BRITISH OPTIMISM

Dominion, Volume 25, Issue 293, 6 September 1932, Page 11

BRITISH OPTIMISM

Recovery from Depression AUSTRALIA AND N.Z. Favourable London Reaction SIR G. RYRIE’S COMMENTS Dominion Special Service. Auckland, September 5. Increased confidence is being manifested in England in the ability of Australia and New Zealand to recover from the depression according to Major-General Sir Granville Byrie, formerly High Commissioner in London for Australia, who is returning to Sydney by the Niagara after five years’ service in England. The outlook in London for both Dominions was showing a marked improvement he said. “In the political sphere Australia ' followed very closely the example of Great Britain in electing a sound National Government,” Sir Granville said. “A favourable reaction to this is shown by the recovery in prices of Australian bonds, some of which are now above par. On the whole there is a feeling of considerable optimism in Great; Britain regarding the Empire outlook for the future.” Reference was made, by Sir- Granville to the success of the Reparations Conference at Lausanne, at which he represented Australia. . It. was most gratifying, he said, that an agreement had been reached in the face of many difficulties, an agreement which would probably have far-reaching effects in relieving world troubles. He paid a tribute to the perseverance, tact and determination cj the British Prime Minister, Mr. Ramsay MacDonalds to whom most credit for the success of the conference was due. As a result of Lausanne and Ottawa there was every reason to feel optimistic regarding the possible' results of the world economic conference planned for next year. " ' ... Sir Granville also commented on the work of' the High Commissioners for the Dominions. . Since 1930 each High Commissioner had become virtually, although not in status, an Ambassador, as he had to be consulted on a variety' of matters and had to spend much time in diplomatic transactions and review of treaties and agreements. The High Commissioner for New Zealand, unlike some other High Commissioners, deals with practically every department of State of his Dominion, Sir Granville said. “None of us is ever free from discussions concerning finance. Month in and month out the cables keep us busy with financial agents; banks and discount houses, and on us rests the responsibility of giving our Governments information on which they have to rely and form judgments. The last three years have been years of conferences. The enormous amount of work entailed in the preparation for them, interrupted in a thousand ways, makes the task of the High Commissioner most arduous.”

MONEY AND CREDIT ■ ' ' f "’\ “''"l World Change Predicted MR. A. C. WILLIS’S VIEWS Dominion Special Service. Auckland, September 5. “I feel sure that there will be a change in the monetary and credit systems of the'world in the next six to twelve months,” said Mr. A. 0. Willis, formerly Agent-General in London for New’ South Wales, who arrived at Auckland by the Niagara on his return to Sydney. Mr. Willis was appointed to the post in London by Mr. Lang in Marclh 3931. Last June Mr. B. S. B. Stevens, leader of the present Nationalist Government, announced that It had been decided to abolish the. Agent-Generalship and make other provision for the trade representation of the State in London, and Mr. Willis was recalled. “I have no knowledge that the AgentGeneralship has been abolished. I only heard that it was intended to abolish it,” said Mr. Willis. He added that upon leaving London he had handed his duties over to his secretary. It had been suggested that all States i would dispense with their Agents- ' General in London, but he thought they would be well advised to give the proposal careful consideration before acting upon it. If, however, the abolition of these posts could be effected in the interests of economy no obstacles should be placeci in the way. “I believe Australia will be one of the first countries to recover prosperity,” said Mr. Willis, “but this will not be substantial until there is a generar world recovery, and until the monetary > system has been altered to meet the present requirements. War. debts and reparations have undoubtedly accentuated the position, but I think it would be a mistake to regard them as the primary causes. The world has outgrown the old system and gold has become the master instead of the servant. . Until the position is readjusted to serve humanity, either on a gold or some other basis of currency, there is no hope of getting out of the morass. “Some of the best brains are concentrating on the problem. The world is not suffering from poverty but from wealth which its people cannot use owing to the breakdown of the monetary system. “The proposed world conference will probably. face this question and also the question of tariffs and exchange rates,” Mr. Willis added. “It seems futile to spend months discussing preferences and tariffs if a movement in exchange rates is allowed to operate which might nullify them at any moment.”