RAISE PRICE LEVELS

Rotorua Morning Post, Volume 2, Issue 282, 23 July 1932, Page 5

RAISE PRICE LEVELS

(Press Assn.-

MR. COATES' SPEECH

— By Telegraph — Copyright)

OTTAWA, Friday. Mr. J. G. Coates (New Zealand) stated that the Dominions were fighting depression and realised that their own unaided efforts were inadequate to cope with the economic difiiculties. There had never been a more urgent call for co-operation. The fall of sterling and pi'ice levels, although cushioned by the departure of Britain from the gold standard, coming with unprecedented suddenness, left a gap between the selling prices and pro-,. duction costs." After reviewing trade developments , in New Zealand for the past two years, Mr. Coates pointed out that the internal action already taken for further economies could not restore prosperity. Therefore New Zealand was deeply concerned regarding the possibilities of the conference, and was eager to pool information, submit suggestions, seek to- reverse the disastrous trends of prices and stimulate Empire trade. New Zealand was prepared to • grant further reciprocal measures and a reduction of rates on British goods where possible and increasing rates on foreign gocds. There niight be a danger in assuming that the possibility of a world conference would excuse inaction at the Ottawa Conference.