the British views. They then consulted— -professor Moley, with the result that a message was sent to Mr Roosevelt, which all the delegations, including the American, approved. PRESIDENT ROOSEVELT’S VIEW. • A BANKERS’ PROBLEM. OUTSIDE CONFERENCE’S DUTIES. United Press Assn. —Elec. Tel. Copyright. (Received July 1, 11.30 a.m.) CAMPBELL ISLAND, June 30. The President, Mr Roosevelt, who Is spending a vacation here, regards the question of the temporary ■ stabilisation of currency as a banking rather than Governmental problem and therefore outside the immediate realm of the troubled economic conference. Mr Roosevelt made this view known after being advised of the London dispatches quoting high British quarters as saying they understood he had replied favourably to a plea to prevent erratic dollar fluctuations. POSITION CLOSELY WATCHED. SITUATION UNCHANGED. United Press Assn.—Elec. Tel. Copyright. (Received July 1, 10.30 a.m.) LONDON, June 30. The administration officials arc making a thorough study of Lite currency developments at London, but it was said on Friday in oflicial quarters that thus far, from the United States point of view, there has been no change in the situation. SUGAR CONVENTION. NO BRITISH SUPPORT. United Press Assn.—Elec. Tel. copyright. (Received July 1, 1.15 p.m.) LONDON, June 30. A British memorandum refuses support to the draft sugar convention. d'lie convention intends that the continued equilibrium of sugar production and tlie disposal of slocks arc endangered by the continuance of production by countries not parties lo the 1031 agreement and that Hie fundamental object of any scheme must lie to limit such production.