The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-09-22
Britain Is Adjusting Itself
To NelU Financial Situation
Slow Signs Of Adjustment Ap.
pear; Stock Exchange to
Open Wednesday
new YORK TRADE NORMAL
Other Nations Act to Put
Houses in Order and Sup
port Exchange

port Exchange
(By The Associated Press)
Great Britain entered its second
day Of six months suspension from
the gold standard with signs Of slow
adjustment to new conditions. and
the London stock exchange prepared
to open Wednesday.
Trading on the New York ex-
change went back to normal proper
lions with prices rallying slowly
from Tuesdays reaction. The Of
fetal ban against short-sellins re-
NAMED in force.
The British pound sold at 10l
francs ($4.07D and los francs N4.1l)
at the opening of the official money
market in Paris. The Amsterdam
Bourse reopened and the Neither
lands bank announced 1t would take
over any outstanding contingent
positions.
A bankers conference in Brussels
decided to constitute q consortium
with resources Of $3.50, 000.0 900 to sup
port the local market II necessary,
German stock exchanges and meta.
markets remained closed.
viii Support Rupee
The federal structures committee
meeting in London promised to sup
port the rupee. The Bank Of Bonn
bay raised It's discount rate from I
to 8 per cent.
The Bank Of Brasil switched 1t.
exchange transactions to . dolla'
basis Of 1871 milreis to 100 cents.
England planned to enforce anti
profiteering measures. Purchases o
foreign exchange were restricted.
Rushed through parliament In rec
ord time and signed by q royal com
mission, the British government
emergency measure suspending tn
gold standard went into effect Tues
day. o p = q
The house of commons passed !
Just before closing time Monda!
night in spite of half-hearted attacks
by labor ck-benchers. The hous'
Of lords requested only two minutes I.
give it the necessary three readings
The commission acted for KIM
George who is in Scotland.
There was no division on the fina
vote but the government won ma
jorities OF about 100 In successive
closure motions. Labor members op
posed the bill chiefly on the grouns
that economy measures alread.
adopted were unnecessary II gold pay
ments were suspended.
Pleads For Confidence
Chancellor Philip snowden, VIII
sponsored the measure. went on tn
air 10 assure the nation the fall II
the pound sterling would be limited
and to invoke its confidence In tn
governments ability to weather tn
crisis.
The consequences Of the suspension
he said, ARE bound to be d~isagreeabls
In some ways they may be seriou
but they will not be catastrophe. Tn
pound will not 60 the way Of tn
|; (post-war) franc. or the mark.
1.-THE British budget is now the mos
securely balanced budget In the worlt
!. There Is no longer any risk OF an IN
ternal initiation and there are n
longer any grounds for distressing tn
. essential soundness Of our FINANCES
position"
He expressed regret at the pligh
Of some Americans among other fol
eirners who still have money de
posited here and will be able to tax
it back-if they wish to take 1t back
in deprecated pounds. and Will there
fore suffer q loss IN terms o. the
own currencies. We deplore that 10.
and have done all we al to avert !
No Cause For Alarm
"But for the great majority OF on
: people In Great Britain there Is n
cause for alarm or panic. I want I
! saw most emphatically there Is NJ
: the slightest cause for anxiety abot
the money you have In banks, or you
money In savings banks. Avoid
panic"
Newspapers affirmed and denied
: report q movement vas under way
draft leaders Of the labor opposite
into the national ministry, now con
! posed Of Conservatives, Liberals an
= ostracised Labor members.
: The possibility Of an early electio
! loomed once more on the strength
meeting Of Conservatives who d
clared unanimously In favor OF q
. immediate appeal to the people on
protective tariff issue.