TRADE CRISIS LOOMING

Chronicle (Levin), 31 August 1949, Page 5

TRADE CRISIS LOOMING

Press Association)

World Body To Co-ordinate Policies Urged

(Per

Received Wednesday, 10 a.m. GENEVA, August 30. The United Nations trade body warned today that. world trade was facing a crisis which was' likeiy to grow far worse before there would any improvement. The interim commission of the International Trade Organisation, m a report on the operation of the general agreement on tariffs and trade, which includes Britain, the United States and 21 other great trading nations, said: "World trade is facing a crisis of perhaps unprecedented gravity. Even now, four years after the war, there is no sign of restored equilibrium and present indieations point to a deepening of the unbalance and a sharpening of the issues involved." The report said that there was urgent need for a world trade organisation such as was provided for in the Havana Charter. It continued: "Marshall Aid has averfced catastrophe for the countries of Europe, but it now seems far from certain that Europe will achieve stability by 1952. "Depression is a cumulative pvocess which gains momentum at an amazing speed. If there is no strong internatioinal orjg'anisation enjoying sufficient anthority to coordinate the policies of governments in an emeigency and to limit the dire effects of a crisis, then the hard won structure of economic co-operation may be blown away." The report was prepared at the request of the 23 members of the Geneva Agreement. who' have been conducting trade negotiations Annecy, France, for the past four months. _____________