WORLD FINANCE

Rotorua Morning Post, Volume 2, Issue 566, 24 June 1933, Page 5

WORLD FINANCE

RECOVERY BbUND UP IN SETTLEMENT OF WAR DEBTS SOLUTION NECESSARY Touching upon world conditions in his address to the annual meeting of shareholders in the Bank of New Zealand yesterday the chairman, Mr. Oliver Nicholson, said: — "Possibly at no time in the history of the world have more serious problems confronted it than durang the past year. "Numerous conveniions have been held to deal with them hut the best brains of the world have so far evolved little by way of solution. That the trouhles are international is generally admitted, and-- a promising attempt to grapple with them was made at Lausanne, but results so far have not been encouraging. The Young Plan was scrapped, reparations as such . were ended, hut full ratification was ; suspended till the powers coneerned ; obtained some easement hy America ; of their war dehts. As receipts from ' Germany had 'gone a long "way tc I meet the payments to America, it will jbe seen that war dehts and reparai tions are inextricahly bound up togei ther, as both Britain and France so llargely depended on the reparations ! to pa.y their war dehts. "The disarimament conference is so 1 far another source of disappointment, j little progress having been made. • "Until some solution of these important questions is found, touching as they d0 the h'eart of the economic condition of the world, conditions cannot improve. They are at the root of much of the world's unemployment trouhle, and largely account for the want of confidence in all industrial enterprise.