PESSIMISTIC OUTLOOK

Otago Daily Times, Issue 26637, 6 December 1947, Page 7

PESSIMISTIC OUTLOOK

EVOLUTION OF WORLD TRADE CHARTER

DISCOUNTED BY MR NASH Rec. 8 p.m. NEW YORK, Dec. 4. The Havana correspondent of the New York Times says that Mr Walter Nash told the World Trade Conference to-day that there was no reason for pessimism about producing an international charter. This statement was regarded as encouraging to those like the United States officials who hope the Geneva draft charter for the proposed International Trade Organisation will be adopted without emasculating changes and who have feared

possible New Zealand defection because of that nation’s difficulty in reconciling, its comprehensive State control of imports and exports and with its ideals of freer world trade. Mr Nash said: “ New Zealand is not restricting world trade. Exchange is controlled, therefore we control imports because exchange cannot be controlled without such action. If we lifted import licensing we would be without currency reserves in a short time. We do give preference in tariff rates towards Britain mainly because of her tremendous war role. Once the balance of payments system has been accepted as in the Charter, we shall give up preferences and discriminations. On the whole, New Zealand interests are protected in the Charter which prepares for future contingencies very well, considering present world conditions,” concluded Mr Nash.