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Hokitika Guardian, 18 June 1923, Page 2

Wiut should he a special feature of the coming Exhibition will be the display by the 120 importers of British manufactures which is being organised now by tho British Trade Commissioner resident in Wellington. This should bo n distinctive display, and should he tho means of affording information as to the possibility of more complete trading intercourse within tho Empire. That no doubt- will be tho particular object of the display. It fits in also with tho distinctive name or title of tho Exhibition, which is to be essentially British. The details of the exhibit are now being worked out, and will be assembled in good time for the Exhibition. It will bo staged in a specially attractive manner, and should cert -inly bo of a very distinctive char-

acter. Special officers will visit Hokitika with the Exhibit and ho present to give the fullest publicity to these enquiring in icgard to manufactures etc.

There are many panaceas proposed to bring the world back to prosperity. In some quarters it is recognised that the economic question—the result of the draining period of the war—is the chief issue at stake. Much is being said and written on the subject. One suggestion is to bring in a new monetary system. According to tlie authors of the suggestion this would “provide a solution for many social problems of the present day.” In short, it is proposed that notes and coins shall be issued on the security of bona fide trade bills, resulting out of transactions between traders in staple commodities, and that every unit of our new money shall bo directly backed to its exact amount by a bill of this kind. In addition, the very goods dealt in shall he the goods cover of every one of these money units. Every hill is invariably drawn for the exact amount paid for the goods out of which it arises and at their price ruling for tho time being. Bills at- their maturity, usually three months, must he taken up with the same amount ol money unit which was passed into circulation when they were discounted. Hence, both the amount of money units, and the goods which protect them, puss into circulation on the basis of the existing market- pi ices, and go out of existence throe months later on the same terms. In order to discount these bona lido trade hills, it is suggested that a corporation or “Na tioual Currency Commission” he formed. “Only the very l«-st transactions and the Unset type, of bills will be used to cover the issue of money.’’ all oilier money transactions being carried out a.s heretofore. The authors are optimistic as to the functioning of their scheme; ’‘once introduced, it will continue in perfect working order quite automatically, and. ibeng entirely disconnected from the State, it w ill lie absolutely free from political influence. In fact, it will be the very first, money over put. into circulation, which, being entirely based upon economic conditions, will stand or fall with the trade and commerce of the country. ’

Akranoemkntk have been made lor the holding in l-ondon, this year of the proposed Imperial Economic Conlereme as well us for a meeting of the Imperial Conference similar to that held in 1921. The two Conferences will be hold concurrently, and the opening date will he October 1. All the Dominions and India will he represented at the Economic Conloreiue, and. wn ' the exception of New Zealand, at the Imperial Conference also. Ihe I’rime Minister of New Zealand is expected t.o he able to attend the latter, and it. is hoped that all the other Prime Min-i.-ters will lie present. It is understood that the agenda of the Conlerencos is being prepared in consultation with the Dominions, and tro much importance can hardly ho attached to the forthcoming meetings under the present circumstances. With regard to the Economic Conference, it is greatly to be hoped that the business element will be adequately and directly represented in the discussions.