CLOSING SPEECH PRODUCE QUOTAS

Hokitika Guardian, 29 July 1933, Page 5

CLOSING SPEECH

PRODUCE QUOTAS

WORLD CONFERENCE EMPIRE TRADE

APPEAL BY MR MACDONALD.

(United Press Association—By Electric Telegraph—Copyright)

LONDON, July 27

■Mr Ramsay MacDonald mad?,' the closing speech of the Economic Confe'rene. He said :Thej need ifor agreement WCis greater than ever,, hut the mere meeting of the conference had contributed to a trade revival. The sudden interruption of the Conference’s work, which began well, by the currency problem, had taught a valuable lesson, namely, that unles s nations recognised •the importance of the internhtional aspect of certain facts, the - only exit fiiom the ,present position might be a disastrous, and perhaps a revolutionary one, and a series of state end of private defaults. Deliberations regarding the monetary problem could not be postponed in dpfinitely. Prosperity depended on responsible co-operation, and not on irresponsible independence. An international monetary adjustment ciould be reached if each country agreed to ratios in" international exchange value, and maintained them against speculative marieet fluctuations. The greater part of the Conference’s deliberations had centred in settling prices round -a point -corresponding with costa. An in the effective consuming demand- was necessary to a permanent improvement.. , 'A,, ,

BY CHAMBERS OF COMMERCE,

WELLINGTON, July 28

REASON FOR THE ADJOURNMENT.

NOT BEATEN OR DISCOURAGED

LONDON, July 27.

Continuing his speech, Mr MacDonald said: “At this point we adjourn, not because we are defeated or di-scouro-ged, but because the committees require a little longer to continue their deliberations,. and iconsider . their-conclusions. You. will pass to-day, a resolution keep, ing the machinery in being,-;- instructing the bureau to 1 - remain in active life, and so that, activity may be more vital, the Bureau will appoint a-s executive -committee, -the various'"chairmen and rapporteurs who have -been guiding the work since the; conference-opened. As President "both of the Bureau and of the executive committees, I promise this work will be done 'as quickly a» possible. I can give no do.tes, for the essential part of the work is to be intricate and a number of opposing views and proposals-will have- to be examined. byi y -C. '

“We share 'the view that the conditions of things we are facing, unemployment, ■ ''bankruptcies, unbalanced budgets and undeveloped resources, ,are a challenge to the wisdom of man, and very largely to the ‘capacity of governments. The impossible We cannot perform, but wo are convinced there is a Very large field of possibility which has hat yet been explored ' "id cultivated. I bid you adieu, in the (firm fcjmvictlpTL. 'that before many •nionths, I will (welcome- . you once p-gain.’’

OPPOSITION IN THE COMMONS

TO DUMPING BY DOMINIONS

LNDN, July 28

Mr Bennett presenting the monetary report insisted 'that the discussions ■had been of the greatest value, and the later work would probably lead to wider agreement. The American, Mr Cox. again examined in detail the world’s economic ills. He said that domestic preoccupation V necessarily postponed international decisions. Alluding to th c , United States he said: ‘When the great nation concentrated her vast resources to restore 'the vitality of one of the important organs of the world’s economic system, its enterprise should be regarded with sympathetic inte'-’est.” Mr Colijin (Holland) said the recess need not be the final parting of the ways. The work could be usefully resumed, only when the wide fluctuations of currencies ceased. It would be criminal to sit with folded arms and simply await the return of stabilisation in 1927.Mr Chamberlain said ; “There is no need to disguise our great disappointment that iso little progress wa s made, but we must not attempt to blame anyone, but rather, recognise the circumstances were too strong. The repercussions of America’s refusal to contemplate stabilisation undoubtedly disturbed public opinion elsewhere consequently it was fruitless to continue to attempt to discuss the full agenda.” He regretted a conclusion was not reached respecting shipping subsidies, which werp uneconomic and aggravated the depression. Dr Schachb said the Conference teaches u K that lit is impracticable to regulate simultaneously the decisions of sixty-four different countries. Any debt adjustment must be based on the "earning power of debtor countries, M. Maisky, regretting the shelving of the Soviet proposals, said the fail-ua-e of the Conference would result in intensified nationalism, probably leading to war. Whatever the course of events the Soviet, would unfalteringly (continue on the path of peace.

BRETA2N AND DOMINIONS .United Press Association—.By Electrio Telegraph—Copyright.) LONDON, July 28. The “Daily Telegraph's” special correspondent states that he is in the position to state that the Dominion leaders in the past forty-eight hours have recognised that they have been spoiling their own chances, besides the chances of the British farmers, by flooding the British market with their agricultural products. He says that the Dominions have now agreed that their experts shall forthwith enter into a detailed discussion with the experts of the United Kingdom on each product that is involved with a view to determining what proportion cf the United Kingdom’s market should bo assured to them.

The correspondent adds: “A failure to reach a voluntary limitation of the Dominion exports on the terms that, are considered by the British Government as - being fair would inevitably lead to the imposition by Britain of an import restriction directed to effect the same purpose.

THE QUOTA SYSTEM DENOUNCED

“The quota system is the latest example, and the most- wicked example, of economic nationalism that the world has yet had,” says an offivial statement that has been issued by the Associated Chambers of Commerce.

“We have just had the breakdown of the Conference in London. It has broken down because of one thing. That is economic nationalism. Unless we can get the- international outlook in regard to economies, we are not going to get -anywhere with restrictions generally.” The following resolution was unanimously carried: “This association is apprehensive regarding the introduction of the quota system for the regulation of international trade, and it is particularly alarmed at the suggestion that the export to the United Kingdom of New Zealand primary products should be subjected to restriction by the quota. It urges on the Government and On all concerned that New Zealand should ofler the utmost reciprocity to Britain in order to preserve the free entry into the United Kingdom of New Zealand primary products.”

It was decided to cable the above resolution to the Prime Minister in L-ondon. and to send it to the actingPrimo Minister, Mr Coates.

In the House of Commons, the Rt. Hon. Sir A. Sinclair said that changing economic conditions and the fluctuating currencies of the Dominions rendered the Ottawa- agreements out of date. Nothing had been done at the Ottawa Conference to prevent the dumping by certain of the Empire governments. These governments, he said, found it advantageous to adopt vicious methods, using export subsidies. Mr Leopold Amery supported the continuation of the Empire Marketing Board. The Rt. Hon. G. Lambert declared: —Chcescmakers in Cheshire arc unable to live owing to the Dominions competing against them. It is inexcusable that Australia should dump butter into England below the home price. He added that the British farmer was entitled to first place in the home market.

Replying to the debate, Mr J. H. Thomas said that it was impossible to judae the Ottawa agreement by one abnormal year;, but. even in that neriod the Ottawa Conference bad been justified, as Canada, Australia, New Zealand, South Africa and Southern Rhodesia had all increased their imports from Britain in the fiist six months of 1933.