ECONOMIC CONDITIONS.

Manawatu Standard, Volume LII, Issue 228, 26 August 1932, Page 7

ECONOMIC CONDITIONS.

COMPREHENSIVE REVIEW.

POSSIBILITIES OF FUTURE.

LONDON, Aug. 25.

The Geneva World Survey, comprising 327 pages, issued by the League of Nations’ Economic intelligence section, is one of the must comprehensive reviews issued since the war. It makes gloomy reading. It says: “The shrinkage in tlio world’s trade, the confusion into which the price situation has fallen, and the failure in confidence which has almost stopped international lending have made the gap on the road ro recovery almost unbridgable, unless there is a substantial scaling down of obligations. Despite toriums and standstill agreements, there is little possibility of avoiding wholesale defaults on a scale, making future reconstruction exceedingly difficult.”

Discussing tlio possibilities of the future, the survey sees little sign of possible agreement on any single heroic effort, either to raise the average price level or scale down the costs of production. “Consequently,” .it says “an estimation of the duration of tiie crisis and readjustment period is impossible.” “Signs of progress in the arrest of tlio decline and readjustment of equilibrium aro seen only in Britain, where there has been remarkable steadiness in prices sinc<- the abandonment of the gold standard. Though, with tlio present concentrations of gold, a return to the gold standard would be difficult iii many countries, such a return in tlio long run would bo of benefit to all nations.”

MIGRATION RESTIi ICTIONS. Received August 26, 11.25 a.m. LONDON, Aug. 25. Tlio economic report includes migration restrictions' winch aro among tlio Governmental post-war interferences with the free play of economic forces from which the peasant populations of Eastern Europe are increasing. Australia and New Zealand actually lost population by migration The survey is tlio woi k of Professor J. B. Condhfi'e, who ha keen research secretary of tlio Institute of Pacific Relations since 1926 and who was Prolessor of Economics at ( mterbury Collego from 1920 to 1926.

LOAN PRIORITY.

WORLD WANTS BRITISH MONEY

Commenting on the dm and for the raising of the embargo mi new issues following tlio triumphant success of the war loan conversion, tin city editor of the Times points out this, a large number of new issues havi accumulated. Borrowers appeared from all over the world. It is feared that a sudden and complete removal of thi ban would be followed by a flood of is ues, producing a congested and cliaoti market. The embargo, therefore, is 1 ;1 y to bo removed in instalments, priority being given to urgent horrov rs, like Australia, with obligations liortly maturing.