The daily worker., 1933-07-05

war atmosphere of the Confere
The United States, hacking way
into the markets of the world for its
exports, is depressing the dollar with
such an aggressive speed that the
European gold bloc" countries and
England are literally consternated.
According to Senator Couzens, the
English Prime Minister Ramsay Mac
Donald told him that cancellations
of industrial orders are pouring into
northern England from all over the
world" These cancellations are COM
ing because Of the cheap dollar.
This smashing attack on English
manufacturing industries is the re-
suit of the American abandonment
Of the gold standard and Of the open
war between the dollar and the
pound. When England herself left
the gold standard in 1881, the United
States stood in the first place of the
imperialist powers as having the
largest percentage OF world trade in
her hands. But the deprecated
pound, giving England the advantage
OF cheap costs in manufacturing
goods for export, enabled her to press
the United States from this first
place and occupy it herself The
American share of world trade fell
from 15.4 to 1877 per cent between 1929
and 1882. The English pound dropped
from its par Of $4.56 till it could only
equal $500, Roosevelt S imitation policy
has now depressed the dollar till it
stands at s443, a mere 40 cents away
from the old parity. The differen-
tial advantage that the English ex-
porters had is now almost wiped out
By this series of moves on the part
Of American capitalism.
This war between the dollar and
the pound is not mere currency
fight. 1t is the most dramatic form
Of the continuous struggle of these
Two imperialist giants for world
markets. The American workers,
millions unemployed and unable to
buy goods, millions on part time and
millions more on starvation wages,
cannot absorb even the vastly de-
creased output of American industry
Foreign markets must be won to pro-
vide profits for the masters of Amer
ican capital.
England is finding it difficult to
make any united front" with the
gold standard nations. because the
vigorous attack on her trade launched
by the United States is impelling he1
to reply to depreciation with more
depreciation.
France VIII Fight Back
M. Bonnet. French Minister Of
Finance. speaking for the gold coun-
tries, said: France has her currency
she will keep il and she has the
means to defend it, Get that clear. y
Comments in the French press are
bitter. Pertinax, weu-inow conser.
vative spokesman, described the
Roosevelt message as "insolent." MIR
Roosevelt goes so far as to dcnounce
the French budgetary deficit. We die
not know he was SO vigorously correct
in matters Of public finance" replies
Pertinax. referring to the U. S. bud
get deficit of $1,000 million dollars
1T is not enough to let the Confer
ence die of languor," he adds, "it
must be closed"
France has already decided on
measures to fight the dollar attack on
their currency. M. Bonnet has an
nounced a state loan of 1000 900 OOC
francs, about s10o, 100000 at present
rates to be floated tomorrow, and to
be used to back the franc.
U. S. Will Oppose Tariff Reductions
The United States delegation at a
special meeting decided that in view
of the general hostility to the Amer
lean finance policy manifested here
that, even if the Conference will be
continued, no support for tariff re-
ductions of any kind could be given
Professor Moley is now known tc
have arrived in London with plans
that imply further protection, and
certainly not any tariff reduction.
The dollar dropped another 1l12
cents during the day. At one time
il had reached new low record OF
$4.49 to the pound sterling, but re-
covered slightly, under the influence
of the manipulations of the British
Exchange Equalization Fund, to
s443.