little Chance of Agreement

Horowhenua Chronicle, 13 July 1933, Page 7

little Chance of Agreement

LOOK AFTER OURSELVES. TIMES ADVISES INDEPENDENT ACTION -Received Wednesday, 9.50 p.m. XiONDON, July 12. 'The Times, in a leader declaring •that the Bureau’s decision is an nnheroic avoidance of questions -likely to split the Conference, emphasises the absurdity of a sub- . commission discussing indebtedness ■'without considering credit, .control of exchange and price levels. “The Bureau is thereby keeping‘the Conference alive, hut what ■will if President Roosevelt still .is not ready to talk stabilisation when the sub-committee has concluded discussion? The gold countries will then certainly demand ran indefinite or lengthy postponement which is tantamount tor an end to the Conference. “It is increasingly, obvious that it will be difficult to achieve a worldVide agreement acceptable to "the gold. countries, America and the Empire. Consequently it is imperative that the members of :such groups, especially the British and their trading associates, should mse their own opportunities to -solve their own problems/ ’

Enough Matter for Next Fortnight SUGGESTED DISCUSSION RUGBY, July 11. It now seems clear that the general ‘Opinion among delegates to the World Conference is there are a sufficient number of subjects to occupy the .-attention of delegates with some hope of agreement within the nest fortnight. It is anticipated that a plenary session of the Conference may •then be convened, and its further work adjourned, if necessary, until the -autumn. -

The most important of several of to--day’s private meetings was that' of the Conference Bureau, which had before it the report of the Drafting 'Committee on the work of the two •sub-commissions of the Monetary Commission of the Conference. The first •of these jis dealing with immediate 'financial measures, and the other with permanent financial- measures. After a brief sitting of the Bureau, binder the presidency of Mr Ramsay MacDonald, the report was adopted. It recommended that the sub-commission -on immediate measures for financial reconstruction should proceed in the first instance to o discussion of the subject of indebtedness, and that the •second sub-commission, dealing with permanent, measures, should take up 'the resolution adopted by its sub-com-mittee on central bank ' co-operation, =and oh the creation of central banks in certain countries where they do not exist, and propose through . its sub--committe.es 'the examination of _ the position of silver and other subjects ■oh the agenda which may by general agreement be considered suitable for -discussion. - > '

The sub-commission on subsidies for -merchant shipping, in conformity with -the decision of the Bureau, decided today to appoint a drafting committee ‘to draw up a report embodying the different points of view and ideas put forward during its discussion. The Drafting Committee is composed of representatives of France, Italy, Japan, Norway, the United r Kingdom, and the United States. Inevitable- Clash “POINTS WILL BE DROPPED LONDON, July 11. The Drafting Committee of the five -gold and non-gold countries completed • a formula for submission to the Bureau ‘this afternoon, outlining a compromise as a basis on which the Conference, might proceed, enabling it to discuss a substantial range of subjects, 'including indebtedness, price-raising, measures of co-ordination, and marketing. The gold and non-gold interests will inevitably clash, in which case points will be dropped, thereby permitting a continuance. It is expected that the snb-comrait--tee will proceed until the end of July. This will possibly be followed by an for two months.