Restore Trade and Raise Prices

Horowhenua Chronicle, 11 July 1933, Page 7

Restore Trade and Raise Prices

"THUNDERER'S" ADVICE TO EMPIRE Received Monday, 9.50 p.m. LONDON, July 10. The Times, in a leader, emphasises that if the gold countries persist that they cannot even discuss monetary questions then the other countries must themselves decide measures for restoring trade and raising prices in the currencies which are no longer tied to gold. The continued co-operation of Continental countries is essential for the full success of the Conference, hut failure to achieve it cannot be allowed to prevent the rest of the world endeavouring to achieve useful results. Monetary agreements between the Empire and others whose trade is mostly on a sterling basis would be a step towards that stabilisation which should be the ultimate objective of an international currency policy.

How France Keeps Tariff Truce PREPARING TOR DOiiJUAR COLLAPSE "CALM AMIDST CHAOS" . PARIS, July 9. The Chamber of Deputies passe'd ft Bill embodying 30 to 150 per cent, tariff increases on 64 commodities, half of which affect British imports. The Tariff Commission's report was not circulated beforehand, as is customary, and members, unaware of the nature of the measure, demanded enlightenment. M. Daladier replied, that the Bill was intended to consolidate disadvantageous tariffs, whereupon it was passed without debate by 488 votes to 10. French opinion fears a further price collapse in America, leading to a flood of cheap goods, necessitating a defensive tariff barrier. M. Daladier announced the repayment of half the British £30,000,000 loan at the end of July. He added that the Government was - contemplating an ambitious international public works policy. France sought neither the closed door nor self-sufficiency in the economic sphere. Expenditure had been reduced for the first time since 1926, the deficit being £117,658,823 lower. The May revenue was £9,407 ; - 059, compared with £4,282,353 in May, 1932. The Government desired to rationalise the French Empire markets, and avoid useless competition. The Four-Power Pact was not a goal, but a stage in political development. France would maintain cordial relations with Italy, from which misunderstanding had too long separated her. Franco-British relations were constant and cordial. A return to economic stability depended on the stability of currencies. M. Daladier denied aiming at a dictatorship or constitutional changes. He would inflexibly preserve France from violence. She would be calm in the midst of a chaotic world of nations trying out improvisations.