INTERNATIONAL CURRENCY.

Auckland Star, Volume LXIV, Issue 85, 11 April 1933, Page 6

INTERNATIONAL CURRENCY.

Those extracts given by a correspondent Alex. S. Tetzner were read with the liveliest interest, and could with your kind permission be supplemented by quotations from two other recent bank reports with regard to the world \ position. The National City Bank of New York says: "All nations are resorting to extraordinary measures to reduce their imports, and all are injured by each other's efforts. It k of the utmost importance that co-operative action be had to stabilise the various currencies in their relations to each other, and this is to be the chief problem before the international conferencc to be held. The most ruinous form of competition thi^ nations could engage in is competition in depreciating the value of their money. It repeats for all of them the experience of Germany from 1&19 to J923." The governor of the Koyal Bank of Scotland, the Duke of Buccleuch, is reported in its financial circular as saying: "Our great industry in Scotland —farming—continues in a depressed condition, and there is no department of our economic life where alleviation is more urgently called for. Much more, however, remains to' be done towards restoring agriculture to a satisfactory profit-earning basis. All over Europe, as well as other parts of the world, there is a highly-organised system of barriers, exchange controls, import monopolies, bounties, licenses, quotas, prohibitions and numerous other devices, which are paralysing the normal interchange of commodities. What is urgently called for is the operation of forces —strong moral and economic forces —which will cut through all the jungle of restrictions which are stifling the trade of the world, and so set free the natural flow of commerce between peoples." 4 S. GLADING.