Evening star., 1933-07-01

BY the Associated Press.
LONDON, July 1.-Delegates
from gold standard countries
waited in vain as the morning
hours passed today for word from
President Roosevelt on a joint
declaration favoring control of
currency fluctuations.
Prime Minister Ramsay Mac
Donald Of Great Britain, chair
man of the World Economic Con-
ference, informed Assistant Sec
retary of State Raymond Moley
that he was ready to call a meet
ing as soon as statement from
the President was received.
Communications Fail.
Several of the representatives of gold
Standard countries. who have waged a
ton or fluctuation control, were plan
ming. however, to take noon trains or
carly afternoon airplanes for their re-
eoective capitals.
1t was stated that the delay in hear
ng from the American Executive was
Cue to failure of communication facili-
ties at Campobello Island, New Bruns-
wick, where Mr.. Roosevelt 4 spending
q vacation.
Information from Campobello that
Countries will have to wait for stabili-
zaticn excited some wonder in confer
ence circles, where the declaration of
the French and other goid-standard
nations was interpreted as not imply
ing stabilization, but merely a move to
iron out peaks of fluctuations which
are regarded as largely speculative.
The suggestion submitted to the
President by Moley, his adviser, rec
commended approval of monetary for
mula under which central banks could
Use their resources to prevent extreme
changes in the monies.
Banks and financial sources were
anxious for news during the morning,
and it was stated. in its absence, that
there was a remarkable lack Of specu-
lative dollar transactions.
But central banks will have their
hands full if they want to stop specu-
lation," said a representative OF one
of the large British banks.
Prominent American circles expressed
the opinion that in the vague form In
which the statement was finally drafted
they could not see how any one could
have any objection to it.
Important conference quarters were
frank in saying the statement repre-
Sented another decisive victory for the
United States, America having failed to
commit itself toward any sort of i'm
mediate stabilization.
It was explained, however, that it be-
came necessary to Join the action to
reassure the gold standard govern
ments-with the French particularly
anXious-because of the necessity for
Ereasury financing Monday.
Statement on Gold.
Financial quarters in London we're
frankly skeptical over the proposed
declaration, however,
The statement as finally determined
upon, it was learned on good authority,
is virtually as follows:
l. The gold standard in all countries
still on the gold basis, should be main
tanned.
2. Nations off the gold standard shall
return to gold when possible.
8 Each country independently shall
determine the time and rate for even-
tual stabilization.
f. The nations now on gold are de-
teTm4ned to maintain their position at
all costs
5. Countries with a deprecated cur
rency should not the stand taken by
the gold countries.
How far the New York Federal Re-
serve Bank may go in checking f1uctua-
tions, however. remained somewhat un-
certain. American quarters expressed
the view that all that would be needed