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ThE Wational Mh trligt WEN YORK a Met. fasen = 5 by Jnos3 Tokuda u , wee Syndicate we CHAO] Ete York financial Jeadcre are giouiat!y pltascd about franc atvaluation, Ip ‘ part this fe daz te @ fecling of relict that the fecvitacie hes finally happeord Even sore potent le the eonvictien that the path authestic intcrnational wxrrtsey. @tabllination is cleared at last. But no forme) serr te atedilisc is cxpected for : @& peor ot least. The epreval of ehrewi obecrvers is tomperca ty akrpticion as to thr real worth of the "gentleman's ageceaent® whereby the United States, Britain and Freace have Yanded together to keg monetary Mloctuations under control. ‘ty fear the sardon!- Amplication of Secretary Morgtothec's etetcarnt on the accong day of tie agreeuent . *Y acc we arc ai] still genticorn” - ie all too accurats. Toere isn't so mich as & acrep of paper to bint any of the *contracting® mations which algat decide that self-interest dcomsded indrpendcst action, Weither Britain nor France haa a record in such matters thet could be onlicd altruistic, Its pe + feotly possible that a aitustien cauld develop te ered rithrs 5 tengmnt all ite own = in which cage we would fC monetary chaca ae is chase. BLL Moancial consrrvatives ars aleo delighted with the polition] aaglea ef dr- valuation, Tucy predict thet many more weitere will te worried and perhaps alicnatcd by inttoations that we are becoming "entangled® with Europe thas will te enthnecd on tchalf of constructive international cooperation. . In thie ocmnretion. artietew Deal chiefs ere elicfolly grotcful to aceretary Morgtathan fo. whet they col) bie "Rossicn bull®, aes vee -- thet toe Seerctaryte rages story of how we dorrioan stabilisation fund rushed to thc rencar of the pound sterling when the wickrd Soviets cusped « millios pounds in abe open murke ; ratce & five-star qvard for short-sighted public relations. This metas the first time that the Treasury Depertecot bes brokrn ite role of stereey shout etabilisation fund operntions, and ita critics chortle that it couldn't “pave ploked @ cen cuspicious vecasion. op ap eae financial top-rankrr, whoce vicws arc widely eharcd, puts it this wy: WI can't prove it, of course, but it certainly looks as if Morgenthan's motive for sablicity was to offect the rising clamor that eccks te identify the New Deal a with cocmuniga, If eo, 1t was a eingvlerly silly performance. Also be made blo ecif a bit ridiculous by talking of a million pounds ‘as 12 1¢ were ieporteant money in influencing exobooge rates. dnyone familiar with exchenge problema knows that it's chicken fecd. "Bat regerdless of motive, the Secretary's prise contribution wae his proud enphasia, that it was te Acrrican etabilisation fusd which bailed oot the Britian tly {$ never occurred te him that anpoor wiht ask - aod J can aafely pousd. AppRrca’ pra. vy that @ lot ef onti-dew Deal epokremca will reise the question - gauct why we have te tum our monsy to reecut the Britieh, and what's the matter with thrir era ptabilieetion fundt . Our, if : pad 9