Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image

WORLD ECONOMIC CONFERENCE.

♦— WORK TO GO ON. RECOMMENDATION OF HUREAIJ. programme for SIBCOMMITTEES. (BHM'ISn OFHUii. U'IiIELESS.) (Received July 12. 5.5 p.m.) RUGBY, July 11. The World Economic Conference monetary commission throughout the morning endeavoured to reconcile the divergent views regarding the subjects relating to immediate financial measures which should be proceeded with. The differences of opinion hetween the gold and nongold countries have expressed themselves in the refusal of the former to agree to discussions other than on indebtedness, pending the temporary stabilisation of currencies. Several sub-commissions of the economic commission are meeting privately to-day, and a plenary session of the commission has been fixed for Thursday. The House pf Commons, after a long debate, almost unanimously approved of the continuation of the conference. It now seems clear that the general opinion among the conference delegates is that there is a sufficient number of subjects to occupy the delegates' attention, with some hope of agreement within the next fortnight. It is anticipated that a plenary session of the conference will then be convened, and its further work adjourned, if necessary, until the autumn. The Bureau's Meeting. ! The most important of to-day's ' private meetings was that of the bureau, which had before it the drafting committee's report on the work of the two sub-commissions of the monetary commission. The first of these deals with immediate financial measures, and the other with permanent financial measures. The bureau, after a brief sitting under the presidency of Mr MacDonald, adopted the reports. It recommended that the first sub-com-mission should proceed in the first instance to the discussion of the subject of indebtedness; and that the second sub-commission should take up the resolution adopted by its sub-committee on central bank co-operation, and the creation of central banks in certain countries where they do not exist, and propose, through its sub-committee, an examination of the position of silver and other subjects on the j agenda which may, by general agreement, be considered suitable for discussion. Criticism of Decision. "The Times," in a leading article declaring that the bureau's decision is an unheroic avoidance of the questjon, and is likely to split the conference, emphasises the absurdity of a sub-commission discussing indebtedness without considering credit control, exchange, and price levels. The bureau, by this decision, is keeping the conference alive, but what will happen if Mr Roosevelt is still not ready to talk stabilisation when the sub-committee has con-1 eluded its emasculated discussion? I The gold countries will then certainly demand indefinite or long postponement, tantamount to the end ot the conference. It was increasingly obvious that it would be difficult to achieve a world-wide agreement, acceptable to the gold countries, to America, and to the Empire. Consequently it was imperative that the members of such groups, especially Great Britain and her trading associates, should use the opportunity to solve their own problems. CLASHES EXPECTED, STABILISATION A BARRIER TO CO-OPERATION. LONDON, July 11. The drafting committee set up for the purpose completed a formula for submission to the bureau this afternoon outlining a compromise basis on which the conference can proceed, enabling it to discuss a substantial range of subjects, including indebtedness, price-raising measures, and the co-ordination of marketing. The gold and non-gold interests Will inevitably clash, in which case certain points will be dropped, thereby permitting continuance of the discussions. It is expected that the sub-committees will proceed until the end of July, possibly to be followed by a two months' adjournment.

BRITAIN'S CURRENCY POLICY. ENCOURAGEMENT TO GOLD COUNTRIES. (Received July 12, 9.30 p.m.)

LONDON, July 11. The city editor of the "Daily Telegraph' 1 says that in banking circles Mr Neville Chamberlain's declaration of Monday is interpreted to mean that the Treasury has decided that the pound will not be deliberately depreciated. In other words, the Treasury is not contemplating currency warfare, but is shaping a middle course towards helping the gold countries to hold the fort until Mr Roosevelt makes up his mind. It is certain that the gold countries have been greatly assisted by this declaration of policy. The franc on Tuesday was a trifle firmer.

SUBSIDIES ON SHIPPING. REPORT TO BE MADE BY COMMITTEE. (BRITISH OFFICUt. WIRELESS 1 RUGBY, July 11. The sub-commission on subsidies for merchant shipping, ip conformity with the bureau's decisiqr), decided to-dsy to appoint a drafting comrnittee to draw up a report embodying the different points of view and the ideas put forward during its discussion. The drafting committee will consist of representatives of France, Italy, Japan, Norway, Great Britain, and the United States.

HUPRJJR RESTRICTIONS. CONSIDERATION BV COMMITTEE. BRITISH OFFI'JIAL WI ft EL.EScV ) RUQBY, July 11. The Colonial Secretary, Sir Philip Cunliffe-Lister, in the House of Commons stated that no further proposals on the subject of rubber had been made to the British Government since March of last year, when joint British and Dutch investigations led to the conclusion that it was impossible under exipting conditions to frame and, operate an international scheme guaranteeing effective regulation of the production or export of rubber. A committee of the World Economic Conference had already given careful consideration to the general conditions requisite if a scheme for the co-ordination of duction was to be practicable.

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19330713.2.73

Bibliographic details

Press, Volume LXIX, Issue 20906, 13 July 1933, Page 9

Word Count
865

WORLD ECONOMIC CONFERENCE. Press, Volume LXIX, Issue 20906, 13 July 1933, Page 9

WORLD ECONOMIC CONFERENCE. Press, Volume LXIX, Issue 20906, 13 July 1933, Page 9