17 MAY 1935, Page 2

The Dollar Exchange Mr. Morgenthau, the Secretary of the American

Treasury, made a speech over the wireless on Monday on the American dollar whose significance is not quite plain. Whilst he asserted that America cannot contemplate stabilization of the currency until other Governments do so, and that he could not promise that there would be no further inflation, his emphasis was on the steadiness of the currency ; and he suggested that its comparative steadiness might lead the- rest of the world gradually towards practical exchange stabilization. He appeared also to be hinting at the readiness of the United States to enter another international conference when he said that so soon as the world was ready to seek exchange stabiliza- tion Washington would not be an obstacle. So far as the gold standard is concerned, Great Britain has laid down certain principles, based upon Jong experience, which. must be observed in the working of it, before this country can return to gold. Is America prepared to go some way to meet Great Britain ?