The Bismarck tribune., 1933-06-28
FRENCH DELEGATES
SAY STEERING BODY
ADOPTS RESOLUTION
Document Declares Success or
Failure Depends on None
tary Action
u. S. POSITION UNCHANGED
French Position Held Desperate
As DevaIorization of
Franc Looms
U. S. POSITION UNCHANGED

London, June 28-(P-fIigh French
sources said Wednesday night the
world economic conference steering
committee had approved a resolu-
tion asserting that whether the bar.
ley succeeds or fails in the economic
phase Of its labors depends on cur
rency stahilization. The Americans
failed to participate in this resolu-
ton.
Some important conference quar-
ters interpreted the resolution as an
indication Of British compromise
with the gold countries, headed by
France, which have been attemptinr
to force the United States to stabilize
1t was authoritatively stated the
American stand against stabilization
remained unaltered.
Inc steering committee meeting
was held after q sweeping decline in
the dollar exchange. In after-hours
trading the dollar plunged to $4.3sA
70 the pound, q new low since the
abandonment Of the gold standard
by Great Britain.
The committees resolution also
followed further efforts by the con-
tlnental gold nations to obtain Brit
ish support In their fight for sta
bilization.
One high continental statesman
said after the committee meeting
that the conference is approaching
its crisis this week.
French Franc Weakens
AT Paris, French financial experts
said that the battle Of the franc is
lost and 1t Is only question of time
until France will be obliged to deyal-
orize.
Telephone conversations between
Premier Daladier and Finance Min
lister Bonnet are said to have re-
vealed that hope has been abandoned
OF Great Britain's stabilizing with
Europe.
Economic forces either will push
France off gold or compel the cheap
ening of the franc, probably a fourth
or fifth, to meet dollar competition.
financial experts said.
1T Is wiser to act now" declared
source conversant with the views
OF the French government, "but the
public must be educated"
Nothing except the miracle" of
high dollar stabilization can save tho
franc, 1t was said, because diminu-
ton Of foreign trade will henceforth
oe accelerated as tax receipts dimin-
1sh and the budget deficit grows.
compelling the government to initiate
to get money as the treasury already
is almost empty.
During much Of the day, lobbies
throbbed with talk of Prof. Raymond
Moley, American assistant secretary
OF state, who arrived Tuesday night.
Moley has been described as the
mysterious head of President Roose-
velts brain trust" and it was hoped
that he brought direct word from the
American executive.
The assistant secretary was busy
from early morning hours conferring
with his colleagues in the American
group and feeling out the situation.
Many delegates anticipated some
OF his views might be made known
IN a private meeting OF the confer
ence bureau which Macdonald called
Tor late In the afternoon.
Secrecy Guards Proposals
II Moley had concrete proposals or
suggestions for removing some OF the
many controversies which are block
ing the progress Of the conference.
they were carefully guarded. What
ever he said he said in private. and
the American delegation remained
similarly silent.
Almost coincident with the arrival
OF the assistant secretary Of state
there was an important development.
1t was learned the American and
British delegations already had held
one private meeting together and
planned another for Wednesday.
Details Of the secret session be-
tween the two great English-speaking
delegations were not divulged, but an
authoritative source said this much |
was true:
The British and Americans decided
to work hand-in-hand so far as pos
sible. Their interests are, In the |
main. mutual. 1t was said, and more
over they feel the success Of the con-
ference largely rests on their shoul-
ders and II they stand together sue
cess will be more likely.
Seeming to bear out this program |
OF Anglo American cooperation, Brit !
ain still is standing pat on her re- |
fusal to commit herself to the conti-
mental gold bloc scheme for Euro
pean monetary stabilization, ire
spective Of American action.
British Are Anxious
The British, however, freely indi-
Gated their anxiety regarding the
monetary position on this side Of
vne water. They expressed fear un-
less some action was taken the Euro
pean gold countries might be forced
off the gold standard.
Representatives OF the Bank of
England, the Bank of France and two
other central banks met secretly
Wednesday morning to discuss the
European currency situation, with
particular reference to speculative
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