HOPEFUL OUTLOOK

Rotorua Morning Post, Volume 1, Issue 205, 22 April 1932, Page 5

HOPEFUL OUTLOOK

(Press. Assn.-

currency management needed to restore prices world confidence restored

-By Telegraph— Copyrlght).

LONDON, Wednesday. In the debate in the- House of Commons on tbe British Budget proposals Sir Robert Horne (Liberal, Devonport) said" the country was in. a sounder position than had been the case in the past two years. The confidence of the whole world in Britain's financial methods had been restored, and despite the sacrifices, the people would prefer to endure a little longer rather than imperil this conlidence. Matters were developing hopefully for the converston of the five per cent. war loan, which would considerably lessen expenditure. Currency now overshadowed tariffs, and Mr. Neville Chamberlain ought to inform the business world of his objective in the management of the value of the pound. The aim should be to raise and maintain the price levels a long way above the present rates. Prices now were below those of 1913, though costs were immensely higher. The Lausanne Conference would have the fate of the world in its hands. He was glad that Britain would speak with revived authority, and would be able to show that an altruistic compromise was the real road to enlighten self interest. No nation could possibly profit by its neighbour's distress. National Currency Needed Mr. J. C. Wedwood (Labour, New-castle-Under-Tyne) agreed that the only thing that mattered was the currency policy. Mr. L. S. Amery (Conservative, Sparkbrook, Birmingham) said the monetary policy which must meet the Dominions' interests as well as Britain's would be an important subject for discussion at Ottawa as a fiscal policy. Only by getting back to the price levels of 1928-29 could the production of Britain and the Empire be revived.