The Guardian And Evening Star, with which is incorporated the West Coast Times TUESDAY, AUGUST 16, 1932. THE OTTAWA OUTCOME.

Hokitika Guardian, 16 August 1932, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times TUESDAY, AUGUST 16, 1932. THE OTTAWA OUTCOME.

There has been a good deal of conflict in opinions expressed as to the possible outcome of Ottawa. An army of press reporters repa esenting all parts of the world, have been on the door step of the Conference seeking to pick up some crumbs of news to enlighten their readers. Some of the niewsmen have had to draw on their ima.ginateion to supply sensational titbits, but these reports did not get much start, 'before being scotched. It is a notable fact, too, that from the source of the best information the British delegates—very little ha a been heard. We have' had the hopes and expectations of Mr Coates and Mr Bruce fredly expresesd, but not in very tangible form; though invariably in an optimistic strain. Then there was the press alarms and excursions in regard to Canada’s claims ? .and again the official news is silent. We mav take it flirt the British delegates went to the Conference with a keen am 1 earnest desire to accomplish benefit to- the British Empire as a whole, ami tlv’.i task it may be expected will hi' performed to the best effect. The Coi.forenoe is now drawing to a close, and is expected to 011( 1

this week. • The final results wiHl therefore soon be public property. Meantime the precis of the monetary report. is engaging a good deal of attention. Actually it has not said a great deal that is new, but it has reaffirmed previous conclusions in the main. This is so, particularly in regard to the Macmillan report of 1931. That report had the same major conclusion- -the need to ravo .price levels. Produce is now generally at uni eiiiunerative prices, and the proare making a loss rather than a profit. With the fall in income there is less consumption of manufactured goods, and 1 in turn the manufacturer is feeling,, the position. Next comes the turn of the retailer whose business also declines. In the ’ stringency that arises staffs are curtailed, sabres reduced ; and generally the purchasing power of- the masses falls, with the upshot that more dismissals and more idleness follows. We .read to-day of many businesses which were formerly flourishing, are unable to pay the customary dividend. This, again, has its effect in ' reducing trade because the purchasing; powea- of the shareholders is reduced, The fall in value? is attributed in the inain to the rule# of the international gold standard, The countries off gold . standard have to produce more to realise the same Value as sufficed under the gold standard. Yet if this were the whole story the position might be rectified. But there nre other contributing factors, and the -world' debts which require to be paid 1 mainly in goods are exacting more and. more in quantity Vcause of the- lactic of gold backing. The report from Ottawa does not mend the position,, but it suggests a slow process of recovery which would be. possible." When the Empire , units return to ( 'their own Dominions-'it 'will be for the Parliaments to set about the task* and this effect, will be at least helpful. But the .process is going to! be slow, and meantime there is the need to keep the house in financial 'order by a process of real informal economy. There much to be ’done ’ and a long, way to go. to achieve -the success all are desirous of. V ,