ECONOMIC SITUATION

Dominion, Volume 13, Issue 120, 14 February 1920, Page 7

ECONOMIC SITUATION

« BRITISH GOVERNMENT'S ATTITUDE.;- •. ' ; Londoh, Fcbrua£y,l2: Mr. Austen Chainbcrlaiii (Chdhcellor of the Exchequer), replying to a memorial presented by prominent men to the leadin? Governments,' urging' that- international action should be taken io. restore the economic.stability/of tli'e.wiQrld, said that the attitude'of the United States Government .was" of. the first importance. He doubted whoTlier. ityrould be possible, to obtain their' participation in an ipter-' national conference on tho economic; situation. He emphasised the gravity of the; situation, and said that Government was therefore, prepared to appoint a representative to the conference if it were so. invited by ono of the neutral-countries or tho League of Nations,-on being satis-' fled that the conference'"would assume a representative, cha'racter., Tho Government would .lay it down,.if 'they participated, that they .'would, not'be. prepared to add considerably to their existing., 1 iabilities. Tho Government. could not support or participate 'in any '. scheme involving 1 any addition to -JJi'ilain's liabilities for . expenditure in' America. — Ans.-N.Z. Cable Assn.'-Reuter.

RESTORATION OF EXCHANGES. • London! February 11. ' An important conference of manufacturers, producers., and. employers, after discussing'export prospects, and tho world markets,- -decided '■ manufacturers ought regularly to* allot a fixed portion of their output'for 'exjiortation. regardless of homo demands, with a view' to the restoration of exchanges. The conference favoured a proposal .to supply, tlift European -countries . : yri.th only raw malerials. instead of with Jong . credits.— "The Times." ; . • . V: HATES.OF EXCHANGE.-'' ; (Rec. February 1-1, 0.20 a.m.) :Londdn, February; -12.! The following are the . foreign rates of exchange on London:—Paris, 48.53 francs to Jl; Stockholm; 15..13 kroner: Christian ia. J9.50 kroner; Calcutta.. S3J pence to tho i'upeo; Montreaf, SiflO'doirars.'to <£1: New York,'3.4o'dollars to Jjl.-Ans.-N.Z. Cablo Assn.''' ■' .. .. AMERICAN ADVICE TO EXPORTERS! (Rec. February:'l3,' 120 p.m.) -•-. February 113. In connection with the exchange rate difficulty, tho American Consul advises exporters to sell-to America- in dollars instead of pounds sterling.;'. Spain is already doing this, and other countries are beginning to tako the_ same attitude,': which the United States is encouraging. A prominent. Sydney banker ..declaredthat, bv doing' this Australian.nierchants would bo helping to stabilise .the London money market. Any Australian bank would .collect' these dollars for a 6mall commission, or settlement could be made in the ordinary course through - 'London. The seller would thereby get, not only a legitimate profit, but the (benefit accruing from the adverse exchaiigo. Australian buyers of American goods should also insist on delivery- at - the ' normal dollar exchange. Most goods from America are sold at rates -which allow ample trado profits, without additional ■ profit being mado on • tho dollar. ,-exehange.— Press Assn. .