WORLD CONFERENCE

Hokitika Guardian, 13 June 1933, Page 5

WORLD CONFERENCE

TURN OF THE TIDE T'. DEPENDS 'UPON ITS SUCCESS. I (United Press Association—By Electric 'telegraph—Copyright;. > ri ’ LONDON, June 11. On the eve of the conference, uewspaper comment stresses the 'difficulties, but indicates that the world situation is -so grave, and the consequence of failure go disastrous, that . the nations will be driven to finding J at least a partial solution of the cur- ■ rehcy and trade problems. Thus Sir Arthur Salter, in an article in “The Times,” declares that success means the turning of- the tide, 'and revival throughout the world, and the diminution of economic nationalism, ,• whereas failure would involve indefinite postponement. V The Confer,r- euce-must first face thequestion of currency and monetary policy, because tariff negotiations are impossible except in relation to provisionally stabilised exchanges, while tile task of adjusting the indebtedness of all kinds can only be measured-when it is known how far the monetary policy~is to be directed to raising the .price level. No exchange stabilisation camvlsist, ‘ how* ever, unless it is based on a reformed tariff system, and a normally working credit system. America's depreciation of the dollar has made stabili--sation more imperative. According to the “D i s patch M ' rseveral, foreigners .under the leadership of America, supported by,- Germany and Japan, will vigorously .attempt to kill the Ottawa agreements, in order again to undersell Britain in Empire mar-' . kets. Russians .are desirous of raising 1 ■ 4 ' • & 1 industrial loans. •' ' >

.The “Sunday Times” says that Germany will urge,- the industrial States to exchange their manufactures with thb raw materials of the undeveloped countries, which is interpreted as an attempt to regain the Colonies. Italy is bptimistic, and, will press for reduced tariffs and trade quotas, the return for gold-of the dollar, find sterling, and the stabilisation of currencies at the highest pcissible rate. The Labour Conference at' Geneva urges the Economic Conference to agree upon .international action in the interests of thirty million unemployed. A “Times” leader says: The Conference must not be allowed ■to fail. It- must see the world oh' the' way to recovery, if nations are to lose all faith in the Capacity of their statesmen. Difficulties are not insuperable. -'*MTh:e responsibility of the delegated Ms>clear and inescapable. Wftn goodwill and determination,:, they can -certainly discharge it. - T - ' •

MANOEUVRES- BEHIND SCENES. Important meetings held. LONDON, June 11,. 'Manoeuvres behind the ' scenes iii connection with the World Conference have already begun, “The Sun” service learns that important meetings held at the Treasury between "Mr Montagu Norman and Mr Harrison of Federal' Reserve Bank, M. Moren of the Bank of France, with expert advisers/, began on Saturday and .continued throughout Sunday.. ’lt is reported th r at they are endeavouring to reach a'.temporary stabilisation truce, regarding the pound in relation to the dollar, an.d the franc in relation to the pound, and will submit a fait accompli at the opening of th e Confere nee. * " ' Malay’s comings and goiiigs at Downing Street were surrounded by sebfc'cy., gome Ministers were hastily summoned to Number'TO -to-night, following 'a dispatch froni x Washington." Sir J. Simon who was recuperating at L6»Touquet was recalled, He returned*, by special aeroplane/ arid went immediately to Number 10.. The delegates’ invasion of London continued ail day, many arriving by ait-. Herr Dolfuss, who travelled in his own plane with a Fascist bodyguard, was greeted by Sighor 'Ciano and'other Italians at. Croydon ffirport.

STABILISATION OF CURRENCY. PRESSURE FOR RETURN TO GOLD, .iV LONDON, June 12?" The London “Daily (Mail’s” correspondent says that considerable headway has been made v.fith the bankers and treasury talks. An early announcement will be made in' regard to the temporary stabilisation of currencies. Pressure was made for Britain’s return to gold, but, the Government in- * sisted that it must be (preceded by a settlement of war debts, the redistribution of gold, and the abolition of restrictions. .'Nevertheless, ,/TBritain is ready to' accept temporary to avert the failure .of currency stabilisation. The bankers discussed the possibility of constituting a joint French Anglo-American equalisation fund, otherwise France and America will be separately establishing funds. The British model should then be relatively easy. < To stabilise the currencv n gentle ' men’s agreement was considered the most likely. N.Z. TIMES FOR RADIO SPEECH. ft, WELLTNCTir>X, Juno 12. The New Zealand YA stations will Ivoadcast the recorded, version o p the King’s speech at 5.45 o’clock on Tuesday evening.

DOMINION REPS. CONFER. (Received June 13 at 8 a.in.) LONDON, June 12. The Empire delegates including Mr Bruce (Australia), Sir Thomas Wilford (New Zealand), Mr Bennett \Canada), and General Smuts (South Africa), met at Downing Street under the presidency of Mr Ramsay MacDonald, and discimeed with members of the Cabinet with the object of finding the extent of unity in imperial aims to enable a clear uinlerstandinfg, when voting at the conference, is being reached. Several further meetings will be held during tile Conference.