WORLD TRADE.

Auckland Star, Volume LXIII, Issue 185, 6 August 1932, Page 9

WORLD TRADE.

CHANGED METHODS. Empire's Baffling Problems Are Sequel to Great War. BRITAIN RALLIES. (United P.A.—Electric Telegraph—Copyright) OTTAWA, August 5. The Ottawa Board of Trade entertained the industrial advisers of the various Dominions at a banquet last evening. Tlie Minister of Trade ami Commerce, Mr. 11. H. Stevens, said that 18 years ago the Empire entered the Great War. Now it was wiser but poorer. New economic warfare had been raging for the past two years, involving changed methods of world trade, strange factors and baffling problems. The Ottawa Conference declared to the world that the British Empire had decided to "get on with the job." The British Empire was on the march. It had rallied, and was determined to move forward. They had been given a magnificent lead by ilie Mother Country in converting her enormous war loan at a reduced rate of interest. Mr. Sam McKay (Australia) expressed the delegates' appreciation of the lavish hospitality of Canada. He eulogised Mr. Stevens for arranging the treaty with Australia, and said both countries were benefiting from it. He hoped the revision now proceeding would result in a still closer trade relationship. Seeing that Australia had deflated her currency now was the time for a Canadian visit to Australia, where 100 Canadian dollars were worth 150. Mr. McKay explained that the Australian farmer to-day must sell two bushels of wheat to obtain the same value as for one bushel formerly. Australia looked to the Ottawa Conference to make the necessary adjustment. Sir Alan Anderson (Britain) said the world was suffering from plenty. There was such a flooding of products that everybody was wondering how to sell, yet people were starving. He hoped Ottawa would mean a step forward, but perhaps it would be necessary to hold further conferences in the next few years. Mr. John Bassett. vice-president of tlie "Montreal Gazette," in a humorous speech, said: "Farmers and industrialists have the same policy. When they are not appealing to the Government for assistance they are engaged in watering their stock."