Evening star., 1933-06-18
us. MONEY STAND
ETSBACK PARLEY
Roosevelt Rejection of Sta
biIization Destroys Hope
for Quick Results.
Continued From First Page.)

by nations representing so per cent Of
the world import trade"
Extension of the tariff truce beyond
the end of the conference and liberali4
zation of import restrictions also were
inserted in the memorandum.
Secretary of State Hull went to OK
ford for a rest over the week end and
did not comment on the proposal.
Roosevelt Stand Expected
President Roosevelt's disapproval Of
the proposed currency stabilization fig
ures was seen in American quarters as
emphasizing the conflict between the
administration domestic policy and
international undertakings here. The
news caused no surprise among the
delegates, as 1t was felt that Mr.. Roose-
velt would be unwilling to stabilize the
dollar at the present level lest such ac-
tion undo all that has been accom-
plished in raising prices.
While they believed the President Is
unwilling to stabilize until the dollar Is
appreciably lowered. the delegates said
they were not advised definitely as to
what figures are acceptable to him.
Delegates have several times summoned
the American banking and Treasury
representatives here to find out what is
going on in the formers stabiliZation
negotiations.
The Monetary Commission is sched-
uled to begin work Monday and the
United States is invited with others
to submit program, but this, 1t was
said tonight. is not ready.
Finance Minister Bonnet Of France
and Chancellor Of the Exchequer Cham
berlain of Great Britain were reported
seeking conference with James M.
Cox, the American head of the None
tary Commission, on Monday to dis
cuss sterilization.
Drive Will Go On.
A gold bloc drive to force stabiliza-
ton Of the dollar and the pound will
continue, M. Bonnet said.
France will refuse to participate in
the conference, the French delegation
indicated, until the dollar and pound
are stable.
French treasury experts and Bank
Of France officials have reopened ne
gotiations with President George Har-
rison OF the New York Federal Reserve
Bank, James P. Warburg. financial ad-
wiser to the American delegation, and
Oliver M. w. Sprague, executive as
sistant to Secretary Of the Treasury
Woodin.
Mr.. Roosevelt's position caused a
midnight furry at French headquar-
ters. M. Bonnet left the gay music
OF an elite supper club and called a
half a dozen collaborators into an i'm
provised conference, all in full evening
dress
M Bonnet said after the conference
that he had not received official notifi-
cation OF the American stand from
Secretary Of State Hull, but expected
Q call later.
Other U. s. Proposals.
Other proposals reported advanced by
the American delegation were:
Continuation of the tariff truce.
Bilateral trade agreements.
Compensation and clearance agree
ments.
The compensation and clearance
agreements concern chiefly those coun-
tries which have imposed restrictions
on the movement Of their foreign ex-
changes.
"A proposal for organization OF pro-
auction was drafted today by the
French delegation which will present it
to the Economic Commission.
While agreeing that reduction Of tar
IFS Is desirable, the French maintain
that In the present disorganized condi-
ton OF world production tariff measures
would be insufficient.
The tariff truce now has been ad-
hered to by SO countries.
Some work in preparation for Mon
days session of the commission was
done at American headquarters today,
but for the most part delegates gave
their time to social recreation.
Attended Luncheon.
Before going to the royal garden
party at Windsor, Mr.. and Mrs Hull,
Mr.. and Mrs. Cox and Senator Key
Pittman went to Chequers as luncheon
guests Of Prime Minister Macdonald.
A demand for quick solutions of prob
lens arising from the public and pri-
vate indebtedness of Central European
States will be presented to the Mon
etary Commission Monday
A memorandum embodying this re-
quest was prepared by Virgil N
Madgearu, Rumanian finance minister,
who discussed the matter with NJ
Bonnet.