WORLD ECONOMIC CONFERENCE.

Press, Volume LXIX, Issue 20903, 10 July 1933, Page 9

WORLD ECONOMIC CONFERENCE.

MANY SUBJECTS STILL OPEN. MR HULL'S OPINION. REMOVING CAUSES OF WAR. (t.VtTBD PRBS3 ASSOCIATION—BY ELrCTHIC TELEGRAPH—COri'HIOHT.) (Received July 9, 8.15 p.m.) LONDON, July 8. Mr Cordell Hull (leader of the jjnited States delegation), in a statement regarding the future of the *Vorld Economic Conference, expresses the opinion that questions jlvhich can at present be considered Include price levels, credit policy, Individual and external indebtedness, prohibitions and restrictions, fend countless other practices breeding war. "We cannot pretend that we exhausted the resources of statesmanship when we have not even superficially examined these problems," he said. GOLD COUNTRIES' ACTION. EXCHANGE FUND FORMED. DEFENDING CURRENCIES. (Received July 9, 8.40 p.m.) PARIS, July 8. A communique has been issued announcing complete agreement on the means of giving effect to the declaration of the gold standard governments in favour of the maintenance of the gold standard at present rates. The communique was issued after a meeting lasting all day between the governors of the central banks of France, Holland, Switzerland, Italy, Belgium, Poland, Czechoslovakia, and Mr Leon Fraser, head of the Bank of International Settlements. M. Moret, governor of the Bank of France, presided. He said afterwards that banks represented held more than 40 per cent, of the world's gold. Their decisions had been unanimous and cordial. The gold bloc's plan to defend its currencies will operate from July 10. A common fund has been created which will be flung into the market when speculation attacks th? gold currencies. Such operations will be secret. It is -claimed that the- action is merely a development of the declaration of July 3. MR ROOSEVELT BLAMED. rOLICY ATTACKED IN AMERICA. VANCOUVER, July 7. Many United States newspapers are strongly criticising Mr Roosevelt, to whom they attribute grossly inept vacillation and obstructive treatment of the stabilisation issue at the London conference. The chief criticism centres on the fact that a few weeks ago he advocated the stabilisation of currencies, and last week rejected this policy. A Canadian correspondent at Washington says: "Conditions have changed, and the question now uppermost in tne American mind is the price. Mr Roosevelt dare not change his tune, and in the interim London may yet give the United States a chance of offering a revivifying lead no c-rdy to the conference, but to the leturn «f the world to prosperity. SUGAR SUB-COMMITTEE. DECISION TO GO ON WITH WORK. (Received July 9, 8.20 p.m.) LONDON, July 8 The sugar sub-committee has reported to the chairman of the economic committee that it ,£*«""£ mously agreed to continue work and negotiations in the hope of reaching an international understanding regarding the stabilisa lion of production. DISCUSSIONS ON TIMBER. POSTPONEMENT DECIDED ON. LONDON, July 7. The discussions of the sub-com-mittee on timber have been postponed until the beginning of October to allow the different countries to study the prospects of framing and possibly concluding agreements for the export of soft wood, and to collect the whole of the statistical information required through tne International Timber Committee.