WORLD MARKING TIME

Hawera Star, Volume LIII, 26 August 1933, Page 5

WORLD MARKING TIME

WATCHING AMERICAN PLAN PACIFIC INSTITUTE DISCUSSION. PROBLEMS OF CURRENCY. EXCHANGE STABILISATION. 'United Press Association —By Electric Telegraph Copyright.) BANFF, Aug. 24. A picture of the world marking time until the United States’ recovery scheme has been further advanced was painted by members of the Institute of Pacific Relations at the conference to-dav.

Discussion of trade agreements and the possibility of bilateral treaties in Pacific countries was swung by Chinese membors into a full-dress discussion of currency problems. Chinese members declared that tariffs were only o ns aspect of the larger problem in which" exchange stabilisation stood preeminent.

British members took an almost optimistic view of the possibility of progress. There was a strong suggestion of the view that further depreciation of the United States dollar was highly improbable, and that it would be jx>ssible for the leading countries to get together on a currency stabilisation programme some time next year. Once that was achieved it was thought embankment! upon a scheme of international price-raising would be possible by means of the ex-' pansion of central bank assets in the various countries. This expansion might then be followed bv large-scale programmes of public works and the restoration of employment to something like normal proportions. Some suggestions were made that sterling might be the currency upon which other exchanges would peg theirs, but it was pointed out that this was relatively unimportant. So long as the agreement included Britain. France, the United States and Japan, sufficient impetus would be given the scheme to bring others into it. The resultant stability and confidence would clear the way for the resumption of international lending and borrowing, with, further possibility of trade agreements clearing the blocked channels of international commerce. A NEW ZEALAND SCHEME. A New Zealand scheme for planned and licensed exports a® a proposed model ’remedy for international exports and imports throughout the wor»<l was discussed. The plan contemplates the exchange of products among the nations on a quota system. The issue precipitated a debate between those who argued that the world must accept planned economy or deteriorate and those who saw' difficulties in the proposal. Supporters of the plan conceded that they were conscious of the danger that large-scale planning would lead to monopolistic control, but they urged that Governments could prevent such control from pressing too heavily upon the consumer. Opponents argued that export anti port quotas in highly ’industrialisecl countries where there was a wide variety would lead the Governments into more trouble than they had on thee' hands already. The adjournment came with a discussion ~oing on as to the probability of great international cartels offering a way for controlled production and export without leaning too heavily upon the Governments. The New Zealand plan received a substantial measure of support from United States members. fThe opinion flhat the newspapers constituted a most powerful force in building and directing public opmon was expressed at the conference, and kindlv views of the policies of the leading newspapers of Britain. Tsew Zealand Canada. Australia, and the United States wei'e offered. It was stated that foreign news, especially at from the United States, appearing in Japan and Cliina was apt to be too high seasoned, and therefore not interpretative of the spirit of the people from which it came. Such news cheated false impressions where published and sometimes led to embarrassing incidents of national or international significance. The dissemination of fair news throughout the world would lead to the formation of sound public opinion, and good government and friendly ’international understanding would follow. . .

It was stated tjiat war munitions industries and financial interests might be responsible for undesirable nationalistic propaganda.