The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-06-15
j. 5. VICTORIOUS IN
Fight FOR POSITION
ATL0NDON MEETING
Steering Board Elects Cox to
Chairmanship of Vital
Money Committee
FRENCHMAN OFFERS NAME
Vote Is Unanimous After Com
promise Among Warning
Groups Is Effected

London, June 15.-(F)-The United
States achieved great and hard
won victory in the world economic
conference with the election of James
NJ. Cox as chairman of the vital
monetary committee by the steering
committee late Thursday.
The designation of the American
was unanimous. His name was pre-
sented by the Frenchman, George
Bonnet, who had himself been cam
didate. Bonnet had bitterly opposed
Cox's election until a compromise was
effected among warning groups in
mid-afternoon.
Opposition to the American had
been based on grounds that the chair
man should come from q stand
ard country.
Finance Minister Guido Jung of
Italy was given the vice Craftsmanship
and M. Bonnet, the French finance
minister, was elected reporter to the
conference.
Prime Minister Hendrix Collin, OF
Holland, who had been suggested as
a compromise chairman of the none
tary group, was elected to head the
important economic committee.
Secretary of State Hull, head Of the
American delegation, was at first con-
sidered for this post but the Ameri-
cans decided to concentrate on secur-
ing the monetary Craftsmanship fol
Cox, ex-governor of Ohio and former
presidential nominee of the Demo.
cratic party.
Sterilization Planned
A feature Of the compromise, II
was understood, was American agree
ment to stabilize the dollar with re-
gard to the British pound and Eng
lish financial quarters were inclined
to the opinion that sterilization for
the duration of the world economic
conference virtually was accomplish
ed Thursday as the dollar steadied
close to a quotation of $405 to the
pound.
The $405 quotation was widely ru-
mored as the point on which it was
agreed to start sterilization.
The pound had been substantially
higher earlier in the day.
The steps to be taken to accom-
plish de facto sterilization have been
the subject of much speculation, both
in banking quarters and the economic
conference, but it was understood
that experts are working out for
mula which will include virtual ces-
sation of foreign exchange specula-
ton.
Sterilization. 1t was said in inform
ed quarters. will be designed wholly to
smooth out fluctuations rather than
fix positive ratios This evidently
would permit gradual change over
a period of time as required by econ
omic conditions.
Neither the Americans nor the Brit
ish are willing to return to the gold
standard until wholesale prices gen.
orally are restored to better levels.
Fight Wakes Warm
The fight for the craftsmanship OF
the monetary committee waxed so hot
Thursday morning Prime Minister
Macdonald. conference president, was
forced to postpone meeting of the
steering committee because he was
afraid to let the question come to g
vote.
The headship of the committee Is
deemed Of great Importance because
the chairman will be able to appoint
subcommittee leaders and because OF
the Importance which is expected to
be attached to such conference prob.
lens as currency sterilization ana
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