The Dominion TUESDAY, SEPTEMBER 6, 1932. WORLD ECONOMIC CONFERENCE

Dominion, Volume 25, Issue 293, 6 September 1932, Page 8

The Dominion TUESDAY, SEPTEMBER 6, 1932. WORLD ECONOMIC CONFERENCE

A good deal of uncertainty still exists about the World Econ°n«c Conference. While it tarries, the world has made a good beg* l ? o * l 8 at putting its own affairs in order, as is shown by messages pubhshe to-day reinforcing the upward movement of the last two. or three months. Nevertheless; if the improvement- is to be sustained, the tangled skein of world trade and finance must be unravelled. That is the object of the Conference—for the nations to agree on remedial measures on a comprehensive scale. Action must be taken early and must be concerted if the present favourable movement is to be continued and the gains finally consolidated. As the de P ressl °” has been world-wide so also must be the measures taken to secure restoration of economic health. ‘ Probably this consideration —that action should not be piecemeal but combined —accounts for the uncertainty that still attaches to the meeting- of the’ World Conference. Its venue has not been fixed although it is expected to meet in London. Its subject-matter still remains undefined although the United States, in. accepting Grea. Britain’s invitation to be present, excluded the questions of tariffs and War debts. And the date of meeting has yet to be fixed, although it was expected to follow closely on the Imperial Conference, and to ptu the crown on the achievements at Lausanne and Ottawa. . It would be fatal, of course, to convene the Conference before the nations are ready. Unpreparedness has been the cause of comparative failure at too many international assemblies. If political conditions are so unsettled in certain countries that their delegates cannot present reasonably firm proposals, then it is better to delay meanwhile. At present two of the Great Powers, the United States and Germany, are politically in an undetermined condition. A few months should bring definition in either case and enable both to add a surer voice to international discussions. _ In discussing the prospects, The Tinies considers that it, as America stipulates, tariffs and War debts are to be excluded from the discussions, the usefulness of the Conference vVill be severely circumscribed. Yet America cannot approach these questions with an open mind until after the elections in November in which tariffs represent a major issue. The more intelligent of her leaders surely recognise, however, that monetary reforms can achieve nothing of themselves. Steps must be taken to re-animate trade and eliminate other* causes, such as War debts, of the existing financial breakdown. More than likely Britain is seeking to enlarge the. scope of the Conference while awaiting more settled political conditions in which to launch it. Unduly to hasten this culminating effort to achieve rationalisation in world trading relations would be fatal. So much depends upon it. In to-day’s news can be seen how a small alleviation. of trading conditions has affected the butter market. German restrictions on Danish have been eased and the Danes are enabled to raise their quotations by 10/- per cwt. The prospective relief to the London market has caused a hardening there. . '• Here is an example on a small scale of what is is hoped to achieve at the World Conference—to re-create the conditions making for more and freer trading. By this time the nations should have realised that they cannot live to themselves alone. Neither can they continue selling if they will not buy. The Conference offers them their chance of restoring economic sanity in their mutual relations.