Evening star., 1933-06-11
STATESMEN SEEK
WAY TO PUT MONEY
ON A STABLE BASIS
Continued From First Page.)

M Cox and the other delegates were
busy in private discussions with their
experts. 1t was understood that con-
facts had been made with members Of
the delegations of other nations, al
though the Americans have had no
formal appointments with British or
other statesmen since Mr.. Hull met
Prime Minister Ramsay Macdonald at
private luncheon yesterday.
Monetary problems remained the CEN
ter Of interest, with Ralph W. Morri-
son, American delegate, explaining that
there was no prospect of return by
the United States currency to its old
parity of 1922 grains of gold per dollar
Such step, he said. would precipitate
severe slump in the markets.
Harrison Sees Norman.
eff the dollar were retushed to its
old basis, there would be the greatest
debacle IN prices ever seen," Mr. Nor
rison said in the only American state
nlent issued to the press. People who
are now running from money to Sc
curities would run back 10 money and
the fall in prices would be terrific"
In this connection the presence in
viewed as significant, although he Is
not member of the delegation.
Mr.. Harrison visited the Bank Of
England where, it is understood, he con-
verSed with Montague Norman, al
though all comment was withheld.
British financial quarters are show
ing almost as much interest in the
stabilization of the Japanese yen as in
the sterilization of the American dollar
Depreciation in Japanese currency is
more severe than IN any other major
Hoc ~
protests from British commercial inter-
ests competing with japanese goods in
the Far East and even In the British
Isles.
Indications In monetary quarters are
that stabilization of the dollar, pound
and yen may become the vital issue.
japanese Delegates Active.
The Americans are chiefly interested
in establishing the dollar relation to
the pound. while the British are re-
garded as unlikely to commit the pound
to a definite level without a similar
commitment for the yen.
The japanese delegation is very ac-
tive. with the members anxious for
place on the bureau of the conference,
which viii act as steering committee.
The Germans and the French were
the major delegations not participating
In today's activities. The Germans
were scheduled to arrive tonight and
the French are expected late tomorrow.
Beth delegations are keenly interested
in the return of the dollar and the
pound to the gold standard Germany
is suffering severely from world none
tary instability, to which she attrib-
utes much of the slump in her trade
balance which necessitated the recent
moratorium on debts.
Sore political problems not on the
conference agenda are likely to be
dragged in. including the Sino-Japanese
dispute and the war debts. It Is re-
ported that the japanese have no in
tention of dealing with the Chinese
| conflict. but they will make a reply If
The questions is brought up by the
Chinese.
Avoiding Debt Issue.
The American delegation is sedulous-
| ly avoiding the debt issue and news
today that the British debt policy is to
| be announced in the House Of Com
mons Tuesday led to hopes that the
problem Of the payments due the
United States Thursday would be quick
ly settled
Maxim Litvinoff, Soviet commissar for
| foreign affairs, arrived and was sur
rounded by considerable secrecy, He
aroused the interest of the other dele
cations in view of the feeling in many
quarters that cooperation by the great
Soviet state, whose production is on a
basis radically different from that of
the capitalistic world, is necessary fer
any extensive reduction In trade bar
riers.
Part Of the italian delegation already
is here. 1t Is understood that they will
press for return Of the dollar and the
sterling group currencies to gold at the
highest rate possible. In addition they
VIII seek reduced tariffs and abolition
Of trade quotas.
Norways delegate explained on his
arrival that his government felt re-
sponsibility for success rested ON the