TEMPORARY TARIFF TRUCE

Hawera Star, Volume LIII, 15 June 1933, Page 5

TEMPORARY TARIFF TRUCE

Nineteen Nations Agree

DURATION OF CONFERENCE

British Chancellor’s Address

RECOVERY OF PRICE LEVEL

ESSENTIAL TO TRADE FUTURE

(United Press Association—By Electric Telegraph

Copyright.) Rieieaivetl 1 10.50 a.m. to-day. LONDON, June 14. When the World Economic Conference resumed to-day Air MacDonald said 19 States, the majority of which had played an important part in world economy, had agreed to a tariffs truce for the duration of the conference. He earnestly appealed to all States to give adherence to the truce by Friday, which would be a good augury for the work of the- conference.

M. Paul Hymans (Belgian) was appointed vice-president of the conference. •

It was a sunny morning. The session (began in a buzz of expectancy with the announcement of the speeches of Dr. Dofifwiss (Austria), Mr Neville Chamberlain and M. Litivinoff (Russia). Most glamour centred on the diminutive boyish Austrian Chancellor, who is beset with a tense anti-Nazi situation at home. For that reason an aeroplane wasi waiting at Croydon to whisk him to Vienna to-day. Hits speech was a model of gravity. Ho arguodl strongly for a reduction of wheat production as a check on the price depreciation.

Addressing the conference, Herr Dolfuss said the conference would certainly contribute a great deal towards a settlement of the debt problem if it could call into being the necessary negotiating body. A method of cooperation between the control banks should be adopted as a regular institution by the conference with a view to the- stabilisation and maintenance of the stability of currencies. He 1 was pleased to announce Austrians agreement to a tariff truce.

,Mr Chnmfoa'rllainj’is 35 minutes’ survey made an excellent impression. He made detailed suggestions based l on the uplifting of price levels after the final settlement of war debts. Mr Chamberlain said there was close connection between the monetary and economic aspects of the world’s problem. Action in these spheres mulst be taken simultaneously. Any • attempt to obtain equilibrium by a furtherlarger reduction of costs would, ibe attended by intolerable suffering without hope of success. A .solution to the difficulties must be found by a recovery of the price level. The immediate aim of the monetary policy should be the .stabilisation • of currency and its ultimate aim a.t the restoration of a satisfactory international standard for which gold seemed the most generally acceptable. “We attach the greatest importance to the abolition of exchange restrictions, and hope the conference will take positive action to secure this end,” said Mir Chamberlain.

LITTLE DESIRE TO SPEAK

BRIEF GENERAL DEBATE INDICATED

LONDON, June 14

A conference at- which delegates do not want to speak is somewhat of a novelty, but yesterday’s renunciations mean the speedy winding-up of the general debate and the early appointment of the two main commissions monetary and economic.

The French are advocating a third commission to deal with questions of production and labour.

IThe American 'delegation strongly desires to secure the chairmanship of the monetary commission, but the c .a rn is opposed by a majority of both git stand -smaller powers, among whom the unchecked depreciation of the dollar has aroused criticism. Probably a nt utral chairman will be chosen. Conversations are continuing between British and French bankers and ti-'us-ury experts. Herr Schacht has resumed his talks with representatives of Germany’s creditors.