Evening Star Newspaper, June 20, 1933, Page 4

A2 ¥ SIX NATIONS BACK | U.5. SILVER PLAN Germany, Italy, India, China, | Mexico, Ireland Support [ Proposal. " (Continued From First Page) _ she wanted to know more about them | Dbefore accepting. Senator Pittman was so greatly en couraged by the reception of his resoli- tion that during the lunch recess he told his colleagues he thought it would be adopted with a few minor changes. In quarters close to the American delegation, however, it was being freely said today that Secretary Hull, as an ardent believer in international co- operation, is keenly disappointed in the turn of events which render it impos- sible for his delegation to commit themselves on many important ques- tions because of the American internal program. Tt was understood, however, that the Secretary was hopeful that the ground- work was being laid in tentative discus- sions which would result in greater progress on international problems when | the American prise-raising program has been achieved. The favorable way in which the reso- Jution was greeted had the effect of quieting discussion of an unofficial pro- posal, emanating from the gold stand- ard bloc, that the conference adjourn until America had agreed to some form of stabilization. Gold advocates, headed by France, indicated they saw in the resolution material with which they could foster a campaign to force the United States to stabilize. Talk of compelling adjournment still sisted in some quarters, but the gold loc was equally interested in studying ways and means of effecting its ends through the Pittman resolution. Assaults on the quota system pro- tecting home markets, invented by ce and under which American in- ts have suffered, have been made thus far by four countries—Italy, Bel- glum, Poland and Turkey. The most recent recruit to the opposition is Tur- key, which today presented a proposal ing for the gradual abolition of the system. Want Assets Freed. The French, who want to discard the quota system only after production is regulated and markets are stable, ex- pressed surprise that their old friends, Belgium and Poland, have taken a strong stand against such trade re- strictions Crechoslovakis, Rumana, _Yugo- slavia, Bulgaria, Latvia and Poland, acting as a unit, lodged a proposal with the conference secretary for monetary normalization funds with a view toward supplementing the normal flow of short- term capital and dislodging frozen as- sets in the Balkans. The group also asked for a Europea: scheme and for agricultural banks ‘The normalization fund proposal was an outgrowth of the Stresa conference, at which these countries suggested that such a fund be provided through a large credit to be negotiated with the principal powers, which would give smaller countries’ central banks suffi- clent working funds to thaw out credits and permit the normal flow of trade. Just before the subcommittee on anent monetary matters convened. . Victor Keinboeck of Austria, head of the committee, held an earnest con- versation with Senator Pittman and ‘Warburg. When the Austrian banker called the committee to order he announced, “I think we should concentrate the dis- cusssion on Senator 'Pittman's pro- posals.” n public works credit ‘Will Require Time. The Navadan, taking the floor, made 8t clear at the outset that the French assumption that his resolution meant that America was to return to the gold standard immediately was entirely erroneous. “This plan,” Pittman told the com- mittee, “is entirely satisfactory to our fleleg:non. and meets with the approval of the President of the United States.” He pointed out that the American resolution specifically proposed a re- turn to the gold basis “as quickly as practicable.” “It must be kept in mind,” he con- tinued, “that an agreement as to many of these propositions will require time.” ‘While Senator Pittman did not re- fer to American internal affairs, his hearers interpreted his remarks as mak- ing it clear that the United States is not ready immediately to adopt a plan for a return to & definite monetary standard. The Uruguayan delegation expressed qualified approval of the Pittman plan, but thought the suggestion to reduce the monetary reserve to 25 per cent was dangerous. ‘They proposed & minimum of 33 per eent reserves, in which they expressed & willingness to use a small amount of Explains Reserve Clause. Pittman asked and obtained the righ t let Warburg take the floor for the United States delegation when techni- cal questions on stabilization were dis- cussed. At this point Eigo Fukal of the Japa- | nese delegation asked the Senator to| clarify the clause relating to bank re- serves. Warburg in reply said the clause was inserted after the Washington White House conversations to broaden the use of gold, and