Salt Lake Telegram | 1931-09-21 | Page 1 | Morgan Approves England's Action

1 1 On Optimistic R 11 i I I p 4 r 1 4 J J. P. P MORGAN Means Trade Restoration MO MORGAN G N APPROVES PP ENGLAND'S NOS NO'S ACTION By y DEWITT MACKENZIE Copyright 1931 b. b by the Associated Press LONDON Sept 21 21 J. J. J P. P Morgan lorran today expressed to the Associated Press optimism regarding the situation situation situation situa situa- tion arising from Great Britain's sen suspension of the gold stand stand- ard ud He lie said it was a hopeful and not a discouraging event Mr Morgan made this statement in reply to a question from a correspondent correspondent corre corre- who sought him in his private private vate vale office not far from the Bank of En England land This step teems seems to me to to- tobe be the Continued on Pare rase 1 Two MORGAN APP APPROVES OVES ENGlAND'S ACTION Continued from Pa Pare Pace e One second necessary sto stage e in the work of the national government the first being the balancing of the budget Mr Morgan said Tile Tie completion of the governments government's governments government's governments government's govern govern- ments ment's work will be the restoration of trade in this countr country HOPEFUL EVENT This being the case Mr Morgan continued it uit seems to me a hopeful and not a discouraging event and andone andone andone one which brings the great work of the government much nearer to ac ac- ac- ac com ts There was no disposition to try to evade the fact tact that fuat the situation is very serious Other financial commentators re requested requested requested re- re quested that their names be withheld withheld with with- held but here are points made by several of them Suspension of the gold standard by Great Britain not only was not unexpected unexpected un un- un- un expected but was a logical and foregone foregone fore fore- gone conclusion From the standpoint of ot the financial finan finan- cial expert it was the correct move The only criticism offered is that it should have been done before ENGLAND STOPS RUN What has happened is that the Bank of ot England as a banker has stopped a run on her institution Britain Drita n was not g ing to let herself herself her her- self get caught as Germany did just after alter the war when the mark crumbled crumbled crumbled crum crum- bled to practically nothing because Germanys Germany's reserves had been wiped out financial experts declare They see no chance of anything of this sort happening in England The fall faU in the dollar value of the pound has been anticipated and discounted discounted discounted dis dis- dis- dis counted by bankers it is said One effect of the suspension of the gold standard will be to cut down downIn imports In other words it will act as a tariff thrill wall 4 I f