RAISE PRICES

Evening Post, Volume CXV, Issue 139, 15 June 1933, Page 12

RAISE PRICES

THE ONLY SOLUTION

CUTTING COSTS HOPELESS

(Received June 15, 2 p.m.) • LONDON, June 14,

In the course of his speech at the World Conference Mr. Neville Chamberlain said: "There is a'vclose connection between the monetary and economic aspects of our problem. Action in these spheres must be taken simultaneously. Any attempt to obtain equilibrium by a further large.reduction in costs wpuld be attended by intolerable suffering without hope of success. The solution of our difficulties must bo found by recovery in price level. The immediate aim of monetary policy should be the stabilisation of the currency and its ultimate aim the restoration of a satisfactory international .standard for which gold seems the inoMt; generally acceptable. We attach the greatest importance to the abolition of exchange restrictions, and hope the Conference will take positive action to secure this end."

Dr., Dollfuss (Austria) said that the Conference could certainly contribute a great deal towards the settlement of the debt problem, if it could call into being the necessary negotiating' body. The method of co-operation between Central Banks should: be adopted as a regular institution by the Conference with a view to the stabilisation and maintenance of stability of currencies. He was pleased to announce Austria's agreement to a tariff truce.