Sherbrooke daily record, 22 juin 1933, jeudi 22 juin 1933

[" Established 1 897 SHERBROOKE, CANADA, THURSDAY, JUNE 22, 1933.Thirty-Seventh Year DECLARE UNDUE EMPHASIS PLACED ON STABILIZATION OF OIRRENCV STERLING AND CANADIAN DOLLAR AGAIK ADVANCE United States Delegation Expresses Opinion Immediate Stabilization Would Possibly Cause Violent Price Recession to Detriment of Conference\u2014Believed that Conference Has Been Saved Following Franco-American Negotiations., New York, June 22.\u2014Soaring toward its old par, the .pound sterling at noon today reached $4.23 3-4, the highest mark attained on the foreign ! exchange here since Great | Britain suspended the gold ' standard back in 1931.In active trading the Canadian dollar fell into line with sterling and advanced to 90 7-8 cents, within a fraction of its high for the year and a.ad-I vance of five-eights of one per i cent, over its close of Wednes-I day.The United States pre-! mium on Canadian funds drop-i ped to a flat rate of ten per ! cent.I Sterling opened strong at $4.21 1-2 on reports from London indicating uncertainty regarding proposed stabilization.The pound closed yesterday at ^ $4.18 3-4.Recipients Of Honorary Degrees i London, June 22.\u2014The American delegation lo the World Economic Conference said in a statement today that the United States Government feels that currency stabilization now would be untimely and possibly would \u2018'cause a violent price recession\u201d to the detriment of the Conference.The statement said that \u201cundue emphasis\u201d had been placed upon proposals for temporary stabilization, and asserted that this matter was never an affair of the delegation itself but rather of the Treasury and the central banks of the United States, Great Britain and France.The American Government, the statement continued, feels \u201cthat its efforts to raise prices are the most important contribution it can ; j make.\u201d\t| *.Simultaneously with the publication of the statement it was'\tccHTcurcc rmru authoritatively said the Conference had been saved from foundering |oti'llLWCto UlVLN on the rocks of stabilization as the result of an agreement by French YOUNG GRAVE DISTURBERS and United States representatives to postpone discussion of the stabili-\t______ High Point, N.C., June 22.\u2014Four high school students who opened a grave here to take pictures to further scientific study in a school club pleaded guilty to disturbing a graveyard and each was sentenced to spend five nights, from 10:30p.m.| to 4 a.m.alone in the cemetery.Judge Lewis E.Teague, who sen- ! tenced the boys, said each would j take his turn in the cemetery, ; spending five nights in succession.! zation question until later.Prime Minister Ramsay MacDonald, president of the Conference, who has been working night and day to save the parley from collapse, was .jubilant when the news was rushed to him.The Franco-American agreement was reached at a meeting attended by James M.Cox, American delegate; James P.Warburg, American technical expert, and Finance Minister Georges Bonnet, of France.Franco-American rapprochement was described as having been accomplished when Mr.Cox cast aside traditional tactics and laid his cards on the table regarding the American position.The French, who were severely affected in the post-war inflation, are said to have been completely lacking in comprehension of the American * Interna! programme and its definite i WHEAT CONFERENCE ADJOURNS TO PREPARE LIMITATION PROPOSALS Hoped that Concrete Scheme Will Meet with Approval of Australian Government\u2014Diminution of All Forms of Commercial Impediment Required to Restore Normal Conditions of Wheat Production\u2014Dairy Nations at Present Forced Into Wheat Growing.Reading from left to right are the three new honorary graduates of Bishop\u2019s University upon whom the degree of Doctor of Civil Law was conferred at this year\u2019s convocation.Albert Ham, Mus.D., Sir William Clark, British High Commissioner for Canada, and Rev.Prof.Philip Carrington, Dean of the Faculty of Divinity at Bishop\u2019s University.At the right of the picture are seen Chief Justice R.A.E.Greenshields, Chancellor of the University, and Principal A.H.McGreer.Varied Suggestions Submitted To World Economic Parley Today objectives.They were fearful that the United States was on the road to wilful inflation which would have world-wide repercussion.That the French had been willing to puit the Conference over the stabilization issue was authoritatively confirmed.With the parley apparently safely through this major crisis, both the British and the Americans expressed highest hopes of real accomplishment.The issuance of the American j stabilization statement followed re- ! ceipt of fresh instructions yesterday from Washington and repeated meetings last night and today in which the delegation cheerfully considered the wording of the declaration.The announcement was interpreted here as meaning definitely that the United States has chosen for the present to continue the avowed policy of letting the dollar \u201cfind its own level.