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•r ; G . . D FILE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Statement for the Press For immediate release. December 18, 1935. The Board of Governors of the Federal Reserve Sjystem and the Federal Open Market Committee have given extended consideration to the general business and credit situation and to the recommendation of the Federal Advisory Council and are of the opinion: 1. That continued improvement has been made in business and financial conditions but that the country is still short of a full recovery. 2» That the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery. 3. That there is at the present time no evidence of overexpansion of business activity or of the use of business credit, 4. That the present volume of member bank reserves, which have been greatly incroasod by imports of gold from abroad, continues to be excessive, far beyond the present or prospective requirements of credit for sound business expansion. Therefore, the special problem created by the continuing excess of reserves has had and will continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action may bo taken as soon as it appears to be in the public interest. fid. J53. 3)
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