Gold Prise Rise Won't Solve Trade Problems, Martin Says: High Rates Seen Makes Key Point
FINANCIAL OUTLOOKÛÓSpeakers at the opening panel session of a financial conference sponsored in New York yesterday by the National Industrial Conference Board</br></br>FINANCIAL OUTLOOKÛÓSpeakers at the opening panel session of a financial conference sponsored in New York yesterday by the National Industrial Conference Board included Paul A. Volcker, left, vice president of the Chase Manhattan Bank and William McC. Martin, chairman of the Federal Reserve Board.</br></br>! Federal Reserve chairman j William McC. Martin today threw his considerable | weight against the notion that an increaserin the S35 price of gold is either ÛÏdesirableÛªÛª or ÛÏinevitable.Û</br></br>In a dinner speech tonight before the Financial Conference of the National Industrial Conference Board Martin said that an increase in the price of gold would not solve the U.S. balance of payments problem.</br></br>A "cool-headed appraisalÛ will show, he said, "that the price of gold is not the problem.Û He advocated facing up ÛÏto the hard facts of lifeÛ on both sides of the Atlantic.