EXCHANGE BONUS

Dominion, Volume 25, Issue 223, 16 June 1932, Page 7

EXCHANGE BONUS

Australia’s Ottawa Case FACTOR OVERLOOKED Empire Currency Plan BENEFIT MAY DISAPPEAR By Telegraph—Press Assn.—Copyright(Rec. June 15, 11.5 p.m.) Lopdon, June 15. Tile Australian Press Association learns tiiat though elaborate schemes liave been worked out in the preparation of Australia’s case for presentation at the Ottawa Conference, there is danger of the whole preparatory work being ultimately rendered useless. Many sets of figures have been carefully worked out envisaging British imposition of various duties on different commodities of foreign origin In the interests of the primary producers of Australia and other Dominions whose products would be admitted to Britain free in return for increased preference to certain British manufactures in the Dominions, but it is understood that throughout' all the calculations on Australia’s behalf it was apparently assumed that the present 25 per cent, exchange between Britain and Australia would continue indefinitely. Ever since it has operated this ex- . change has had the effect of giving Australian producers a bonus of 25 per cent, above the low world prices of commodities which have prevailed in recent months. If the Ottawa Conference were to adopt an Empire sterling currency as advocated in many influential, quarters, the exchange would disappear. In such an event Australian producers might be landed in an even worse plight than at present. They might possibly, for example, receive 10 or 124, even la per cent, advantage as against foreign producers, yet lose on the deal through the disappearance of the present exchange.. BENEFITS EXPECTED Australian Attitude Sydney, June 15. The Minister of Customs, Mr. H. S. Gullett, one of Australia’s delegates to the Ottawa Conference, in a farewell speech, expressed the belief that substantial benefits would come to Australia from that conference, but success would not come if the decisions injured sections of the Empire. He considered it impossible to expect any benefits for wool. There would be difficulties also in regard to wheat. The position in regard to meat was slightly better, while the prospects were bright for other products. He was not going to Ottawa with a plan for writing the tariffs up and down. The Commonwealth Government yas resolute in regard to that aspect of the policy. IRISH DELEGATION Mr. de Valera at Head Official Wireless. Rugby, June 14. Arrangements were completed to-day for the representation of the Irish Free State at the Ottawa Conference. They provide that Mr. de Valera will head the delegation, accompanied by Mr. Lemass, Minister of Industry and Commerce, Mr. Ryan, Minister of Lands and Fisheries, and probably Senator Connolly and Senator Johnson, the last representing Labour. EMPIRE CURRENCY’ Another Advocate Ottawa, June 14. Hope that the Ottawa Conference will establish an Empire currency was expressed by Mr. J. F. Darling, a Midland Bank director, here. It would not, he said, affect the Dominions’ note issues. Silver should be stabilised as a world exchange medium. Parity could be achieved between the Dominion currencies.