WORLD ECONOMIC CONFERENCE.

Press, Volume LXIX, Issue 20919, 28 July 1933, Page 11

WORLD ECONOMIC CONFERENCE.

I FINAL PLENARY t I SESSION. HIGH HOPES DISSIPATED. DELEGATES LOOIv TO FUTURE. (UHITED TRESS ASSOCIATION —RT EL*CT»IC TELEGRAPH COPYRIGHT.) (Received January 28, 1.50 a.m.) LONDON, January 27. The World Economic Conference, opened amid such high worldwide hopes by His Majesty, nearly seven weeks ago, reached its final plenary session to-day. The conference closes with all hopes of quick panaceas for international troubles completely dissipated. Nevertheless, the outstanding note of the final session was the looking forward to a continuation of the efforts in the future, when conditions are more favourable. Once again the large conference hall was brought into use, with all the press photographers' and cinematographers' arc-lights focused on the rostrum, but there were many empty places. Mr Ramsay Mac Donald presided and announced that he had received such a long list of prospective speakers that he thought the only chance of concluding at a reasonable hour in the afternoon would be to have only the speeches of the president and the reports of the two main commissions translated. The conference accepted the proposal, which reduced the interest in the later speeches. CONFERENCE NOT ENDED. CHANCELLOR'S CLAIM. HOPE OF SUCCESS IN FUTURE. (BRITISH OFFICIAL VTIEELESS ) RUGBY, July 26. Speaking in the debate on public works expenditure in the House of Commons, the Chancellor of the Exchequer, Mr Neville Chamberlain, repudiated the suggestion that the adjournment of the World Economic Conference was synonymous with its conclusion or completion. It was clear that the conference was obliged to adjourn without being able to tackle the m6st important part of the agenda because conditions had intervened after the conference began which made it impossible at present to continue the discussions usefully upon some of the most important points. He entirely agreed that in the circumstances in the United States re-

cently it was impossible for that Government to contemplate the temporary stabilisation of currency; but he saw no reason to assume that the conference would not reassemble when changed circumstances enabled the countries again to discuss the currency question in an atmosphere of tranquillity. American Experiment. He still believed that the attainment of full national prosperity was ; dependent on the restoration of international prosperity; but the United States was trying an experiment, on a gigantic scale, of extraordinary interest. Conditions there were more favourable for success than they would be anywhere else. He reminded the House that Mr Roosevelt had to face a reduction in wages far greater than that which had taken place here. It might be that the experiment would be a great success. Replying to a suggestion made during the debate, that there should be an Empire currency union, Mr Chamberlain enumerated the difficulties in finding the right relation between the various Empire currencies and sterling. It was not part of the policy of this country to link sterling at present to gold on the one hand, or to the dollar on the other. We must continue to pursue our own course independently, in the interests of this country and the Empire. Referring to public works, he reviewed the schemes already undertaken, and said the Government was constantly searching for directions in which it could, in this way, stimulate industry and restart the wheels. Mr Lloyd George, following Mr Chamberlain, declared that the conference was dead. He understood that Mr Mac Donald was considering the best method of embalming it in order to give the appearance of life after the spirit had departed. Until America's experiment reached a firm basis no arrangement was possible with her. If the Ottawa agreements were not revised they would wreck all Mr W. E. Elliot's efforts on behalf of British agriculture.