WORLD RECOVERY
WAITING ON U.S.A.
VIEWS OF PACIFIC CONGRESS.
Oaited Press Association—By T.ectrio
.telegraph •—Copyright;
BANFF, August 24
The picture of tlie world now marking time until the United States recovery scheme has been further advanced was painted to-day by the members of tne Institute of Pacific Relations. A discussion on trade 'agreements and oil the possibility of bi-lateral treaties among the Pacific countries was swung by the Chinese In,embers into full dress discussion on currency problems.. The Chinese declared that tariffs were only one aspect of a larger problem in winch exchange stabilisation stood pre-eminent. The British members took almost an optimstic view of tho possibility of progress.
There was a strong suggestion of the view that any further depreciation of the United States dollar is highly improbable, and that it will be possible for the leading trading countries to get together on a currency stabilisation programme some time next year. Once that Was achieved, it was thought that an embarkation upon a scheme of international price raising would be possible by means of an expansion of general hank assets in various countries. This expansion might then be followed by a largo scale programme of public .works and a restoration of employment to something like normal proportions. .
Some suggestions were made that sterling might be the currency upon which the other exchanges would peg theirs, but it was pointed out that this would be relatively unimportant. So long as an exchange agreement included Britain, France, the United States and Japan, sufficient impetus would be given to the scheme to bring the others into it. Tile resultant stability and confidence would clear the way for a resumption of international lending and borrowing, with further. possibility of trade agreements clearing blocked channels of international commerce. .
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Hokitika Guardian, 26 August 1933, Page 5
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294WORLD RECOVERY Hokitika Guardian, 26 August 1933, Page 5
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