COMMERCE CONGRESS

Evening Star, Issue 22462, 6 October 1936, Page 8

COMMERCE CONGRESS

DEBATE ON MONETARY SYSTEM BRITISH ATTACK ON HIGH EXCHANGE [Pait United Press Association.] WELLINGTON, October 6. The Empire Chambers of Commerce Congress resumed this morning. Sir Albert Atkcy (Britain) moved a resolution brought down in the name of the council expressing the hope that the development of Empire trade might be freed from the handicap occasioned by the taxation imposed in certain Empire countries and States upon British non-residents trading through agents in such countries and States, unless the stocks arc held by a resident agent, or the agent has general to make contracts on behalf of his principal or there is a branch of the management in the country where the business is transacted. Sir Albert said he thought the object of doing away with dual taxation was sufficiently clear, and he looked for unanimous support for the resolution. Mr F. W. Cook (Britain) seconded, and the resolution was carried after a brief discussion; Mr Aiton (Derby), on behalf of the council, moved a resolution in regard to monetary policy—that the Congress viewed with satisfaction the attempt now being made to stabilise the franc, dollar, and pound sterling in relation to each other, and urged His Majesty’s Governments to do everything in their power to promote speedy success. The congress was convinced that complete success could not be ensured until all nations stabilised their respective currencies in agreement with the franc, dollar, and pound. It was further desired to emphasise the importance of the statement of the British Government that the requirements of internal property in Empire countries must be taken fully into account in tho policy towards international monetary relations. Congress also laid stress on the withdrawal, as far as possible, of restrictions on financial payments, exchanges, and trade, if money is to follow its natural course of furthering -to the best advantage the development of commerce generally. Mr Aiton, in the course of his speech, said he was sorry to see that in New Zealand some people had been bitten by the Douglas Credit bug, and thought they could get something for nothing. Nothing could be got for nothing. Depreciation of currency could not continue. It was a form of disease politicians were particularly susceptible to, but a disease that they should be innoculated against before they became politicians. They were not out to offend anybody, and if they were wise, no offence would be taken.

Mr Barclay (London) seconded. Ho said it was not credit that was the basis of wealth, but wealth that was the basis of credit. They wanted in London to encourage the colonies and to lend money; but they must make the condition that they were credit-worthy. Professor Hytten (Sydney) did not agree that exchange'should be stabilised, and moved to add the w'ords “ as far as internal conditions will allow.” This found support, including that of Mr Machin (Christchurch), who said that in regard to deflation of currency, New Zealand now found herself in very good company. Mr Martin (Wellington) assured the British delegates that the prices New Zealand was receiving, even to-day in Britain, were such that she could not carry on without the exchange. “We would be obliged to reduce our importations to a very serious extent.” Replying to the amendment, Mr Alton said that despite all that had been said, he was unrepentant. What had been done by the exchange rate could better have been done in another way. The amendment was lost and the resolution carried by a large majority. CALENDAR REFORM. A resolution in regard to calendar reform was moved by Mr Barclay (London), urging His Majesty’s Governments throughout the Empire to use influence to secure the adoption_ of a perpetual 12 months calendar, divided into equal quarters of 91 days, with New Year’s Day undated, and a fixed date for Easter. The mover mentioned that the matter was to come up before the League of Nations next year. The motion was carried with few dissentients. • MIGRATION PROGRAMME. Lord Elibank here vacated the chair in favour of Sir T. Wilford, congress proceeding to deal with a resolution on migration. The resolution was a compromise of resolutions which were originally to have been submitted by Britain, Australia, and New Zealand. It affirmed the vital importance of early reinforcement of the populations of the overseas dominions " by organised and substantial migration from Great Britain, made recommendations to that end, and recommended that the Governments concerned should co-operate in arranging schemes to ensure that any surplus population leaving Great Britain should settle within the Empire. The resolution was moved by Mr Emlyn Jones. His speech was vigorous, and was strong in advocacy of filling up vacant spaces of the overseas dominions with British people. He said he thought the truth about the dominions’ failure to increase population was that there had developed an ill-balanced economy. There was far too much concentration on industrial activities and too little on agrarian. There was only one way to increase the wealth of the dominions and the whole world—the application of idle labour to fertile land. By so creating wealth they would be able to absorb the unemployed in their own countries and the Homeland. It was not a problem of over-production, but in reality a crisis of under-consump-tion and maldistribution of primary products throughout the world. Mr R. M. Clark (Sydney), in seconding. said ho was in hearty agreement with the object in view, though not in agreement with all of Mr Emlyn Jones’s statements. Mr Clark said a migrant from Britain might put someone out of work oversea. What was wanted was migration on a largo scale. A largo

population overseas would enable Britain to carry a much larger population than she did, and with large populations abroad and at Homo would make Britain invincible. He heartily seconded the resolution. Mr Bussell (Brisbane) said they could not accept the view that the dominions should merely be Britain s suppliers of primary products. What they were aiming at in Australia was a balanced economy.