Imperial Valley press. (El Centro, Calif.) 1907-current, 1933-06-29
NATIONS WILL
COOPERATE ON
STERILIZATION
United States Wins Point Fol-
lowing Threat By France To
Force Adjournment.
SITUATION RATHER TENSE
American Delegation Refuses
Any Alteration In Roosevelt's
Program.
BY HARRY FLORY
United Press Staff COrrespOndent

LONDON, JUNE ~. kU.kg-OOld
standard nations of Europe at a
secret meeting late today drafted i
plan for cooperation between them
selves and the United States and
Great Britain to eliminate Specu-
lative dollar fluctuations without
interfering with President Roose-
velt's price-raising program.
LONDON, June 20. France
brought the world economic con-
ference to a grave crisis today with
an ultimatum that if currency
sterilization agreement were not
effected within one week she would
propose the conference adjourn in
definitely.
The seriousness OF the situation
was emphasized by a later Amer
lean announcement that there was
no prospect of even temporary sta
bilization of the dollar in the near
future.
1t was reported in the confer
erce Hobbies that Ramsay MacDon-
cid, British prime minister and
Clldll llldll VI IllC COlllCl CllIC, lCdl
ing disaster, had sent a personal
message to President Roosevelt
urging that he take immediate
steps toward sterilization for the
sake of the conference.
1t was disclosed that Washing
ton tentatively had offered France
dollar sterilization ION condition
believed connected with war debts.
but France rejected the offer.
Washington S attitude was repre-
sented as being that if the depre-
citation of the dollar discommodes
France, it is France S own fault.
The two announcements from
France and the United States
brought CONSERVATION to delegates
of the world conference who met
here II days ago in high hopes of
taking early action to life the
world out of its depression.
Climax To Meetings
Revelation of the ultimatum eli
NAKED a series of secret meetings
among delegates at the same time
that the world was reading of the
fluctuation Of European currencies,
and the startling decline of the
dollar by which American exporters
were able to offer their goods more
cheaply abroad.
Coincident were reports that all
Europe might be forced off the
gold standard.
Neville Chamberlin, British chan
cellor of the exchequer and expon-
ent of war debt default, was won
over to the aid of continental Eur
opean nations in their fight to ef-
feet sterilization and save their
gold standard.
Britain submitted to the con-
ference note emphasizing the
desirability of checking speculative
fluctuations of currency All day
gold standard nations led by France
had been hammering at the British.
Macdonald wanted to remain neu-
trail, fearing to ALLEVIATE the United
States.
Then the French ultimatum was
submitted. 1t was communicated
to Macdonald and other delegates
in private talks. 1t was understood
that Holland, Switzerland, Italy
and Belgium. constituting an ur-
gently formed gold standard de-
Tense league, concurred in it.
Hull Gables Roosevelt
There was a two hour meeting of
drafting committee, at which
members spoke angrily.
Cordell Hull, chief American DEL
egate, cabled to President Roose-
welt news of the gravity of the sit
uation.
Then today an American spokes-
man said there was no prospect of
temporary sterilization in the near
future. He added that "some
time' President Roosevelt might
receive such plan, for considera-
ton, from o. NJ. Sprague, special
American finance advisor
At meeting of the gold stan
dard countries, Emile Francqui of
Belgium remarked holly that the
only thing left for Belgium was to
withdraw from the conference II
she was not aided to remain on the
gold standard.
Delegates of the gold countries
were beginning to intimate that
their presence was urgently re-
quired at home to handle the in
Creasing critical currency situation.