MR HULL’S SPEECH

Hokitika Guardian, 16 June 1933, Page 5

MR HULL’S SPEECH

TO CONFERENCE CHARACTERISED BY VAGUENESS. (United Press Association—By Electric Telegraph—Copyright). LONDON, Juno 14. Mr Hull’s keenly-awaited speech scarcely bore comparison with M 1 ’ Chamberlain’s- (analytical effort. (Vlr Hu]] skated over the whole surface of economics, without even an indirect reference, to the war debts, though he admitted that intornationc,] co-opera-tion was a fundamental necessity and even pleaded the- liberalisation of commercial policies, but it was loft to the individual imagination to decide whether he included America amiong the .nations eager to isell, but unwilling to buy.

Tn redemption for the vagueness or his speech, ho promised that America would submit concrete proposals in the committee stage.

M. 'Litvinoff, in jerky English, did his best to convince the Conference that Russia was in nowise rc-sponrib’e for, or immersed in, the world crisis with th© acute difficulties of interest and the capitalist system, Russia was ready, if credit facilities wore forthcoming, to place orders abroad to the extent of a. billion do 11 ary, for the development ot her resources. With most of the,’more important nations having spoken, the Conference debate .is expect to finish on Thursday night. Mr Bruce has still not submitted h ! s nr.mpi to speak. Mr Forbes -s unlikely to do- so, at the present stage. Mr Bennett may expound the Canadian view to-morrow.

The creation of Commissions will moan that the actuejl work will -be begun on Monday.

With the Australian and New Zealand Parliaments out of session. It Is not expected that either will, notifv acquiescence to Mr MacDonald’s tariff Huce apnenl. Tn rnv cmo. it is only for the duration of the Conference -and subiect to a month’s notice of termination.

Mr Hull «?aid the whole uriee-riddeii world was looking to- the World Conference for leadership, with ®. programme of basic ireb’efs, -and distressed peop’es in all lands expected r-vmeovd c-c-onei'afon end constructiv© suggestion.-. The results o e trade barriers inevitably oaveed disastrous re-action upon producti° n , employment, prices and’ distribution. Strangulation of international trade w«s revealed as the most tragic phase of th-a* 'shortrighted and ruthless policy. The inevitable effect had been to reduce to the lowest level all priced -of primary eoiiimodifies. 'Had not th© time t-orad for Governments to censfc erecting trade barrier,s with their excessive rank discriminations and hato-brced-ing reprisals nnd Trifahations? International co-operation, to.dnv. was a fundamental necessity. The Conference should proclaim that economic nationalism wa* a discredited policy. All excesses in the structure of trade barrier,-, should he removed. iA« ttj.Fdr trade methods and practices should be aVncWd. Tr. the monetary field, he urged suitable measures for n n Immediate poliev giving th© greatest possible measure of stability for a period blaring which the groundwork coni'd be laid for enduring reform. Ho demanded measures for the removal of exchange restrictions and declared th-t America, was prepared to offer concrete suggestions.

STATEMENT BY CHANCELLOR. BRITAIN’S CONSIDERED POLICY. RUGBY. June 14. A frf>n«*ral dis.uvsm.n continued at the plenary sessions of the World rvTrPoi»oy»rpf.

The British Government-’,,! considered po.llev was stated by the nhonceilo.-.’ of the Exchequer, who said the fundamental monetary condition of I the recovery of prices was that credit should be actively employed. Thv, together with the revival in brs noss confidence, must form an indispen- 1 sable background of tw’de recovery’. | (Central banks should undertake to J co-operate with a view to securing the ! monetary conditions required for a rise in "prices. Tb o rmestion whether governments cou’d actively assist, by schemes of governmental capital expenditure would also require consideration. The United Kingdom delegation would be very re"dy to examine* with other dc'egations, how. far tfiev eoidd go. Riaes in pr'ee levels and 1 employment could be stimulated and ' increase in world trade would con- , tribute powerfully to reduce O xclw»nvo _ difficulties, and would assist in bring- i j ing to a.n end both the standstill nr-" 1 r Migements in respect to short term ! debts and transfer difficulties, as re- | gnrds external indebtedness ns « 1 whole. Those difficwUies v-ou’d also : be greatly diminished bv the resu.mp- . tion of normal intern a fonal lending, j Referring to growing obstacles to ■ international trade, h.e expressed a willingness to examine proposes for j attaining n reduction in excessive ■ tariffs by mutual action. Any such ’. .n'vop use!'■ nrv,t b' 0 *'•<■''”« in i inr/ 1 really tangible reductions in ex- | cesdve tariffs, and mrvt command a ; general measure ’of s«p- ---' nr,id, a'- d caver a wide emugb area. H ■ must not ir'.pe” -;on low ‘'-riff retries dispT 1 portion r-te .sacrifices. 3 ’’d .'must not have iniurions ' or lend to economic hostilities. The British view was that, a reduction m

customs tariff could best be achieved by a series of bilateral negotiations which the Conference should endeavour to promote. Commercial! treaties .should not. be terminated before tariff negotiations were undertaken, and then only after every effort had beien made ’to reach agreements by negotiations. The United Kingdom delegation gtrongiy favoured progressive abolition of all arbitrarily imposed quotas. In view of the disastrous slump in prices the British Government was engaged in promoting the regulation of supplies of sexciai food products. It would be to co-operate in regulating supplies of wheat and other foodstuffs 'nth a view 'to restoring and maintaining reasonable level of prices.

FURTHER SITTING. j (Received this day at 9.30 a.m.) j LONDON, June 15. ! The Conference pace is beginning to tell. Long sessions, unofficial meeting nightly, and social engagements resulted 0 in barely one hundred being present at t; ' opening of the session. lhcspeoch «L : the Portuguese, Damntta, failed to arouse interest, but the attendance was large. including Messrs F.orbes and Masters, when Mr Soong spoke. Mr Bruce is participating in the mam debate, reserving the Australian case for committee.

j The conference ,heard a vigorous speech by Air Bennett who, in his first definite disclosure of bis wheat policy, came out strongly for the cmtailment of acreage part passu, and a conceited effort by importing countries to enlarge their demand, instead as hitlicito aggravating the fall ol prices by defensive tariff increases.

j There is a suggestion in the lobbies I that Argentina will be amongst the restrietionists.