RESTORE THE EXCHANGES.

Auckland Star, Volume LV, Issue 77, 31 March 1924, Page 8

RESTORE THE EXCHANGES.

VIEW OF SIR GEORGE PAISH. TEN PER CENT DEPRECIATION. (From Our Own Correspondent.) LONDON, February 12. Sir George Paish, whose standing as * financial authority may be gauged "from the fact that he was financial adviser to the Government and the Treasury during some of the difficult *ar years, ranges himself among those who would take steps for the restoration of exchanges. Speaking yesterday at Birmingham to the National Union of Manufacturers, he said:— "Our exchange has depreciated about 10 per cent, and the fluctuations of the British exchange tended to hamper and hinder trade." -In his judgment,-the recovery of the 10 per cent in the value of the pound would not only hurt trade, but would improve it. If we could restore complete confidence in the pound we should do a great deal to help the world back to a solid basis of exchar^je. He hoped before long it would be possible to induce the Government to institute an inquiry to ascertain if it was possible to resume payments in gold in international transactions. He predicted political trouble in France unless' the fall "in the franc was arrested, and \ urged that the- whole problem of reparations,' inter-Allied debts, tariff barriers, and credits for Europe should be faced. He would like to see the Government with its new mentality, call a world conference to discuss how the exchanges might be restored, how the world's productive power might be recovered, and how the great currents of trade might again be set in motion. The situation was exceedingly critical. Trade had shown signs of revival, but unless the existing situation was adjusted there was a danger that we should swing back into extreme trade depression. Nations must realise their collective responsibility for the world's well-being."