The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, JULY 15, 1933. ECONOMIC GOODWILL.

Hokitika Guardian, 15 July 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, JULY 15, 1933. ECONOMIC GOODWILL.

The outlook for the ’ success of the World Economic Conference is far from bright. The high hopes engencL ered by the consultations with President Roosevelt have not been realised, The United States appears to nave departed from the friendly overture which the President made to Britain and Prance before the London meeting, When it came to the task of defining stability, Amerjc-a decided to paddle her own canoe. As it is, the Conference is waiting for America to swing back to the President’s first gesture of goodwill, but it is- clear tempers ar© beginning to -ruffle. Now the gold countries seek to establish their currency by unity of action. Britain on sterling is steering a middle course, but is anxious to help France maintain her currency equilibrium. On the face of it, Britain is in the strongest and slvfest position, but does not want to stand alone. There was the aim for international action as the basis of the Conference, and it is not surprising Britain wishes to maintain that endeavour. In seeking to maintain the dollar independent of foreign currencies, events point to a difficult task. Confidence is required as the mainstay. We have seen before, how erratic the American public can be in financial crises. It has been pointed out by a student of thei position, that confidence alone can save the American dollar. The only alternative is a world stabilisation system which the other countries have sought at the Conference. Now that America has decided to walk alone, the Conference is very much at sixes and sevens. There is a loss of confidence in the ability to achive material results. Various international issues are being discussed, hut they have not the vital effect of currency stabilisation. This latter must bo the governing principle in regard to tariffs if the tariffs are to he stable alsol All the tim© the question of a debt settlement is unheard of at the Conference, but here again, America, is not disposed to act with any degree of unity. The debtor nations have been invited to discuss the settlement at Washington each separately, so that the nations must go cap in hand to Uncle Sam who is the master of the (situation. Tlii sattitud© cannot add [ to the amenity of the present Conference, nor to the encouragement of ! cordial relations with the American delegates. The United States appears to- hav© elected to take- a very independent attitude altogether, and the severity of it dees not bode well for general goodwill. As a result- there is a very confused idea as to the probable outcome. Britain is in a difficult position as regards international trading, and is talking of quotes even to the countries within the Empire. Britain’s prosperity is governed by international trade, important though the unity of the Empire may be. The j trade agreements with, foreign nations indicate” that these are ' indisnensible both for trade and financial interests. Doubtless the first consideration will he for the maintenance of goodwill

within the Empire, and Britain lnrs end is contributing immensely in trade, finance and defence to that state of affairs, but there are limitations and other considerations to be taken into account, and there are the factors preventing a- ring being placed round the Empire alone. But the whole, trend of the British attitude at the Conference appears to be for the greatest good for the greatest number.