The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-07-13

up a pretenSe of a conference whilet
intrigues are carried on behind the
scenes to try to line up support for
their policies.
Secretary of State Hull, head of
the United States delegation, init
mated today that he would defer
his return to Washington until Aug
uSt. Meanwhile he will try to nego-
tate secret agreements behind the
backs Of he rival imperialist pow
ers, particularly Great Britain and
France.
1t is regarded as significant that
John w. Davis, former democratic
candidate for president and head of
the legal staff of j. P. Morgan g.
Co, is here and holding conferences
with Hull. AS soon as the first
conference between Hull and Davis
had been concluded the secretary of
state held conference with Thorn
as A. Lebreton, chief Argentine del
egate on the possibility of an Ar
genuine American trade treaty. This
means direct manouvering against
the strong British position in Ar
gentine.
Currency Battle at New Stage.
Closely following the statements in
parliament of Neville Chamberlain,
chancellor of the British eXchequer,
and Winston Churchill, who for
merly held that post, that Britain
would follow RooseveIt's policy of
boosting prices, the pound sterling
Yesterday fell IA IL cents; the franc
dropped SAC IL cents, the guilder
fell 1880 cents and other European
currencies followed suit. 1t is felt
that there is beginning a general
new inflationary wave in an effort
TO Offset the advantage gained by
the United States in depreciating its
currency in the trade and tariff war
that is being carried on by Wall St.
That there will be retaliation on
the part of the Roosevelt admins
tration is fully expected here. Roo
sevelt is expected TO exercise the
authority given him in the infla-
ton rider to the farm "relief" act
to reduce the gold content Of the
dollar by so per cent, which will
compel further initiation of British
and other currencies.
France Raises Tariffs Against US.
Still waging losing fight to
maintain its gold standard, France
is striving to strengthen the So
called gold bloc, especially Holland
and Switzerland, but these coun-
tries are nearing the point where
they must resort to abandonment of
their gold standard. French spokes-
of tho foAA
they do not believe anything can be
gained by carrying on the trade war
through initiation. They correctly
see that the advantages in trade gained
by Britain and Japan, the two
countries that early resorted to in
flation, canot be realized when all
countries resort to the same meas
ures, hence they have proceeded to
further tariff boosts.
Before the French chamber of de-
putieS adjourned last Saturday night
for the summer holidays a bill was
rushed through increasing the ex-
listing tariff rates from 80 to $50
per cent in ga categories of imports.
mostly those from the United States.
This will practically cripple imports
of United States goods into France
and at the same time will be a
smashing blow at American i'm
pcfters of commodities from France.
thus further accentuating the crisis
in both countries.
Shipping Already Hard Hit.
Already the effects OF the trade
and tariff war that is raging with
increased fury are being sharply
felt in shipping. Many ships are
being laid up, the crews discharged
and dockworkers are working more
infrequently, as the carrying for
ward of the trade war is having
its paralyzing effect everywhere.
Hence the London Economic Con-
ference, far from even softening the
effects of the crisis, occurs at a
time when the fierce trade struggle
makes still worse the effects of the
crisis.