"THE WORLD, LTD."

Rotorua Morning Post, Volume 2, Issue 435, 20 January 1933, Page 4

"THE WORLD, LTD."

FRENCH BANKS SUGGEST NEW DIRECTORS TO CONTROL NATIONS. Paris, Saturday. The creation of an international board of directors, represgnting the world's governments and charged with supreme authority in the co-operative mission of economic recovery, was recommended yesterday hy M. Pierre Quesnay, director of the Banlc for International Settlements, speaking at the Sorbonne for the "School of Peace." The French banker and economist, who played an important role during the Young plan conference and in the formation of the World Bank, outlined to a large audience a programme of work for the Woi'ld Economic Conference whieh is to meet in London early this year. This conference, he said, should "create an arbitral committee whose decisions would he oh~ ligatory for all nations on a certain number of economic and financial questions; and this would require the estahlishment of an international authority composed of the chiefs of the governments." As further aims to the forthcoming conference M. Quesnay suggested rationalisation of the world's production, return in a reasonahle degree to the free movement of merchandise, and the granting of dehtor nations of the chance of selling their products at remunerativo priees. International, co-operation, he said, was the only means of saving the conference, while a continuation of the present economic war would lead to a real war. In the fmaricial domain he pleaded for the gold standard and advised the revision of war dehts to avoid unilateral repudiation.