COUNTRY'S TRADE

Auckland Star, Volume LXVII, Issue 237, 6 October 1936, Page 7

COUNTRY'S TRADE

REMOVING RESTRAINT i TAXATION AND EXCHANGE. COMMERCE CONGRESS' VIEWS. . I (By Telegraph.—Press Association.) WELLINGTON, this day. The Empire Commerce Congress resumed its session this morning when Sir Albert Atkey, Great Britain, moved a resolution brought down in the name of the council expressing the hope that the development of Empire trade might be freed from tlie handicap occasioned by taxation imposed in certain Empire countries and States upon British nonresidents trading through agents in such countries and States, unless stocks are lield by the resident agent or the agent has general authority to make contracts on behalf of his principal, or there is a branch or management in the country where the business is transacted. Sir Albert said he thought the object of doing away with dual taxation was sufficiently clear, and he looked for unanimous support, for the resolution. Mr. F. VV. Cook (Great Britain) seconded the resolution, which was carried after a brief discussion. . Stabilising Currencies. Mr. A. Alton, of Derby, on behalf of the council, moved a resolution with regard to monetary policy, that the congress viewed with satisfaction the attempt now being made to stabilise the franc, dollar and pound sterling in relation to each other, and urged His Majesty's Governments to do everything in tlieir power to promote a speedy success. The congress was convinced that complete success could not be ensured until all nations stabilised their respective currencies in agreement with the franc, the dollar and the pound. It was further desired to emphasise the importance of the statement of tlie British Government that the requirements of internal property in Empire countries must be taken fully into account in a policy towards international monetary relations. The congress also laid stress on the withdrawal, as far as possible, of restrictions on financial payments, exchanges and trade, if money is to follow its natural course of furthering to the best advantage the development of commerce generally. The "Douglas Credit Bug."

Mr. Aiton said he was sorry to see in New Zealand that some people have been bitten by the Douglas credit bug, and thought they would get something for nothing. Nothing could be got for nothing. The depreciation of currency could not continue. It was a form of disease that politicians particularly were susceptible to, but it was a disease that they should be inoculated against before they became politicians. • They were not out to offend anybody, and if they were [ wise, no offence would be taken. I Mr. R. L. Barclay of London, seconded I the motion. He said it was not credit I that was the basis of wealth, but wealth I that was the basis of credit. They j wanted in London to encourage the ; colonies, and lend money, but they must make the condition that the credit was I worthy. New Zealand's Position. Professor Hytten, of Sydney, did not agree that exchange should be stabilised, and moved to add the words, "as far as internal conditions will allow." This found support, including that of Mr. W. Machin, of Cliristchurch, who said that as regards deflation of currency, New Zealand now found herself ifi very good company. Mr. Martin, of Wellington, assured the British delegates that the prices New Zealand was receiving even to-day in Britain were such that she could not carry on without. the ■ exchange. "We would be obliged to reduce our importations to a very serious extent," he said. In replying to the amendment, Mr. Aiton said that despite all that was said, he was unrepentent. What had been done by the exchange rate could better have been done in another way. The amendment was lost and the resolution carried by a large majority.