FINANCE OF THE NATIONS.

Auckland Star, Volume LIII, Issue 104, 4 May 1922, Page 5

FINANCE OF THE NATIONS.

STABILISING CURRENCIES. . RETURN TO GOLD STANDARD. CO-ORJDINATION Or CREDIT. IBj Cab:e. -i'ress Asaoolatioi:.— Curijrijiit.) iKccelveiJ 1 l.S<> a.m.i LONDON. May 3. The (jenoa Conference unanimously , adcptvl th»- Financial (..'ommission's i report. Sir L. Worthiiigtou F.vans. in I presenting ir said the Commission had not able to jiroTide a complete and I immediate cure, but a definite stage . towards recuperation hail been readied i roferrriiifl 1o currency. Re paid the • report advised thai, gold be adopted as a, common standard. This Tvaa not immediately possible, bill wa« the ultimate object. An essential lequinite was . the achievement by eauh country of .. stability in value of ita ctirrency. The i curretiiv resolutions embodied the princijilo of preventing , undue fluctuation!; i in the purchasinp nower of gold, thercl fore the purchasinp pow|- of currencies i should be based on gold. He hoped the conference of central banks, which greatly influenced mices. would result in such co-ordinntion of credit polity throughout the world as would enable , banks to stabilii" a more general level lof prices. j| "S Sir Laming sa.ci that meanwhile the . snh-coinniisaiou had made a useful pro- ! posal Tor the tPfumical improvement of . the exchange market, which would • facilitate purchase and sale, and limit i ii*k« which seriously interfered with trade. Referring t.o the international fovperation lie said the. capital to be subscribed was £20,000,001).' controlled by n centre! international corporation which would be registered under British company laws, and managed by directors nominated by affiliated national companies M. Picard said if ti.p banus studied I Iheir vast programme of complete indej pcndenc« of mind they would work much needed reform;. Mr. Lloyd (i-eurge, aiiudiup (o the uanojiort comraiasion report, s-aid the I rujltvav management* would meet in Paris at an early date to put inU> operation technical measures within their competence, and to asrrec to the recommendation to their governments of measure requiring jrovernmeni. action. Mr. 1-loro George said he [ hoped that the ine.eting , would result in tho establishment of a standinj; cummjtree of railway managers, vhi.li rroiild be a practical general staff to co-ordinate and execute :o-day'a policy. The Commission had invited the League of Neticns to examine the prog Tees made, and n.-sist tlic naiiont* iv ' putting the resolutions into operation. (A. and N.Z. Cabl.)