Salt Lake Telegram | 1932-10-25 | Page 4 | What's England Doing?

WHAT'S WHAT S ENGLAND DOING C CREA ON of a new economic empire by bj Great Greal Britain took a step forward fo ward the thc theother theother other day when it was disclosed that London is soon t to see a gathering of economists in invited in- in there from Scandinavian countries Iceland Argentina Uruguay and Russia even A new trade union or reciprocal tariff league based on the use of Bank of England notes Dotes Instead of ot gold in settlement of international international international inter inter- national trade balances is boldly proposed Mondays Monday's drop In the pound sterling in London to 8 3 and Tuesdays Tuesday's further drop to 8 3 for cable transfers with the influence It is js expected to have on England's England's England's Eng Eng- lands land's goods and cotton trade may be taken as one straw indicating trends that would follow toll ow a successful attempt by England to sell the world a sterling In lieu of a gold standard This Tills outcropping of England's intentions following as closely as it does upon the Ottawa Ottawa Ottawa Otta Otta- wa conference may be taken as a very Impressive impressive impressive im Im- im- im indication that American delegates to the forthcoming world economic conference conference confer confer- ence must do some fast thinking or the United States faces laces the certain prospect of playing a minor role in the momentous gathering England Is trying to sell seIl the world a new monetary standard She will line up as many nations as possible in a pact to employ her bank currency in the settlement of trade balances Instead ad of borrowing and shipping gold members of the league whose outgo exceeded exceeded exceeded ex ex- ex- ex income would borrow and disburse Bank of England notes the notes to be paid off oft eventually in goods and services Having no longer any need among themselves themselves themselves them them- selves for gold the sterling nations without embarrassment could pay whatever of gold came into their coffers to gold standard creditors An almost inescapable effect would be that the mutual currency interests of the league members would incline them to tradIng trading trad- trad Ing among themselves As a whip to bring nations in line the league would have available available available avail avail- able as a secondary weapon or at least a secondary secondary sec see line of defense a discriminatory tariff program to be enforced against nations nations nations na na- na- na hol holding out for gold settlements As against British paper money where will the nations represented represent d at the economic conference stand on the subject of hard sil silver silver slI- slI ver money with silver In its rightful place in the International economic setup This seems to point to the paramount problem that will confront American delegates delegates dele dele- gates to the meet meet bringing bringing the world as Itis it itIs itis is represented there to the realization that the time has arrived for discarding outmoded economic theories and for the adoption of new thinking and practice in that field thrust upon the world by the arrival of new problems that tha cannot be solved by obsolescent obsolescent obsolescent cent formulae