ECONOMIC CONFERENCE.

Auckland Star, Volume LIV, Issue 270, 12 November 1923, Page 5

ECONOMIC CONFERENCE.

COMMITTEE ON EXCHANGES. THE GOLD STANDARD. LONDON, November 11. The Economic Conference adopted a esolution framed by the committee on -.changes within the Empire, which xpressed the opinion; — (1) That difficulties regarding intermperial exchange will disappear when he currencies of Britain and the Doninions affected are again convertible nto gold. (2) It is neither necessary nor desirble to adopt complicated plans for n iew credit instrument like Europe curency bills, which would involve difficult nd disputable constitutional and finanial questions. (3) Where difficulties have arisen trie Kisition could be ameliorated if the lote issuing authorities accumulated terling assets and undertook to exhange their local currency for sterling md vice versa, which measure might urther be assisted by the creation of entral banks for mutual co-operation. is recommended by the Genoa Confermce's resolution. Finally, the committee declared that >ank charges for buying and selling .terling in some cases appeared unduly ligh, and should be capable of reduction. In the debate Mr. S. M. Bruce said hat he would really like to know if it vas the committee's view that there vas a reasonable prospect of an Empire >»sis of the gold standard being reitored, or was it merely a statement hat if such a thing were possible it pould probably 6olve the present proliems. Sir Charles Addis, chairman of the ■ommittee, replied that that was so. t was based on the assumption of early estoration of the gold standard. Mr. Sruce continued that he personally was tonvinced that restoration of the gold itandard was what all should work toward, but the question would have to >c faced of finding some otlier method >f providing for future exchange trrangements and their niljustrhent. S_e thought that if a return to the gold itandard was coming this would not be ;b» suitable time, nor was the [cosition io immediacly acute as to render action -operative. Mr. W. F. Massey said he quite realised the difficulties in the way of the committee doing as muc'i as was expected. Its time limit rendered an exhaustive inquiry impossible, but the •ommittee had furnished very valuable information. He was pleased to know that there was some possibility of reiteration of the gold standard at a not listant date. He knew that there were many bankers who were not anxious to restore the gold standard, as it would interfere very seriously with th_ profit, they had been making.— (A. anil N.Z.) EMPIRE WIRELESS. A PIOUS RESOLUTION. LONDON, November 11. Following a statement by the Post master-General, the Economic Conference; adopted a resolution affirming the im portance of' establishing as quickly ns possible an efficient Imperial service o; wireless communication, and expressing the opinion that the Empire should take immediate action to remove any diiri culty now delaying the aocomplishmeni of that purpose, -while providing adequate safeguards against the subordination o ,public to private interests. In the discussion the Australian anr New Zealand delegates were insisten' that decisive action should be taken not withstanding the somewhat pious charao ter of the resolution passed. It may be said, without fear of contradiction, "tha Australia and New Zealand stood alone in the matter, and whatever may now b. done outside the conference will "rest witl their effort, to negotiate a service. (A and N.Z. and Reuter.)