WORLD PROBLEMS

Dominion, Volume 26, Issue 105, 27 January 1933, Page 9

WORLD PROBLEMS

Preparations for Economic Conference ORGANISING COMMISSION Official wireless. Rugby, Jan. 25. The Foreign Secretary, Sir John Simon, who arrived at Geneva from London this morning, later presided over a meeting of the Commission for the organisation of the World Economic and Monetary Conference which is to meet in London. The Commission decided to adjourn for three months and on resuming to fix the date of the London Conference. On the proposition of the French representaitve, seconded by the United States representative, it was unanimously agreed that Mr. Ramsay MacDonald be asked to be President of the World Conference. CURRENCY STABILITY President Hoover Concerned (Received Jan. 26, 5.5 p.m.) Washington, Jan. 25. President Hoover feels that the United States is faced with the necessity of ellther increasing her tariff walls or of action to gain stability in foreign currencies, and Is considering possible moves for speeding up the approach to the World Economic Conference. It was stated in a high Administration source that the President desires to avoid major increases of the tariff, but feels that it may be necessary unless the World Conference can act quickly to bring greater stabilisation of foreign currencies. President Hoover, it is stated, believes that only in the past four or five months has the United States felt the full reaction fromt he departure of various European countries from the gold standard. Figures have been placed before him designed to show that goods from countries of depreciated currencies are flowing Into the United States with increasing intensity. Unanimous advocacy of immediate legislation to restore normal tariff protection against foreign countries with depreciated currencies was voted tonight by the House of Representatives Republicans, who acted in closed conference only a few hours after they had learned that President Hoover felt tariff increases might be the only recourse if currency stabilisation were not obtained abroad. HIGH TARIFF WALLS Prime Cause of Discontent London, Jan. 25. In an article on “World Recovery and War Debts” in “Lloyd’s Bank Review,” Mr. H. A. L. Fisher says:— “Europe cannot say the word ‘default,’ and, in view of the American Government’s repeated declaration that such a solution is entirely unacceptable, Europe cannot ask the United States to say the word ‘cancellation? Let America use her great economic position to press for a reduction of the high tariffs which are throttling European trade and herself by the offer of liberal tariff revision and give an example which other nations may follow. The prime cause of the present economic discontent Is the existence of high tariff walls dividing State from State.”