WORLD PRODUCE

Dominion, Volume 28, Issue 109, 1 February 1935, Page 11

WORLD PRODUCE

Regulation of Output Suggested INTERNATIONAL BODY IN CONTROL . American’s Plan to Obviate Over-production EFFECT OF GOLD POLICY By Telegraph.—Press Assn.—Copyright. (Received January 31, 7.15 p.m.) Washington, January 30. ‘ Mr. D. C. Roper, Secretary of Commerce, appearing before the Senate Agricultural Committee, recommended the creation of an international board to allocate country by country the world’s output of raw and finished goods, each receiving assignments of its part of goods for world consumption. “If these assignments were given and the nations of the earth, through some regulatory power, could compel member nations to stick by their quotas, tiie question of over-production and surpluses would be wiped out in a short time,” he said. Ho suggested as a preliminary step the creation of a cotton economic council which would disseminate advance information of cotton consumption.

The Secretary of Agriculture, Mr. H. A. Wallace, warned against America’s gold-buying policy as an attempt to make American imports balance exports. “It does not seem likely that we can continue to import gold in large volume,” he said, “partly because we have such a large part of the world’s supply already and partly because such a course would probably mean new monetary chaos abroad, from which we stand to lose more than we could gain. We are approaching the end of the period when we can continue to trade by stoppage expedients. We now have to face either contraction of our excess of exports or must make up our minds to bring in larger imports in order to make it .possible to continue a large export trade.”