The Dominion. MONDAY, JUNE 12, 1933. WORLD CONFERENCE OPENS TO-DAY

Dominion, Volume 26, Issue 219, 12 June 1933, Page 8

The Dominion. MONDAY, JUNE 12, 1933. WORLD CONFERENCE OPENS TO-DAY

After repeated postponements the World Economic Conference Churchill speakin? in a House of Commons debate on monetarj policy. Both advocated currency and credit management but agreec that isolated British or even Imperial action would not be adequate. Replying for the Government, Mr. Neville Chamberlain accepted the idea of a world parley to be held in October or November after the Ottawa Conference: The United States was the first -nation to signify her willingness to attend. America’s acquiescence was heavily discounted, however, by her condition that tariffs and debts should be excluded from the agenda. , It became a question whether it was worth while holding the Conference on monetary policy when such determining factors as tariffs and debts were excluded. At some stage, however, the United States must have tacitly withdrawn her objection to the discuss o of tariffs. The Preparatory Commission, at any rate, makes trade barriers figure largely in the Conference agenda. Nevertheless the Commission did not find its task easy. A determined effort was made by the gold standard countries to include a return to gold as an indispensable condition. This and other difh culties were finally overcome by January but the Conference still tarried. Always there seemed some good reason-why it would be better to put it off just a little longer. To the hesitant such good reasons will always present themselves. It is the man of action and the statesman who can rise above circumstances and often use them to achieve his ends.. He moulds event.instead of being moulded by thme. It may be significant, therefore, that Mr. Ramsay MacDonald was at last able to name the day after his visit to President Roosevelt. It would be appropriate if the active impulse came from the Chief Executive, as the Americans call then PrCS Even now a host of good reasons could be brought to show that the auspices for the Conference are unfavourable. Political conditions in Europe, German and Central European finances, chaos in China, unbridled Japan—these are only a few of many uncertain international factors. Yet regarded actively rather than passively, these are factors which multiply into an irresistible urgency for such comprehensive and concerted decisions as only a World Conference can reach. And in spite of all these ominous clouds, there are already many and substantial signs of world convalescence. The improvement in recent months has been marked. All New Zealand s cjiief products have shared in it and it is much wider than our limited interest. The world is ready for a forward move if the national shackles can be struck off international trade. ' No doubt the statesmen realise that. They know too how easily it will be to slip back into the slough unless they act wise’y, widely and co-operatively. The spur of necessity is hard on their flank, and should overcome their national inhibitions and political reservations. Consequently there is good and great reason to expect practical and adequate results from the Conference.