suggested that technical problems relating to that matter be sub- mitted to the committee of central bank experts. He added that one reason for the pro- posal was to lessen speculations in vari- ous currencies. While the Pittman plan was under discussion by the Monetary Committee, an American price-raising program re- ceived strong support in a British reso- lution placed by Neville Chamberlain, British chancelior of the exchequer, before the committee dealing with tem- porary monetary measures. : This resolution stressed necessity of recovery in the level of wholesale prices sufficient to yleld an ecomonic return to producers of primary commodities and to restore equilibrium. i It further said that monetary action was one of the essential points to achieve this goal and contended that central banks should announce an in- tention to work together for cheap and plentiful money. ‘Welcomes Resolutions. | The Italian delegate welcomed the American resolution favoring gold and declared that “Italy is prepared to ad- here on the part regarding the principle of silver, but reserved comment on the questions of application.” Viscount Hailsham supported the man’s resolution to the subcommittees He said he assumed the Senator in: tended to make it clear that, regard- | ing a return to the gold standard, this | Temained a matter for each country to determine for itself. ‘The British minister continued that he presumed the Americans were in agreement, and added that Ohancel- | lor Chamberlain had last week men- | tioned the condition on which Great | Britain would consent to return to the gold basis. In general, Viscount Hailsham said, Great Britain agreed with the American | recommendations. Senator Pittman thereupon said that statements and was willing to add Great Britain’s suggestions to the res- olution. On behalf of the Americans, he said he wanted to express appreciation for the acceptance of the matter by the Italian delegation and that he had no objection to M. Parmentier's sugges- tions for referring the banking and silver clauses to subcommittees. Other Countries Speak. Portugal declared itself not in favor of silver for currency coverage, but backed wholeheartedly stabilization and | the return to gold, without which “the | conference will get nowhere.” | Czechoslovakia agreed with the gold | suggestions. Its representative said | Czechoslovakia had eliminated silver | five years ago, but now was making | use of it and was willing to discuss | its further uses in @ meeting of the subcommittee. Germany's delegate in a succinct speech gave complete adherence to the Pittman resolution, asking that it be adopted, not only by the Monetary Commission, but also by the entire | conference. This was the fullest ac- | ceptance of the American proposal thus far expressed. A representative of India said his government was tremendously interested in the American resolution and advo- cated a rise in prices before any return | to_the gold standard. ! Irish and Chinese members followed | with general support. The Mexican spokesman said his country had gen- eral sympathy for the American reso- lution, as Mexico is greatly concerned about silver. Concerning return to gold, he asserted that Mexico was ready | to stabilize when other countries do so. Brazil adhered to the gold clauses and expressed willingness to discuss silver and reduction of bank coverage in sub- comittees. Argentina and Greece took the same attitude. Dr. Kienboeck proposed that Senator Pittman serve as president of the Silver Subcommittee, and asked him to invite representatives of Britain, the Nether- lands, India, China, Japan and Mexico to serve with him. The chairman’s pro- posal was adopted. ‘The American monetary policy also found support from Finance Minister N. C. Havenga of the Union of South America agreed with Lord Hailsham's | portan | arbitrary sales upon the world market. THE Monetary Re | | | By the Associated Press. LONDON, June 20.—The text of the | resolution dealing with gold and silver | presented to a committée of the World | ! Economic Conference yesterday by Senator Key Pittman of Nevada is as llows: | “Whereas, confusion exists in the field of international exchange, and whereas it is essential to world recovery that an international monetar$ stand- | ard .should ‘be re-established, | “Now, therefore, be it resolved. That | all the nations participating in this conference agree: “First, that it is in the interests of all concerned that stability in the in- ternational monetary field be attained s _quickly as practicable: | “Second, that gold should be re- established as the international meas- ure of exchange values: | “Third, that the use of gold should be confined to its employment as cover | for circulation and as a mediyg for | settling international