FINANCIAL PROBLEMS

Gisborne Times, Volume LXXII, Issue 11451, 27 February 1931, Page 5

FINANCIAL PROBLEMS

BRITAIN AND FRANCE

PLEA FOR EFFECTIVE CO-

OPERATION

(British Official Wireless) RUGBY, Feb. 24

An official statement on the recent discussions between British and French Treasury exports says the object has been a frank and cordial exchange of views on the principal financial questions oi interest to both countries with a view to promoting a policy of financial co-operation in the existing world-wide depression. The underlying causes of the exceptional gold movements between .London and Paris have been discussed. It has been confirmed that the French authorities in no way welcome the abnormal gold movements, and have been anxious, so far as possible, to avoid measures tending to bring them about. The French Treasury, while not considering that methods of managing public funds in France have had the influence sometimes attributed to them, ham nevertheless, readily stated its iidention of taking account, consistent with its own needs, of the ippcrcussions which its operations, might have on the monetary market. It was agreed that the two I rcasuricS should keep in touch ml questions arising from the reports cf the gold delegation of the League of Nations. and also agreed that cardinal importance attached to the iv.-ump-tion of foreign lending on a norma! scal (; by creditor countries. The French authorities have on many occasions made known their desire to encourage foreign spending on the Paris inarket. hut it recognised that the present credit difficulties weic largely due to a lack of confluence on the part of investors, and that it was essential that borrowing countries should themselves take all possiebl measures to restore confidence. Steps to promote effective co-oper-ation with a view to loan operations would contribute to alleviate the existing depression, and all possibilities should he examined. The statement refers to the ! e-'guc discussions with a view to facilitating agricultural credits in central and eastern Europe and expresses a hope that practical results may oe realised at an early date. It adds that the conversations have not aimed at definite inter-provincial agreements, hilt have enabled contact to he established on questions affecting the financial and economic interests of both countries, which will he maintained, and tlio- conversations will be renewed as circumstances permit.

WORLD DEPRESSION. INQUIRY AT GENEVA. CONFERENCE STARTS ON MONDAY NEXT. (British Official Wireless) (Received Feb. 26. 7.10 p.m.) RUGBY, Feb. 26. A meeting of economic experts will begin at Geneva next Monday in connection with the League of Nations inquiry into the causes of the world economic crisis. Although it is as yet impossible to state when the report of the inquiry will bo- available, a considerable amount of material lias already beeu collected, and the British delegates at the last League meeting, in emphasising the urgency and importance of the inquiry, expressed the hope that the report bo completed before next Assembly.