WASHINGTON TALK

Hokitika Guardian, 27 April 1933, Page 6

WASHINGTON TALK

A JOINT 'STATEMENT ISSUED

ANGLO-AMERICAN CO-OPERATION

(United Press Association—By Electric

Telegraph—Copyright)

(Received tin's day at 11.46 a.m.) WASHINGTON, April 26

A joint statement, ha.s been issued .by Mr MacDonald and President Roosevelt who have announced that the discussions had shown that the two Governments were working with like purFPa'h and in ebsc 6iini.la.rity pi methods at th e main objectives—the World Conference, and impressed by the vital necessity for assuring international agreements for their railisa-' tion i:'i the interests of the people of all countries, tile necessity for an increase in the general* level of commodity prices being recognised as primary and fundamental to this end. “There should be a constructive effort to moderate the network of restrictions by which commerce at present is hampered, such as excessive tariffs, quotas, exchange restrictions, etc. Central banks should i by concerted action, provide for adequate expansion of credit and every means should b P used to get the credit thus created into circulation. Enterprise must be stimulated by creating conditions I'avour.rbic to a .business recovery.

“Governments can contribute by the development of appropriate programmes for capital expenditures, and the ultimate restablishment of equilibrium in international exchanges should ahso be 'contemplated. We must, when circumstances permit, re-establish the international monetary standard, which will o perate successfully without depressing prices, and avoid a repetition of mist ikes which have produced such disastrous results in the past in this connection.

The question of silver was discussed, and proposals tentatively suggested for improvements in i|ts status. These questions be settled bv any individual country acting by itself. It is' the hope of both Governments that it will b e possible to convene the world conference for .June,