\" UNITED STATES DEMANDS PARLEY TAKE STAND ON TRADE BARRIERS London, June 22.\u2014The United States today introduced a resolution calling for removal of trade barriers.Meanwhile the Anglo-Irish tariff dispute, arising from the non-, payment of the land annuities to Great Britain, was brought before the Conference by Senator Joseph Connolly, of the Irish Free State.Attacking punitive tariff measures strongly he spoke somewhat in line with the i Russian proposal to abolish all administrative and legislative measures | which permit imposition of discriminatory7 tariffs against an individual country.London, June 22.\u2014While the four-power whea.t conference was temporarily halted today pending drawing up of concrete proposals for limitation of production and organization of exports, the secretariat submitted a note on regulation of wheat production and exports for the information of members of the World Economic Conference\u2019s Economic Commission.The conference between Canada, Australia, Argentina and ihe United States adjourned in order to provide concrete proposals which Stanley Bruce, of Australia, can submit to his home government for approval.The note circulated to the Economic Commission observed that such regulation of production and exports has formed the subject of international debates since 1930.\u201cIt is naturally of importance that the wheat question should be pressed forward as much as possible during the present Conference,\u201d the note declared.\u201cIt is obvious that any arrangement whereby prices would be raised, and which would bind the importing countries to a moderate tariff policy would be likely to exert a considerable influence on the evolution of trade policy in view of the fact the wheat question concerns a large majority of agriculturists in all countries.\u201d ____________________________________, \u201cIt is to be noted, however,\u201d the note further said, \u201cthat certain .\u2014.\u2014 countries would not only be unable to agree to decreasing their wheat WAGE INCREASE ANNOUNCED\t,\tproduction, but should on the contrary take steps to\tincrease production, Chicago, _ June 22.\tReliance j\turi]ess\tthey are able again to sell abroad, through\ta diminution in ail c a g oU announced toTayV\tten Cper\tforms\tof commercial impediments, the products, notably dairy products, cent, wage increase would\tbe made\t!\twhich\tbefore the world crisis enabled a .arge part\tof the agricultural effective July 1st to 5,000 factory j population to earn their living.\u201d workers.\t>\t___________________^ The note thus summarized the * general ideas which have arisen from the discussions of the Economic Commission: \u201cAttempts that bars been made up to the present to organize certain specific branches of production bare rarely been successful But it is to be noted that these attempts were isolated and remained within the orbit of a single category of producers and were therefore BRITISH PUNITIVE TARIFFS UNDER FIRE OF FREE STATE DELEGATION Latest United States Move Understood to Be Effort to fhe w0Jrld wheat conference remained adjourned while the delegates Situation Arising from Irish Refusal to Pay Land Annuities; completely at the mercy of the op- i\tcnno'nt Fn H-raxxr nr\\ r»nnr*v*>to rvr/y nnc -a 1 c nn ronnMi on nf rvrnn n/» r i rvn arm\t_ _\t_ ____ __ ____ ____________ -\t_\t.\t.\t.*\tJ .\tr L ry .A ff s\u2019\tt C' C\tc\t»\t\u2022\t| sought to draw up concrete proposals on reduction of production and iyivert Attention or V^onterence from 1 hreatenmg organization of exports, while the secretariat circulated a note to dele- Stabilization Debate\u2014Resolution Provides for Removal ?ates which declared it was important the wheat question be pressed of All Tariff Quotas, Exchange Regulations and Other \u2018^The UnHtlEStateT\u20181re^o°utionnwas Produced by Secretary of State Cordell Hull, under instructions from President Roosevelt.And while reports of all sorts were shooting about the Conference lobbies one thing appeared definite: That the leaders were working hard to find a solution of the crisis to enable the Conference to continue solia work.Encouraging word came frjom a secret meeting of the steering committee.It was said things looked more hopeful as a result of the latest conversations between the Conference leaders.Discriminating Measures.STABILIZATION BEYOND ondon, June 22.