Evening star., 1933-06-13
EUROPE DEMANDING
STABILIZED DOLLAR!
Tremendous Pressure" Re-
/ ported Being Brought on
! Americans in ParIey.
BY the Associated Press.

BY the Associated Press.
LONDON, June 13.-Discussions OF
currency stabilization plans by French
American and British central bank rep
resentatives continued today, with the
Europeans described authoritatively as
exerting tremendous pressure" on the
Americans to stabilize the dollar.
The pronounced decline in the dol
lars relation to the British pound was
viewed with CONSERVATION In Lombard
street and press comment was bitter
today on that point.
The Financial News said that while
sthe cult of economic peace and CO.
operation was at its most orgiastic' at
the World Economic Conference, for
eign exchanges were providing over
whelming evidence that the British and
American governments-and apparently
their central banks also-are at cross
Ieven double-cross) with our purpose.
Fear Further Decline.
British quarters were described as
being fearful that a further decline In
the dollar might force the franc ana
other continental gold currencies on
gold, thus bringing drop In the re-
lation of continental currencies 70
sterling and removing the last ad-
vantages in foreign trade accruing TO
Britain as a result of her abandonment
of gold.
It was pointed out that thus far
Britain has managed to preserve vlrtu-
ally the same ratio of sterling to the
principal continental currencies as
existed before the United States LETT
the gold standard.
While George L. Harrison, governor
of the Federal Reserve Bank OF New
York; DR.. Oliver M. w. Sprague, exec
Mtive assistant to the Secretary OF the
Treasury, and other American banking
and financial experts were mum re-
rarding the level at which dollar sta
bilization in relation to the pound
might be considered, the financial dis
trict in Lombard street indulged IN
much excited speculation.
Standards Offered.
These financial commentators men
toned $3.50 as the minimum level OF
sterling the Americans were willing to
consider, and they said the British were
insistent that $3.50 was the highest
level for sterling which was tolerable.
The British seemingly are making
slight concessions In discussing fxing
the level Ol Tie pOuiio dt 9o.oV. Lacy
tried to hold the pound for several
months last year between $3'4O ana
$3.50.
The Americans were given an object
lesson in the effects upon world trade
resulting from exchange fluctuations.
Some of them, planning to buy addi-
tional clothing and knickknacks In
London, found sterling prices so high
in relation to the dollar, in contrast to
q few months ago, that they decided
to await their return to the United
States.
Daladier to Act.
Premier Daladier of France, his col
down the stabilization gauntlet in his
speech before a plenary session, as
Prime Minister Macdonald Of Great
Britain did on the war debts question.
The French premier was ready to
take bold lead in the matter, with
the warning that results of the world
wide seminar will be doubtful unless
q yardstick is created first by which
tariff agreements can be measured. q
French delegates sat unconcerned
on their eighty billion franc gold rock
as Macdonald dragged the war debt
ghost before the conference, with the
SLaLemeQL tl1dC the LduodLliC d6ACC-
ments should be completed, with the
debts reduced 90 per cent in keeping
with the German reparations plan.
But Daladier and his finance min
lister, Georges Bonnet, together with
delegations from several countries,
were anxious to direct the conference
toward stabilization Of the dollar and
pound as its first goal.
The decision not to pay the june Is
installment on the French SAC, 0,e00,0 ,000
war debt had been taken before Dalai
dier left Paris. and a spokesman for
the French group today indicated that
sffle premier had no intention of re-
opening that question.
High financial authorities, in close
touch with the British delegation, pre-
dicted that the dollar, pound, and
French franc would be stabilized for
the period of the conference.