MR FORBES SPEAKS

Grey River Argus, 17 June 1933, Page 5

MR FORBES SPEAKS

Hopeful of Success (Aus. & N.Z. Cable Assn.) LONDON. •lune 13. Mr I'orbus was the last to address the plenary session at the Confer' once. He said that he was particularly impressed by the speech of Mr Chamberlain, whose suggested measures for the improvement of trade and monetary relations and New Zealand would do her utmost to support, as a practical basis of co-oper-ative action, leading to general recovery. Unless commodity prices were so raised as substantially to re duee the real burden. the existing debts must generally be scaled down. | which may indeed be necessary, in addition to raising the price level, though the adjustment of debts must be a question for consideration mainly by parties, and countries immediately concerned. The problem was of such pressing general concern as to warrant Conference consideration. Mr Forbes urged the Conference to deal with equitable shipping conditions. particularly the ri.-iht of ships without discrimination as to national ity. to compete in trade which was not merely local and coastwise. Referring to the quantitative regu lation of trade, Mr Forbes said that the producers of New Zealand dis i approved the limitations of exporb’ j or production. Instead, they hoped I for the removal barriers and the re- ; storation of purchasing power, to eu able the absorption of increased supplies. “1 congratulate the delegates heart ilv on the proceedings since Monday This is the most businesslike and ox": peditious conference over which li have ever presided,’’ said Mr MacDonald, (dosing the general debate. I Mr Forbes, who. to-day. changed his mind and decided to speak, war, absent when first caked, but later nd dresstd the Conference. ••] ;>m more hopeful of Hi' »*- erre’> success.” declared Mr Hi.ll. The unexpected businesslike, abbrevi.u tion of the general discussion indi* cates a businesslike conference, throughout. No final Stabilisation a.reement. how' ever, is vet indicated. There was a sparse attendance until Mr MacD-onald’s announcement of the Chairman of Committees. after which Mr Forbes immediately spoke. The delegates remained and cordially welcomt d Air Forbes. All interest now- centres in the monetary and economic committees. India and every Dominion. except Australia, participated in the general Mr Soong (China) ur_ed that while Stabilisation was being sought lor gold currency, it might also be found for silver for which a reasonably stable value was more important than tin inercso in the value. China intended to raise its standard of living. Its consuming power would then pro*vide the greatest of all the markets of the world, which might be a decisive factor in bringing a real and lasting recovery to the whole world. Mr Bennett (Canada), said he was wholeheartedly in agreement with Mr Chamberlain’s monetary programme. He uiTed that the United Kingdom ■.tiid the United States stabilise exchanges, then Canada would be will ing to stabilise the dollar in London and New York, lie a’Uo agreed in th? main with Mr Chamberlain regarding trade restrictions. An accumulated earn-over of 350 millions bushels ot wheat could only be effectively dealt with, by international agreement, involving a possible reduction of acreage, till the carry-over was disposed of. Many importing countries by raising tariffs had diminished the demand. and aggravated and perpetuated the disastrous fall in prices. These countries should seriously consider the feasibility of enlarging 'he demand.