\u2014An attempt by f the United States to force the | World Economic Conference to declare its policy regarding trade barriers of every description was initiated today by Secretary of State Cordell Hull in a resolution introduced before the Ecomonic Commission.\t, The resolution, took cognizance of .# ¦ tariff quotas, exchange regulations POWERS OF DELEGATION and other restrictive and discriminating measures.Asked by the Associated Press what specific measures were contemplated, Hull, the leader of the delegation, replied \u201cto get rid of them all.\u201d Mr.Hull said he would have included terms of the resolution in his first outline of general policy made CONDITION OF HOLD-UP VICTIM VERY SERIOUS London, June 22.\u2014Following is the text of the American stabilization statement issued today by the United States delegates to the World Economic Conference: \u201cUndue emphasis has been placed upon consideration of a plan proposed for temporary de facto stabilization of currencies.\u201cThe fact is this never was an Charged with Assault Upon Person of Hormidas Dubois, of Granby, Maurice Deslauriers Will Stand Preliminary Hearing Next Tuesday.PETER VENIOT {DENIES USE OF VIEWS FUTURE I STAR CHAMBER WITH OPTIMISM PROCEEDINGS Brought Before World Economic Conference\u2014Second j\tmter«sts concerned.Attack Against Legislation' Permitting Application of | bers ^f^the\u2019 Conference^must \"cmi- Special Tariff Measures Against Individual Countries, s\u2019:der t,h«£\u20ac1 attempts as a part of a r, \u2022\t»* ! \u2022\tr-.\t.\tr.\t; general scheme intended to restore Kussia Making First Ubjection.\ti buoyancy to economic life.Conse- -\t_ j quently, it is clear that governments * r ondon, June 22.\u2014The Irish j today must assume a special respon-rree State quarrel with the sibility in regard to this question, *\u2014' United Kingdom arising from ' while at the same time taking ser-the non-payment of the land an- ' ious account of the opinion of the 1 nuities was brought before the j parties directly concerned, and i World Economic Conference today ; without whose sincere co-operation JURORS STILL HOLD FATE OF MITCHELL CASE Sweetsburg, June 22.\u2014Maurice to the Conference, but thought it Deslauriers, twenty-one years old, affair'of the delegation\".It was^con-i\tawa't \u2018'a more seasonable : charged with assault upon the per- sidered by representatives of the\twhich he said he believed had !i.on of Hormidas Dubois, forty-eight treasuries and central banks of the, arrived.\tjyear old farmer of the third range United States, Great Britain and France, Oliver M.W.Sprague having been especially sent to represent the United States Treasury for th\u2019s purpose.The American Government Mr.Hull's move Is understood to of St.Alphonse, who was attacked be an effort to bring an end to the ; in Granby last Saturday night and stabilization fight which has been robbed of $20, will stand prelimin-threatening the life of the Confer- ary hearing on Tuesday next, June .ence and to give the assemblage 27th.at Washington finds measures f^U something concrete to work on apart ' Deslauriers is confined in the temporary stabilization now woulu j fr()m that burnir_ if;sue\t; Sweetsburg jail awaiting the Mag- whv U U rnnsidereTl American sources this momn.g | !strate\u2019s .ens beinF applied to one\tof the er staved close to the court room ! weak;er C0,*Jntri\u20acs ^ °ne 5>f the until,\tat 9:30\tlast\tnight, when :,he .your notice.\" jury\tretired\tand\twas locked up | it was the\tsecond\tattack\ton\tleg- it would be difficult to implement * satisfactory scheme of this nature.\u201d The report points out the Chad-bourne plan for regulation of sugar, although covering only about a half of the world sugar production, \u201cappears to have exercised a certain influence on sugar prices.\u201d But there is the danger it may not have its full effect because the leading producing countries which up to the present are not exporters, are not parties to the agreement, and show a tendency to constantly increase production.There is a lesson in this for the wheat producers.islation permitting application of speaker at a luncheon of the °Can- is ordered have the opportunity of As Mitchell swung back and forth i fPe«al tariff measures against any adian Medical Association.\ttaking their cases to the courts j |n corridor, smoking many 1 *ad\u2019vljd\u2019?a'1 country, the Soviet Rus- He referred to the fact that New\tthrough the proper legal procedure.\trerorie-\tasked\thim\u2019if\the I SiaJl d,eIe£atl