| Show Monetary Problem Takes First Place PlaceDe De Dc Facto Stabilization Strongly Urged as I Prime Objective of Economic Meet By C CLAUDE AUDE A. A JAGGER Associated Press Staff Writer LONDON June 10 Monetary lO-Monetary Monetary and arid exchange control problems came to o the fore to today ay In preparations fori or the world economic conference With the arrival of American bankIng banking bank bank- ing Ina financial and economic officials and experts the keenest interest was aroused in world financial quarters ov over r a a possible solution of what London London Lon Lon- don economic quarters call caU the American Amer ican lean enigma the enigma the the American monetary mone moxie tary policy A drop this week in the dollar exchange ex cx- change has reemphasIzed the vital implications in world financial affairs of the eventual stabilization of ot the dollar De facto stabilization is being strongly urged as a a. prime objective of the conference which opens Monday Mon day with representatives of ot 67 nations scheduled to attend Oliver M. M W. W Sprague assistant to the thc secretary of at the treasury who with three other experts George L. L Harrison and J. J Crane of the New NewYork NewYork NewYork York federal reserve bank and James Warburg official adviser to the America America Amer Amer- ica lea delegation arrived yesterday has said that currency stabilization Ismore is ismore ismore more a matter of stabilization of ot international international inter inter- national conditions than national international agreement S EXCHANGE CONTROL This staL statement ment has l led d to the belief that control of ot exchange rates in efforts ef forts foru to smooth out fluctuations and achieve virtual stabilization may be bethe bethe bethe the best that can b be expected pendIng pending pend pend- ing the development of at an internal program for an American business revival Secretary of State Cordell Hull HuU chief of the United States delegation has pointed out that exchange stabilization stab stab- is only one step stepin in the solution solution tion Uon of world economic problems and unaccompanied by the removal of trade barriers can cannot not succeed in restoring restoring re re- storing world trade Nevertheless tariff experts doubt that any progress ss can cnn be made in ill readjustments readjustments readJustments re re- re- re adjustments in that field without the achievement of comparative currency stabilization first The American delegates meanwhile meanwhile mean mean- while in a round of ot preliminary discussions dis dis- dis arc arc urging steps to expedite the conference A procedure such as has been followed followed fol fol- fol lowed in previous parleys sponsored by the league e of nations in view of the number of ot delegates at this con con- I ference would indicate that two or three weeks weeks' will be taken in preliminary prelim prelim- inary mary speeches another three weeks or or orso so in the selection and organization tion a of committees and several weeks of ot study by byc committees before any decisions decisions' are r reached ached SHORTENED PROCEDURE The The Americans Americans hope the procedure can be shortened so that real results will be evident in at least two months Secretary Hull and Prime Minister Ramsay MacDonald of ot Great Britain met net yesterday at luncheon in the home iome of Ray Atherton counsellor to the American embassy Great interest attached to their conversation because because because be be- cause of the imminence of the due date of the British war debt installment to the United States It was was' said emphatically that the debt was not talked about by Mr Hull Rull Hulland Hulland Rulland and Mr MacDonald Widespread attention also was paid reports of the abandonment of a resolution resolution resolution reso reso- lution seeking flexible tariff powers Continued on POle Fate Two MONEY CONTROL COMES TO FORE Continued From P Pue ec One for the president president but Americans here believed the American tariff commission commis commis- sian sion procedure gives give some leeway in making tariff adjustments I The arrival of ot former Governor James Jame M M. Cox vice chairman of the thel American group and the four finan financial cial cal experts was wa followed almost immediately immediately im im- im mediately by the beginning of discussions discus discus- sion to frame rame the American financial policy I |
