BUDGET RESOLUTIONS PASSED BY COMMONS

Manawatu Times, Volume LV, Issue 6841, 23 April 1932, Page 5

BUDGET RESOLUTIONS PASSED BY COMMONS

Mr Churchill Speaks Of World Depression

ANGLO-UNITED STATES COMRADESHIP SUGGESTED

United Press Association. —By Electric

Telegraph.—Copyright. Received Friday, 5.30 p.m. LONDON, April 21. In the House of Commons tho Budget resolutions were agreed to. Mr. Winston Churchill, speaking in tho debate, said tariffs alone would not solve tho world’s awful economic depression. It was not disputed that the chief cause of the troubles was tho attempt to pay war debts and reparations over tariff barriers, while supplies of gold were inadequate. Was the whole progress of the human race to be arbitrarily barred by a gold shortage? Ho suggested a close, effective AngloUnited States comradeship. If these two creditor nations, by agreed purpose, decided to deflate and revaluafts commodities' to the level of 1925, it would give tho world's primary producers reasonable rewards and enable them again to buy manufactures. It the English-speaking peoples agreed upon such a policy, France, despite her hoards of gold, would have to ask admission to our councils. The next morning these three Powers together could give a primary lead which would save the world from degenerating into chaos. Mr. Neville Chamberlain wound up the debate by saying that the cause of many of tho world’s troubles was the calamitous fall in world prices.

Bank Rate Halved in Nine Weeks

BRITISH FUNDS RISE

British Official Wireless,

RUGBY, April 21. The reduction of tho bank rate today from 3i per cent, to 3 per cent., thus halving it in' nine weeks, was welcomed in the city and had a stimulating effect. British funds, after a firm opening, were again marked up after tho announcement, leaving off with a general rise of onc-sixtccnth to three-eighths per cent.

Bankers at. Ottawa

ATTITUDE OF BRITAIN TO EMPIRE MONETARY POLICY.

British Official Wireless,

RUGBY, April 21. Asked whether bankers or other authorities on monetary affairs would attend the Imperial Conference at Ottawa for a discussion and formulation of a common Imperial monetary policy, Major Elliott, Secretary to tho Treasury, in the House of Commons to-day said that he did not know what steps, if any, were being taken by the Dominions, but so far as tho United Kingdom was concerned, it was proposed to issue such invitations, but their delegates would be well acquainted with the views of bankers and economists on the subject.

Education Board Urges Empire Monetary System

PRESENT PRACTICE SAID TO BE DEFECTIVE

Ter Press Association.

INVERCARGILL, Last Night. The following resolution was carried at a meeting of the Southland Education Board to-day: “That I his board respectfully submits its opinion that a monetary system for Utc Empire should rcceivo full and adequate consideration at tho forthcoming Ottawa Conference, the board believing, from the voluminous evidence available, that the root cause of the low price level of primary products is a defective monetary system, with its attendant evils.”