BUSINESS-LIKE ATTITUDE

Hawera Star, Volume LIII, 16 June 1933, Page 9

BUSINESS-LIKE ATTITUDE

World Economic Conference

GENERAL DEBATE CLOSED

Mr. Forbes The Last Speaker

ME. CHAMBERLAIN SUPPORTED.

DOMINION PRODUCERS’ VIEWS

(United Press Association—By Electric Telegrapti Copyright.) Received 1 p.m. to-day. LONDON, June 15. “I congratulate '.delegates .'heartily on the proceedings since Monday. This is the most businesslike and most expeditious conference over which I have ever presided,” said Mr. Ramsay MacDonald, in closing the general debate at tlie World Economic Conference. “I am more hopeful of the conference’s success,” declared Mr. Cordell Hull, the American delegate.

The unexpected, business-like abreviation of tlie general discussion indicates a business-like conference throughout. No final stabilisation agreement, however, is yet indicated.

Tlie Prime Minister of New Zealand, Mr. G. W. Forbes, who to-day changed his mind and decided to .speak was absent when first called and had the distinction of being the last speaker on the genera] debate. Mr.. Forbes said lie was particularly impressed by the speech of Mr. Neville Chamberlain, whose suggested measures for an improvement in trade and monetary relations with New Zealand Ije would do liis utmost to support as a practical basis of co-operative action leading to general recovery. Unless commodity prices were so raised as to substantially reduce the real burden, existing debts must generally fee •scaled down, which might, indeed, be necessary in addition to raising the price level, though the adjustment of debts, must be a. question for consideration, mainly by the parties and countries immediately concerned. The problem was of such pressing, general concern as to warrant conference consideration.

Mr. Forbes urged the conference to deal with equitable shipping conditions, particularly the right ships, without discrimination of nationality, to compete in trade which was not merely local and coastwise.

Referring to the quantitative regulation of trade, Mr Forbes said the producers of New Zealand disapproved of the limitation of exports or production. . Instead, they hoped for a iomoval of barriers and a restoration of purchasing power to enable the absorption of increased supplies. There was a sparse attendance until Mr. Ramsay MacDonald’s announcement of the chairman of committees, after which Mr. Forbes immediately spoke. Delegates remained and cordially welcomed Mr Forbes.

All interest now centres on the monetary and economic committees.

India, and every Dominion except Australia, participated in the general debate.

Mr. Soong (China) urged that while stabilisation was being sought for gold currency, it might also be found for silver, for which a reasonably stable value was more important than an increase in value. China intended to raise its standard of living and its consuming power would then provide the greatest of all markets in the world, which might be a decisive factor in bringing a real lasting recovery to the whole world. Jilr. Bennett’ (Canada) said lie was wholeheartedly in agreement with Mr. Chamberlain’s monetary programme. He urged the United Kingdom and the United States to stabilise exchanges. Then Canada would be willing to stabilise the dollar on London and New York. He also agreed in the main with Mr. Chamberlain regardin'' trade restrictions. An accumulated carry-over of 350,000,000 bushels of wheat could only be effectively dealt with by an international agreement involving a possible reduction in acreage till the carry-over was disposed of Many importing countries, by raising tariffs, had diminished the demand and aggravated and perpetuated a disastrous fall in prices. These countries should seriously consider the feasibility of enlarging the demand. M. Herriot, in an article in “Les Annales,” said: “I cannot see how the Ottawa. Imperial preferential tariffs can be aligned with the world conference programme,” states a cable from Paris. Cables from Berlin state that the German Press is so preoccupied with the Austrian tension that it devotes little attention to the conference. The Press, however, considers that England has adopted the right method respecting war debts. 'The conference accepted a recommendation that Mr Cox (United States') should preside over the monetary commission, and that the vicepresidents should be Signor Jung (Italy) and Dr. Kiqnbook (Austria) with M. Bonnet- (France) as rapporteur. It was also agreed that Dr. Colign (Holland) should preside -over the economic and trade commission witii Herr Kragmann and Don Liborton (Argentine) vice-presidents.. Generali discussion continued throughout the day. Mr. Connolly (Ireland) suggested tlie exploration of the possibility of making the Bank of International Settlements the agreed clearing-house for international exchange and transfers: and tli<* co-ordination of its activities with the central banks of all countries. He *■ i’.n’toht that gold should be the yardstick of values and the ultimate factor of settlement of balances. He would like to see the development of an international. clearing-house of commodities. , , . Tewfik Rush cl i Bey (Turkey) emphasised the importance of international co-operation. . Seiior Alberto' Pani (Mexico) desired to see the rehabilitation of silver and the stabilisation of its price. Mr. Salnars (Latvia) advocated the gradual reduction of tariffs- in tlio first place on agricultural products and raw materials.