WORLD SURVEY

Hokitika Guardian, 26 August 1932, Page 5

WORLD SURVEY

GLOOMY READING

VERY COMPREHENSIVE REVIEW.

(United Press Association-—By: Electric - Telegraph—Copyright.) .■

LONDON, -August 25

A Geneva world (survey, .i-oompriising, 327 pages, has been issued by • the '-eaguy of Economic Intelligence*--sec-tion. It is one of the most Comprehensive of the reviews that have been issued since the war. 'lt makes ■ gloomy leaning. . • a

The review pays: “The shrinkage in the world’s trade, and the confusion into which the price situation has fallen and the failure in confidence which has altao-t (stopped international lending has made a gap to a recovery that is almost unbridgable. Unless' there is a substantial scaling down of 'obligations, despite the moratoriums and the standstill agreements, there is tittle .possibility of avoiding wholesales refaults on a scale making future reconstruction exceedingly diffipii.t.’’

Discussing the possibilities of the future,- the survey sees little sign of a possible ftgreamtent oil :<any. ,■, 'Single heroic effort, either to rni'-'e- the average price level or to scale down. the ■costs of production, Consequently; an estimation of the duration. evfv.tb© cosis and of the readjustment period i& impossible. Signs of progress ~in.- an . arrest of the decline and a, readjustment of the equilibrium ,are to be seen only in Britain,, where there has been a remarkable /steadiness , ,in. prices since the abandonment of the gold .standard. Though, with the present concentrations of gold, a return to the gold .standard will be difficult f i?i many countries, such a return, ,in the 'long run, would be a benefit to all of the nations. v '