Imperial Valley press., 1933-11-03
PRE- M|ER SAYS
FRANCE NEEDS
.READJUSTMENT
Sarraut Urges Planned Econ
omy' Similar To Roosevelt's
Recovery Program.
GOLD PURCHASING STARTS
Administration Leaders Deny
Any Intention OF Upsetting
Financial Stability.

PARIS, Nov. 3. U.P)-Premier Al
bert Sarraut today told the French
parliament that France needs a re-
adjustment of her entire economic
activities, based on planned eco
nomy,' similar to President Roose-
velt's system.
The new premier, in his enuncia-
ton of policy, declared that France
badly needs the codification of in
dustry.'
we should coordinate and disci-
pline all economic activities under
the inspiration of a general scheme,
such as is now lacking in our coun-
try he declared.
THE French national economy
needs a charter" he said, for it's
immediate security. He sternly
warned, however, that it was
Frances duty to take necessary &C.
onomic defensive" measures.
Regarding the international eco
nomic situation, the premier said he
regretted the failure of the London
conference cat which he was dele
gate) but limited that success might
come from another attempt at So
luton OF the worlds financial diff
cultieS.
Perhaps" he said, better in
formed people will some day at
tempt once more what resulted pre-
viously in failure. France, as she
was ready yesterday, is ready today
to cooperate in any international ef-
fort to reestablish economic peace"
Meanwhile" he added, during
economic anarchy, France has a
right and duty to improvise, from
Gay to day, whatever defensive
means arc necessary
WASHINGTON, Nov. 3. - Ad-
mlniStration officials .disclaimed
any intention of upsetting the fin
ancial stability of the world today
as the Federal Reserve Bank Of
New York began its foreign gold
buying program under wide powers
granted by the federal government.
Authority to purchase an unlim-
tied amount of foreign gold with
government credit at any price in
its discretion was given the New
York bank yesterday, according to
high administration officials. Ac-
tual purchases of gold in the foreign
market already were under way.
Through secret gold purchases by
the Federal Reserve Bank with
credit supplied by the government
owned Reconstruction Finance cor
poration. the Washington admins
tration hopes to boost the world
price of gold with a corresponding
effect on domestic commodity
prices.
Power to operate in the world
gold markets was given the New
York bank this week after govern
ment efforts to boost domestic
commodity prices through a bid
ding up of domestic gold prices
failed to have the desired effect.
The RFC in the first week of this
domestic gold buying program up
to Tuesday night, bought $4,000
ounces of the newly mined metal at
total cost of S2,100,000 The do
mestic price during this period was
successfully boosted from S31.36 an
ounce to s32.25 Today it was
raised to new peak of s32.57 and
thousands of ounces of the yellow
metal poured into government
mintS.
The domestic buying price is set
daily at Washington by money
committee on which are represent
ed the treasury, the RFC and the
President On foreign purchases,
however, the New York Federal Re-
serve will be given full authority to
operate in any way it sees fit
In its gold buying operations the
reserve bank is expected to work
closely with the Bank of England
and the Bank of France.