The Hawera Star. MONDAY, JUNE 18, 1933. PROGRESS OF ECONOMIC CONFERENCE.

Hawera Star, Volume LIII, 19 June 1933, Page 4

The Hawera Star.

MONDAY, JUNE 18, 1933. PROGRESS OF ECONOMIC CONFERENCE.

Delivered every evening by 5 o’clock in Hawera, Manaia. Kaupokouui, Otakeho, Oeo, Pihama, Opunake, Normanby. Okaiawa, Eltham, Ngaere, Mangatoki. Kaponga, Awatuna., Te Kiri, Mahoe Lowgarth, Manutahi. Kakaramea, Alton. Hurleyville. Patea. Whenuakura, Waverley, Mokoia. Whakamara. Ohangai. Meremere. Fraser Road and Aracata.

Though the hopes’of the world had centred for nearly a year upon the Economic Conference, as the date of opening drew near there was an ever-in-creasing tendency in informed quarters to regard its task a.s well-nigh hopeless. The man-in-the-streot was able to pin his faith to the ‘ 'we-dare-not.-fail” attitude of some of the leading statesmen, and that is still as good as any grounds for maintaining hope; but individuals whose study of the problems awaiting the conference brought them closer to what they -deemed the realities of the position appeared to grow even more gloomy as the opening date approached. They were, in many over-awed by •the stupendous nature of the task of inducing sixty-six nation® -to forgo immediate self-interest in a common effort to re-establish the flow of world trade. Viewed from a. detached, logical standpoint, the task may appear hopeless; and yet the value of the phychologieal viewpoint—that which induces the masses of people to believe that sheer desperation will drive the nations to find a solution —cannot be overlooked. It would appear, from this early vantage point, that the conference is m fact making progress towards its goal. A large majority of the nations has agreed to suspend tariff wars for the time being; Britain has been able to preserve harmonious relations with America over the war debt issue and thus gain breathing time; the conference has been able to agree upon the appointment of committees and sub committees and their chairmen without letting loose any passions arising out of national or racial differences; the gen oral opening ,debate has keen completed in record time, with, a commendablv small amount of high-sounding platitude and many indications of real earnestness. All this must be counted as good progress, as far as it goes—and it goes much farther than any sane, unsentimental observer would have dared to predict a year ago. For the second week of the conference’s work America -has laid down a programme in which tariff reduction looms large. This is, indeed, a most healthy sign, coming from the greatest offender among the nations in respect of high tariff walls, one of the contributing causes to the world slump. The. week-end cables inform us .that "the American delegation’s suggested agenda for the economic commission .propose 10 per cent, reductions in import duties from June 12, including a corresponding reduction- in surtaxes; al-soi corresponding liberalism' of other import restrictions, the equitable operation of import quotas, a.n extension of the Customs truce sufficiently long after the close of the conference to. enable the establishment of a -stable basis for developing international trade adjustments by bilateral negotiations or otherwise.” The importance of this show of initiative on the part of the United States ran scarcely be -over-rated. The reference to an extension of the Customs truce "sufficiently long after the close of the conference to enable the establishment of a stable basis for developing international trade adjustment.,” sounds like "real business.” America is not. apparently, going to be. easy to deal with on the subject of currency stabilisation, but no one expects that this, or any other problem before the conference, is capable of being disposed of easily. As a matter of fact, no one should want easily-made decisions. The conference provides a great opportunity, but it can be utilised to the utmost only if the decisions are hammered out in durable form. A spirit of -earnest practicability appears to be. dominating -the confer■encio and this .spirit will have more opportunity of exerting itself in the deliberations of the commissi omis, committees and other sectional conferences which have been arranged. The American chairman struck an encouraging ■note of brevity and "hard-headedness” at. -the opening of the sitting of the Monetary Commission: "We all agreedbefore the conference that there was j unprecedented world-wide disorder. Our task is the maximum treatment with the minimum of talk. We -must be patient and face the perplexing details with the understanding of national situations. Let us • promote treatment by sustained efforts. Let us get to work.” In those five sentences Mr Cox covered the ground adequately for that occasion. So long as this desire to get somewhere—new—remains the dominant. note of the 'World- Economic Conference, the ordinary citizen is- justified in going about- hi-s business with a heart made lighter by hope.