MUCH TO BE DONE.

Auckland Star, Volume LXIV, Issue 160, 10 July 1933, Page 7

MUCH TO BE DONE.

CONFERENCE ISSUES,

Many Important Problems Not

Yet Touched

AMERICAN LEADER'S VIEW.

(British Official Wireless.) (Received 11.30 a.m.) RUGBY, July 0. There were no meetings of commissions or sub-committees of the World Economic Conference yesterday.

Reports are being prepared for presentation to the bureau which meets on Monday morning to receive the lists of

subjects which, in the opinion of the sub-committees, can bo usefully .studied and to make recommendations as to tin arrangements which should be made for the further business of the conference

Special interest attaches to the decision taken on Friday by the subcommittee of the Monetary and Financial Commission, that all matters on the agenda should bo subject to discussion. These, deal with immediate measures of financial reconstruction, and include questions of credit policy, price levels, limitation of currency, fluctuation, exchange controls, and problems of indebtedness. After a debate lasting for the. greater 'part of the day, the sub-committee decided by '2T> votes to I~> that none of the subjects on tho sub-committee's agenda should be excluded from future discussion. Newspapers anticipate that when the sub-committee's proposal is laid before the, bureau further representations will bo made by delegations of the gold countries. The delegates of 13 of the countries which participated in the vote are. represented on the bureau, seven of them voting for the resolution and six against.

Other delegations represented on the bureau include the Soviet, who abstained from voting, and Hungary and Mexico, who did not record their votes in the sub-committee.

Tho leader of the American delegation, Mr. Cordell Hull, in a statement about the future of tho Economic Conference, expressed the opinion that questions at present capable of consideration included price levels, credit policy, individual external indebtedness, prohibitions, restrictions and countless other practices that were breeding war.

"We cannot pretend that we have exhausted the resources of statesmanship when we have not even superficially examined these problems," said Mr. Hull.

Tho members of the sugar sub-com-mittee reported to the chairman of the Economic Committee that they had unanimously agreed to continue work and negotiations in the hope of reaching an international understanding in regard to the stabilisation of production.

MAINTAINING GOLD.

Seven European Countries

Reach Agreement.

DEFENCE OF CURRENCIES

PARIS, July 9.

A communique announcing a complete agreement on means of giving effect to the declaration of the gold standard Governments who are in favour of the maintenance of the gold standard at the present rates was issued after an all-day meeting attended by the governors of tho central banks of France, Holland, Switzerland, Italy, Belgium, Poland and Czecho-Slovakia, also Mr. Leon Fraser, head of the Bank for International Settlements.

M. Moret, who presided, said afterwards that the banks represented held more than 40 per cent of the world's gold. The decisions were unanimous and cordial.

The gold bloc's plan to defend currencies will operate on Monday. A common fund has been created which will be flung on to the market when speculation attacks the gold currencies.

The operations will be secret. It is claimed that this action is -merely a development of the gold countries' declaration of July 3.