GENOA CONFERENCE

Hokitika Guardian, 4 May 1922, Page 3

GENOA CONFERENCE

AUSTRALIAN AND N.Z. CABLE ASSOCIATION.

CONFERENCE HAPPENINGS. I Received This Day at 12.25 p.m.) LONDON, May 3.

The Genoa Conference unanimously adopted the Financial Commission report. Mr Worthington Evans in presenting it, said the Commission had not been able to provide a complete, immediate cure, but a definite stage towards recuperation was readied. Referring to currency, ho said, the report advised that gold he adopted as the common standard. This was not immediately possible, hut was the ultimate object. An essential requisite was an achievement by each country of stability in the value of currency. The currency resolutions embodied the principle of prevention of undue fluctuations in the purchasing power of gold. Therefore the purchasing power of currencies should he based on gold. He hoped the Conference of the central hanks which greatly influenced prices would result in such a co-ordination of credit policy throughout tlie world, as would enable the banks to stabilise a more general level of prices. Mr Worthington Evans said that meanwhile, the subconimission made a useful proposal for technical improvement of tiie exchange market, which would facilitate the purchase mid sale, and limit risks which seriously interfered with trade. Referring to the international corporation, he said the capital to he subscribed was twenty millions sterling, controlled by the central international corporation, which would he legistered under a British Company and managed by directors nominated by the affiliated national companies.

M. Picard said if the banks studied their vast programme of complete independence of mind, they would work the much needed reforms. Mr Lloyd George alluding to the Transport Commission report, said the railway managements would meet in Paris at an early date to put into operation the technical measures within their competence, and to agree to for measures and recommendation to their Governments, requiring Government action. FRANCE AND BELGIUM. .Received This Dav nr 12.25 p.m.) ' PARIS, May 3. M. Bartliou interviewed before leaving for Genoa said—l shall only return here in the event of a full agreement of Cabinet with the entire approval of my former actions and complete confidence of future activities.

The “Matin” is of opinion that M. Bnrthou will supply the necessary soothing explanations. The idea is Mm* agreement with Belgium is far from everyone’s thought's. “The "Journal” says M. Bartliou came to Paris to urge consent to Mon Lloyd George’s proposals and found himself faced by colleagues seeking information concerning strange decisions envisaged at Genoa and matters concerning Russia. M. Poincnire displayed considerable surprise therewith and informed Brussels of his decisions, also expressing a desire to see a complete agreement established between I 1 ranee and Belgium.

RUSSIA ACCEPTS. j Receivei This I'nv at !t.4ii a m.) j LONDON, May 3. j The Australian Press Association’s Genoa correspondent sates tlint Tchitcherin addressing the plenary session : said the Russian delegates would recommend the Soviet to accept findings of the various Commissions to the utmost capacity in its power. DANGER OF DISSOLUTION. LONDON, May 3. The “Morning Post’s” Genoa correspondent states the conference is on the verge of a dissolution.