The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-09-26

all export business has been trans
.arred from sterling basis to a dol
ar basis.
In the struggle between French and
United States finance capital the
trench socialists have taken lead.
ng role Leon Blum, socialist leader.
2as suggested that a new interna-
jonal institution be formed to take
ne place Of the World Bank in order
0 stabilize the worlds finances. In
his financial war between the three
-~e crd in which according to
Blum, weeks, days and hours count
nd there is no time to lose, the
proposal OF Blum is an attempt to
establish the leadership Of French
finance capital as against United
States finance capital
In this struggle the British bank
ers are mating more and more de-
mands for TIE establishment OF sill
yer as monetary standard. In the
League of Nations a very sharp de-
bate developed between Flandin,
French minister of finance, and Sir
Arthur Salter. financial expert Of
the Bank of Ereland Flandin vigor-
ously opposed the initiation policy Of
the Bank of ENGLAND which is a
sharp attack on French exports in
the worlds markets. French bankers
have openly stated the present war
state with Great Britain.
This is reported by the New York
Evening Post as follows;
"Thev arc sayirr th2' trade pro-
srects have been altered by TIE de-
rartu-a Of s'erl;ng frcrn eold; that
French balsrcas 'cau~ht in London
banks ere being looked upon as
bcs'oT res for French support of the
Pritish policy of currency deyalua-
ton, hayirg the earmarks of the
dan~crous initiation pro"ram that
was round'v condemned when car
ried thrcn~h by Germany, and last
Iy that tl'e-a is renee Of ? cam
r7i~n lau1cra5 from To-don 10
rUH ct''"r countries off the gold
Standard"
The ir'~r9d'ote effects Of the infIa-
ton are seen in tire rise Of the price
If f10''r. This hos been deriod by the
British "s0c'aliqts" ard by the mem
hers of the Natio1aI government
TTowover, Thuredav one of the Ieod-
inr flow mi11ers car>e crt and ad-
''7i-+"d +Not the price Of flour would
no IN. This r'oo0s an Increase in the
price Of bread for the workers. This
'','i"a rise will be followed BY increases
n the prices of ell commodities and
a sharp attNck on the miserable lR-
ing standards Of the British workers
"No r~snof sihJa rnilier will want
:" --0sit~~r. hrt Il wcu'H hn foolish
20 think t''at tEa r~'ce re flOr'- viii
rot he affected" Sir Albert Hum
phries, retiri~g chairnan of the
National Joint Jndustrial Council
for the flour milling industry, said
in g srcech at the councils annual
meeting.
mo possible economy that can
he node between the ports where
the ships arrive and the door of
the household could wipe cut or
r~"rlv e~uaI the rise in the price
~ Whoa. sre 70 TIE difference in
the rate of exchange
So serious has the crisis developed
in India that "all sorts of rumors are
in circulation" one being that the
government of India would be I'M
able to pay its troops tomorrow,
which is pay day The imperial gov
eminent in India Will follow the lead
of Macdonald in England The India
government is planning to introduce
sweeping economy proposals. I'M
sparing of all" This is the same pro-
gram that the Socialist" MacDon-
aid used in introducing the "econo-
my" budget in Great Britain which
has attacked the British workers SO
severely.