VIEWS OF DELEGATES

Grey River Argus, 16 June 1933, Page 5

VIEWS OF DELEGATES

Mr Chamberlain’s Speech (Aus. & N.Z. Cable Assn.) LONDON, June 14. Air Hull’s keenly-awaited speech scarcely bore comparison with Mr Chamberlain’s analytical effort. Mr Hull skated over the whole surface of economies, without even an indirect reierctici* to the war debts, though ho admitted that international co-opera-tion was a fundamental m*ees>itv and even pleaded the liberalisation of commercial policies, but it was left to the individual imagination to decide whether he> included America among the nations eager to sell, but unwilling to buy. Ju redemption for the vagueness of his speech, he promised that Amuriea "would submit concrete proposals in the committee stage. M Lit vinoli', in jerky laiglish, did his best to convince the Conference that Dussia was in .nowise responsible lor or imm<*rse ( | in (he world crisis with the acute difficulties of interest mid lh<« capitalist system. Russia was ready, if credit facilities were forthcoming, to place orders abroad to the extent of a biEion dollars for the development, of her resources. Wi/h most of the more important nations having spoken, the Conference debate is expect'd to finish on Thursday night. Mr Bruce has still not submitted his name to speak. Mr Forbes is unlikely to du so. at the present stage. Mr Bennett may oxpound the Canadian view to-morrow. 'l'l.e creation of Commissions will mean that the acutal work will be begun on Monday With the Australian and New Zealand Parliaments out of session, it is not expected that either will notify acquiescence to Mr MacDonald’s tariff truce appeal. In any case, it is only for the duration of the Conference and subject to a month’s notice of termination. MONETARY AND ECONOMIC ASPECTS. LONDON, Juno 14. At the Conference. Mr MacDonald said that nineteen States, the majority of whom have played an important part in world economics, had agreed to the tariffs truce for tho duration of the Conference. He earnestly appealed to all States to give adherence to the truce by Friday, which would be a good augury for the work of the Conference. M. Hymens (Belgium) was appointed vice-president It was a sunny morning, and the session began in a buzz of expectancy, with the announcement of speeches from Premier Dolfuss, Mr Chamberlain and Al. Litvinoff. Alost glamour centred on the diminutive, boyish Austrian Chancellor, who is beset with a tense home antiNazi situation. His speech was a model of gravity. He plumped heavily fur a reduction in wheat production as a check on price depreciation. Air Chamberlain’s thirty-five minute survey mad(« an excellent impression with detailed suggestions based on uplifting the price level, after a final settlement of war debts. Herr Dolfuss said the Confi'ience would certainly contribute a groat deal towards tho 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 stabilisation and the maintenance of stability of currencies. He was please I to announce Austria’s agreement to a tariff truce. Air Neville Chamberlain said there was a close, connection between monetary and economic aspects. Our problem of action in those spheres must be taken simultaneously. Any attempt to obtain equilibrium by further large reductions in costs would be attended by intolerable- suffering, without hope of success. A solution of the difficulties must be found by the recovery of the p'rico level The immediate aim of the monetary policy should bo tho stabilisation of currency and its ultimate aim, restoration for a satisfactory international standard, for which gold seems the most 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,” he added.

British Policy

EMPLOYMENT OF CREDIT. (British Official Wireless). RUGBY, June 14. A general discussion continued at the plenary sessions of the World Conference. The British Government’s considered policy was stated by the Chancellor of the Exchequer, who said the fundamental monetary condition of the recovery of prices was that credit should be actively employed. This together with th c revival in business confidence, must form an indispensable background of trade recovery. Central banks should undertake to co-op'erate with a view to securing tho monetary conditions required for a rise in prices. The question whether governments could actively assist by schemes of governmental capital expenditure would also require consideration. The United Kingdom delegation would be very ready to examine with other delegations, how far such action. Rises in price levels and employment could be stimulated by

increase in world track* would contribute powerfully to reduce exchange difficulties, and would assist in bringing to an end both the standstill arrangements in respect to short term debts and transfer difficulties, as regards external indebtedness ns a whole. These difficulties would also bo greatly diminished bv tin* resumption of normal international lending. ABOLITION OF ARBITRARY QUOTAS. Referring to growing obstacles to international trade, he expressed a willingness to examine proposals for attaining a reduction in excessive tariffs by mutual action. Any such proposal must be effective in securing really tangible reductions in excessive tariffs, and must command a sufficiently general measure of support, and cover a wide enough area. It must not impose upon low tariff countries disproportionate sacrifices, ami must not have injurious repercussions or lead to economic hostilities. The British view was that a reduction in customs tariff could best l>e achieved bv a series of bilateral negot iat ions which the Conference should endeavour to promote. Commercial treaties should not be terniinted before tariff negotiations wen. undertaken, ami then only after every effort had been made r«» reach agreements by negotiations. The United Kingdom delegation strongiv favoured progressive abolition of all a rbit ra ril v impostl! (piotas. In view of the disastrous slump in prices the British Government was engaged in promoting th.'i regulation of supplies of several food products. It would be prepared to co-op'orate in regulating supplies of wheat, and other foodstuffs, with a view to restoring and maintaining reasonable level of prices TRADE SUBSIDIES PROPOSAL. Continuing, Mr Chamberlain said that if a creditor country wishes to obtain payment of claims on foreign countries. it must accept goods and services in settlement of those claims over ami above the imports it takes in exchange for its own exports. Revival of trade largely depends on the extent to which the creditor countries are. prepared to give practical effect to this principle. Moreover, international trade cannot prosper on the basis of exchange of commodities between each two countries being precisely balanced. Mr Chamberlain, referring to State subsidies to export trade and shipping, said they involved unfair competition, and the adoption of this policy bv one Goverment tended inevitably to force the unsound expedient on the Governments of other countries engaged in the same trade. A determined effort should be made to secure a reduction and -the eventual aboilition of export and shipping subsides bv international agreement. PRICE-RIDDEN WORLD. Mr Hull said the whole price-ridden world was looking to the World Conference for leadership, with a programme of basic reliefs, and distressed peoples in all lands expected concord, co-ope(ration and constructive suggestions. The results of trade barriers inevitably caused disastrous re-action upon production, employment, prices and distribution. Strangulation of international trade was revealed as the most tragic phase of that shortsighted and ruthless policy. The inevitable effect had been to reduce to the lowest level all prices of primary commodities. Had not the time come for Governments to cease erecting trade barriers with their excessive rank discriminations and hate-breed-ing reprisals and retaliations? International co-operation, to-day, was a fundamental necessity. The Conference should proclaim that economic mationalism was a discredited policy. All excesses in the structure of trade barriers should bo removed. All unfair trade methods and practices should be abandoned. .Tn the monetary field, he urged suitable measures for an immediate policy giving the greatest possible measure of stability for a period during which the groundwork could be laid for enduring reform. He demanded measures for the removal of exchange restrictions and declared that America was prepared to offer concrete suggestions.