Manawatu Evening Standard. FRIDAY, JANUARY 27, 1933. THE WORLD CONFERENCE.

Manawatu Standard, Volume LIII, Issue 51, 27 January 1933, Page 6

Manawatu Evening Standard. FRIDAY, JANUARY 27, 1933. THE WORLD CONFERENCE.

It was originally planned tliat the World Economic and Monetary Conference should meet in London early this year, but two months ago there was a hitch in the preparations which made this impossible, and April was suggested as the earliest month in which the delegates could assemble. This, however, was merely tentative, and postponement to an even later date was accepted as a likely possibility. According to an official message from England, the Commission organising the Conference has met at Geneva and adjourned for four months, when it will finally determine the date. The need for adequate preparation for such a momentous gathering of world Powers will be recognised, for, as the London Times pointed out late last year when the hitch occurred, more harm than good would come of holding the Conference before the participating Governments had made up their minds what action was practicable and desirable, and by discussions among themselves reached a measure of agreement on the principles which should govern that action. Disappointment has been expressed at the slow progress being made by the Preparatory Commission and its sub-committees, but there are serious difficulties to be overcome. An example can be found in the work of the committee preparing- the financial side of the conference, which is confronted with one part of the world adhering to the gold standard and the ether with their currencies linked to sterling-. The former nations are keenly desirous that Great Britain should return to the gold standard, but it has been authoritatively stated tliat there can be no decision of this nature until the t-wo nations which between them have cornered the bulk of the world’s monetary gold supplies allow this medium to function normally. Then, again, there is the spirit of excessive nationalism exhibited by many States since the Great War to be' overcome. This has largely contributed to the breakdown of world trade and of the world’s monetary system. But the London Times also stresses the danger of extreme economic internationalism. “To treat the world as one economic unit is not only impracticable in present conditions but, in the case of many countries, would lead to the gravest social and political dislocations,” it states. “Before the Conference can meet to any advantage, each participating Government will have to weigh all the considerations one against the other. They will have to frame policies which will avoid so far as possible the extremes both of excessive nationalism, and of excessive internationalism, and help to restore world trade without sacrificing national industries and national interests.” As previously stated, the readiness of the new Administration in the United States when it assumes office to initiate discussions with its debtors on the question of the war debts is of great assistance to the World Conference. An agreement on this issue, lightening if it cannot entirely remove the burden on debtor nations, would leave the Conference free to solve the problems of tariffs,

currencies and exchanges, and others which it will attack. A cablegram published yesterday states that President Hoover is exercised because goods from countries with depreciated currencies are flowing with increasing intensity into the United States. He looks to the World Conference to quickly bring greater stabilisation to foreign currencies. Had the United States, however, played a wise part in world affairs instead of raising high tariff walls and thus restricting world trade, especially that of its debtors, there would have been no need now to fear this competition. It will be hoped that in the meantime the Preparatory Committee will be able to reach an agreement upon the agenda, and that- proposals upon which the nations can co-operate only will be placed before the Conference. In asking- Mr Ramsay MacDonald to preside the Commission has paid a fitting tribute to Britain’s Prime Minister.