CONVERSION LOAN FOR N.Z.

Greymouth Evening Star, 28 July 1932, Page 7

CONVERSION LOAN FOR N.Z.

LARGE SAVING IN INTEREST MR. COATES’S PROPOSAL [BY CABLE —PRESS ASSN. —COPYRIGHT.] i (Recd. July 28, 9 a.m.) OTTAWA, July 27. Mr Coates has expressed the opinion that England’s successful £2,000,000,000 loan conversion may have an important bearing on New Zealand’s external interest charges. New Zealand owes Britain £24,000,000, representing 5 per cent, funded war debt. Mr Coates considers that there is a prospect of reducing this to the same three and a-half per cent, rate as the Bi itish conversion loan. The presence of Mr Chamberlain at Ottawa happily provides a favourable opportunity of discussing the matter. Mr Coates will bring up at the Conference, the question of unemployment, with a view to establishing a committee of experts to investigate the relief systems operating throughout the Empire, collating any information likely to be valuable. Although no official committees met, to-day there was great Conference activity. Further meetings were held of the inter-Dominion industry subcommittees, notably on fruit. Mr Coates enjoyed a flight over Ottawa this morning with a war-time comrade, Mr J. A. Rodgers, a resident of Toronto, piloting his own plane. It was the first occasion that Mr Coates had snatched a couple of hours’ leisure since the Conference opened. Mr Stewart and he had been working until two o’clock every morning.

CANADIAN PRESS ALLEGATION.

OTTAWA, July 26.

The influential newspaper, the “Montreal Gazette,” comments in an editorial, upon the despatches which have been sent from Ottawa by the newspaper correspondents. The “Gazette” says: ‘‘The Imperial Economic Conference has at the very outset reached a critical stage. The responsible correspondents, naturally and properly, are painting the picture in the softest colours, but it is becoming evident that if the Ottawa Conference is to overcome the obstacles that have already been encountered, then some of the viewpoints that have been expressed, must undergo a radical modification. If the complications which have arisen are as formidable as some of the despatches imply, then the co-operative spirit seems certain to undergo a much more severe test than was contemplated when the Conference opened. There is an uncertainty which surrounds the attiture of th.e British delegation. This appears to be hampering the Conference, and to be creating a situation for which the word “critical” is not too strong.” All of the delegations consider that the foregoing observations of the Montreal /‘Gazette” are far from fact, and they state that the Conferenc is now getting to grips with the vital business, and that it is in perfect harmony.

HUMOUR AT TALKIES.

OTTAWA, July 26.

The visiting Ministers entertained Mr Bennett (Canadian Premier) at dinner at the Chateau Laurier. They informally discussed a wide range of subjects. The delegates at midnight attended the private screening, of a talkie film of the opening of the conference. The audience was amused at a technical error of the announcer, who says that “Mr Bruce will speak next.” Instead,, the camera focussed on Mr Coates addressing the Chamber, Australia being completely censored. BRITAIN AND DOMINIONS (Recd. July 28, 1 p.m.). OTTAWA, July 27. The Dominion delegation leaders, with Mr. Bruce as spokesman, met Mr. Chamberlain, Mr. Runciman and Sir J. Gilmour and presented the Dominions’ meat proposals. Inasmuch as the plan is the considered and unanimous Dominions’ scheme, the delegations are convinced that Britain will ultimately give some concession.

The inter-Dominion fruit industry committee met with the Dominion Ministers, Mr. Havenga presiding, and discussed the position and completed a uniform policy.

AGREEMENT ABOUT FRUIT.

(Recd. July 28, 10 a.m.) OTTAWA, July 27., The fruit problem is practically solved. Representatives of the fruit industry in all the Dominions, met this morning, with the leaders of the Delegations, and an agreement was reached in 90 minutes. The case which is based on the same principles as butter and meat cases, namely preference plus quota, is now ready for immediate presentation to the British dele gates. Everybody connected with the industry is extremely pleased with the result.

This rapid progress on questions of butter, meat and fruit indicates the incalculable advantage of having industry experts on the spot, facilitating thoroughly businesslike discussions, inasmuch as all are intimately acquainted with the subjects. The political leaders are taking a minor part at this stage in the proceedings, so far as commodities are concerned, thus there is every indication, unless a hitch unexpectedly arises, that the Conference will successfully conclude earlier than the most optimistic predicted. Probably every item in the lengthy agenda will be adjusted to 'permit the British delegates to era'bark from Quebec on August 20 on the Empress of Britain, on which they have pencilled berths. SUGAR DUTIES. OTTAWA, July 26. The sugar question will shortly be discussed. There is a unanimous feeling among Empire producers, both Dominion and Colonial, that the differentiation whreby the Colonial sugar now receives 20/- per ton more than that of the Dominions in the British market should be abolished, giving equality. West Indies’, Mauritius, ana’ Fiji agree that the present arrangement is unsatisfactory. Australia, and South Africa are the only Dominions concerned.