CURRENCY AND TRADE

Auckland Star, Volume LXIV, Issue 145, 21 June 1934, Page 4

CURRENCY AND TRADE

STABLE EXCHANGES NEEDED. A "declaration" which states that the era of competitive exchange depreciation has for the moment come to an end, has been adopted by the International Chamber of Commerce. The statement adds:— "It may be said that a certain natural equilibrium has established itself, in virtue of which costs arid prices, in those countries in which they were most out of lino with one another, have become more adjusted than at any time since the onset of the_ world depression." This improvement in the foreign trade position of individual countries off the gold standard, the "declaration." points out, has been attained, however, by the tacit acquiescence of the countries still remaining on gold. The International Chamber of Commerce regards the maintenance of the existing situation in the remaining gold countries as being as important to the I non-gold countries as to these gold standard countries themselves, and therefore expresses its firm conviction that it is in the economic interqst of the non-gold standard countries to move as rapidly as circumstances permit towards a definite regulation of the value of their currencies.