balances of pay- | ment. This means that gold either in | coin or bullion will be withdrawn from circulation; -Asks Lower Reserve. chairman’s proposal to send Mr. Pitt- | { “Fourth, that in order to improve the workings of a fuirve gold standard, | | & uniform legal minimum gold cover for the currencies of various countries | | which shall_adopt the gold standard | shall be established, and that this legal minimum reserve shall be lower than| the average of present reserve require- | ments. “Fifth, that central banks of various nations be requested to meet at once in order to consider adoption of such & uniform minimum reserve ratio, and | that a metal cover of 25 per cent be | recommended for their consideration, | and_further, “Whereas, silver constitutes an im- t medium both in international and domestic exchange for a large pro- portion of the world’s population, “And whereas, the value of this pur- chasing medium has been impaired by governmental action in the past, “And, whereas, it is necessary that the confidence of the East should be restored in -its ~purchasing medium, which can only be done if the price of silver is restored to an_equilibrium | with commodity price . levels, | “Now, therefore, be it resolved, That “First, an_agreement be. sought be- tween the chief silver-producing coun- | tries and those countries which are large holders or users of silver to limit 20 Per Cent Silver. “Second, that all nations agree to | prevent further debasement of their | subsidiary silver coinages. | “Third, that all nations agree to Te- monetize their subsidiary coinages up to | a fineness of at least 800 when, as and if consistent with their respective na- tional budget problems; and, “Fourth, that it be recommended to4 central banks that they agree that 804 per cent of their metal cover shall be | in gold and 20 per cent shall be option- | ally in gold or in silver, provided that the price level constituted an artificial method. Secretary of State Hull conferred this | afternoon with Prime Minister Mac- | Donald, Chancellor of the Exchequer | Chamberlain and other conference lead- | ers. The meeting was secret, but it] was believed that Finance Minister | Bonnet of France was present. | Mr. Hull said afterward that the pur- | pose was to plan a program for the | conference to kee, |in_this respect the gathering was no the last few days. It was reported in conference circles, ! however, that besides plans for speeding | up, Mr. Hull was asked about the in- ! tentions of the United States on | stabilization and was unable to give | assurance that it would be undertaken soon. It also was reported that one of the principal purposes of the meeting was to determine what the effect of ‘Washin, 's rejection of stabilization: Africa, who disagreed with the French viewpoint that monetary steps to raise From the Big Douglas Fir | i Our Entire Line of Reduced to Clear Incoming Purchases. Chair Pictured $1 49 Delivered in carton Requires no painting; rustic finish. Easily assembled. Chair, set up delivered....$1.89 Settee to match, delivered, $2.39 Settee, set up delivered. .. .$2.99 e FOUR BUILDING MATERIAL proposals would be on the progress of i the conference. STORES e Trees of the Pacific Coast. Artistic Designs, Exclusively at the Hechinger Co. Chairs, Settees, Tables, Sand Boxes and Flower Boxes Substantially Our Warehouses for EVENING Pittman’s Silver Plan Nevada Senator Proposes That 20 Per Cent of serves Be of White Metal. things moving, and | || | different from any other meeting of | STAR, silver is obtainable at or below a price to be agreed upon as corresponding to the general commodity price level, and that governments agree to modify their respective laws to this effect.” PLAN ORPHANS’ OUTING Children to Be Entertained June 28 at Glen Echo Park. The twentieth annual orphans’ out- ing sponsored by the Social and Com- | munity Welfare Committee will be held | at Glen Echo Park Wednesday, June 28, it was announced today. John T. Ready is director of the out- | ing, V. L. Woolridge, vice director, and | Robert F. Crowley, secretary. The gen- | eral committee consists of Joseph J. Leary, chairman; Gustave W. Brahler, | Samuel Rice. J. F. Ochsenreiter, Har- | vey C. Belt and H. J. Taltavull. WASHINGTON, | ducers. Hurt in Fall Down Stairs. | Elizabeth Chamberlain, 39, of the 800 | block of Sixth street, accidentally fell | on the stairs at her home about 1| o'clock this morning and received a severe injury to her head. She was taken to Providence Hospital where physicians reported her condition un- determined. Her skull may be frac- tyred. | Minute Mystery Solution to REAL DRAMA (See Page A-3.) No radio dramatization is ever interrupted by an announcer giv- ing the time. 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