CAUTIONING VOICE.

Manawatu Standard, Volume LIV, Issue 111, 10 April 1934, Page 7

CAUTIONING VOICE.

BY AUSTRALIAN GRAZIER. EXCHANGE AND BARRIERS. SYDNEY, April 9. Addressing the annual conference of the New South "Wales Graziers’ Association to-day, Mr James Walker, the president, contended that the general export position did not warrant any alteration in the exchange rate and that any reduction would plunge such industries as meat, butter, wheat, and base metals into chaos.

He appealed for a lowering of trade barriers and hoped that Australia would forsake the road which led to prohibitions and restrictions, to national self-sufficiency, to economic warfare and eventually to war itself.

Discussing the wool outlook, he said: “The future is more than usually uncertain by reason of the unstable international situation. The atmosphere is one which calls for caution and consolidation of our position. There is a lack of balance in the situation which demands that we should be on our guard against the creation of boom conditions with over-rapid expansion of credit, speculation, boosting of land values and soaring of costs.” MISSION TO EAST. CHANGE IN SENTIMENT. (Times Cables.) LONDON, April 9. The Times says: “Mr J. G. Latham’s mission to Japan has the warm approval of the British Government, which believes that it will servo a valuable purpose. “Australian opinion has resisted the efforts of the scaremonger and prefers to regard Japan as a friend. It is known that the Japanese Government will welcome direct diplomatic relations with Australia, but Australia thus far has not favoured the idea. Of more immediate interest is a trade agreement. Australian opinion is definitely turning from the ideal of selfsufficiency. This change in sentiment will greatly facilitate the commercial negotiations with Japan.”