| Show GOLD SOLD II RESTORATION RESTORA TION IMPOSSIBLE SA SAYS VS BRITON PRESENT CRISIS BLOCKS ACTION P PARLEY ARLEY IS TOLD TOLO Chamberlain Follows MacDonald MacDonald MacDonald Mac- Mac Donald in Injecting War Debt Issue By Dy HARRY FLORY United Press Staff Correspondent LONDON LONDON- June 14 The 14 The crisis in world odd economic conditions con makes restoration of 01 the gold standard absolutely ab impossible Neville Chamberlain Chamberlain Cham chancellor of the exchequer and head of the British delegation told the world economic conference today oday Chamberlain followed the example set get yesterday by his chief Prime Minister Min ister er Ramsay MacDonald and brought up the supposedly taboo subject of yar y r debts debt War debts are not within the scope of Cf this conference he declared but their settlement is essential if it other problems are arc to be solved Chamberlain Chamberl in fn outlined British goals at the conference as is 1 1 Recovery of ot world prices 2 Greater stability of curren currencies i s 3 Abolition of restrictions on international in iri exchange Chamberlain said before Gr Great at Britain could consider returning to the gold standard th these se conditions would have to be established STATES CONDITIONS 1 A higher general level of whole whole- vale sale priceS price 1 2 Adjustment of the factors which caused a breakdown of the gold standard stand stand- ard 3 Administration of the gold standard standard stand ard in such a way that wide fluctuations flue flue- in the value of gold would be prevented He offered several proposals to effect ef ef- teet restoration of the price level It cannot be accomplished by monetary policy alone he said There must be a removal of trade barriers barriers- There must be not only cessation of tariff increases but a reduction of duties Chamberlain left no doubt that he favored return to the gold standard despite his st statement t ment that it could not now V be accomplished It should l be e restored he said at the earliest possible moment He favor favored favori d treaties to lower tariffs provided the reductions were actual and tangible that they c covered vered a wide area that they did didn n riot not t Jm impose c undue sacrifices on lower tariff countries and nd that they did not lead to economic warfare He Me emphasized the necessity for cheap money He advocated central bank cooperation in obtaining them the m monetary conditions necessary for lor a arise arise rise in world price levels which he said was waa the m most st important object of f. f the conference REPORTS SUCCESS Describing the mechanics which Britain Had flad erected to weather the depression particularly the equalization tion fund established t to maintain the value of th the pound at a desirable level with o other her currencies he said Our policy has been successful The United Kingdom favored tion of of import quotas designed for protection but wanted international restrict production and raise prices he sa said ide He urged the conference e to consider modification of subsidies to trade esp especially to hipping shipping and for the services services- of ot trade experts He concluded by pledging that hi his delegation would spare no eU effort tt to make the conference a sue suc ces cess Chamberlain made a strong lIon sion He received more applause than any previous speaker When Chamberlain finished the United States delegation on adjourned to the corridor to the prospects prospects pros pros- of electing James M. M Cox of Ohio chairman of the economic com corn mi mission on Chamberlains was a very fine speech S. S D. D MacReynolds said He agreed with the United States on cheap money and lower tariffs tariUs I thought bought he was restrained Ined on war debts mentioning them only in passing assing The conference adjourned for or luncheon at p p. m. m Before the adjournment was taken Paul Hymans of Belgium advocated reestablishment of the free movement of ot gold and the removal of trade barriers He was keenly applauded |
