Banknotes Pour From Burst Cushion

Manawatu Times, Volume LV, Issue 6918, 23 July 1932, Page 7

Banknotes Pour From Burst Cushion

t lusii wmj os. vu«wvu CTTRIOUS INSTANCE OF FRENCH HOARDING HABIT D'nitfld Press Association—By Electric Telegraph—Copyright. Received Friday, 7.45 p.m. PARIS, July 22. An extraordinary episode occur- . red at an hotel at Desvcntes at a dull sale. Half-a-dozen dealers began kicking a cushion about. The cushion burst open and banknotes and securities valued at 100,000 francs poured out. The cushion belonged to an olderly woman who died intestate and whose belongings were being sold for the beneiit of the State; so the money was a windfall for the Treasury. This curious instance of the habit of hoarding was due to distrust of the banking system, so common among the French peasantry.

camp walked the length of the chamber, the are lights for the photographers defying tho sunlight through the catlfedral-like windows. Four hundred seats on the floor of the House were filled by tho delegates and their advisers and staffs.

The galleries were crowded by women.

Mr. L. C. Amcry formerly leader of a similar Empire gathering, had an obscuro seat in the gallery above the clock, while Air. Stanley Baldwin and Mr. Neville Chamberlain occupied twin seats in the desk, of tlio loader of the Opposition, their neighbours being Mr. J. H. Thomas and Lord Hailsham. Then sat Sir Philip Cunliffe-Listcr, Mr. Walter Runciman, Sir John Gilmour, Air. ,T. G. Coates, Mr. W. Downic Stewart and Mr. Sean O’Kelly. Tho latter combination in the same desk ga,vo rise to an unfortunate temporary belief in some quarters that tho Free State representatives were carrying out their lialf-cxpccted threat to show “indifference to the throne. When the House rose in token of its approval, of tho dispatch of the loyal message to his Majesty, Air. O’Kelly hesitated for a moment. Seeing his companion who, owing to his infirmity, remained, seated but; bowed his head. Mr. O’Kcllv suddenly appreciated the position and stood erect with his colleagues, who were already on their feet. Later, when the King’s reply was received, Mr. O’Kelly stood up instantly-

Another unfortunate occurrence was the breakdown of the broadcasting apparatus during Air. O’Kelly’s speech, suggesting to listeners that he possibly had embarked on an unpatriotic utterance and had been ruthlessly censored. Mr. Emerson, of Newfoundland, likewise missed tho broadcast.

Mr Bennett Announces Canada’s Proposals CO-OPERATION PLEDGED BY BRITAIN (British Official Wireless.) RUGBY, July 21. An auspicious start was to-day given to the Imperial Economic Conference. Contacts wero renewed and established between Empire statesmen and preliminary conversations in Ottawa have served to create a spirit of optimism and determination which characterised the speeches at to-day’s opening ceremony.

The proceedings wero marked by an impressive ceremonial, the GovernorGeneral of Canada, Lord Bessborough, being accompanied by an cscoti. . dragoons and guardsmen in full dress uniform.

Definite Proposals. After he had been appointed Chairman of the Conference, Mr. Bennett announced that. Canada proposed to grant to the United Kingdom an extension of the free list, to retain existing preferences in favour of Britain, and increase preferences in respect of selected lists of articles, which Britain was specially equipped to supply to Canadian markets without injuring the efficiency of Canadian enterprise. In exchange Canada asked the retention of existing preferences and their effective extension to other natural and processed products of which the United Kingdom is an importer. This offer, said Mr. Bennett, would be applied in principle to tho other Dominions. The chief British delegate, Mr. .Stanley Baldwin, pledged Britain to co-op-eratc in developing Mr. Bennett’s proposals. He said that of the trade carried on by the Empire 70 per cent, vras still with foreign countries, only JO per cent, among themselves. The possibilities of expansion to-day -were enormous, but looking to future generations as the population increased, the scope could hardly be measured. The first aim of the ’Conference should be to work out channels of trade among themselves. For that purpose they need not measure too closely the relative value of preferences given and received. Method of Approach. If wc all approach the problem with a view to seeing how much wc can contribute to the common stock without detriment to our own national interests, wc shall not need to concern ourselves with relative advantages obtained by each, since wc shall know that tho increase in the purchasing power of any member of the Empire must show itself in increased Imperial trade and the prosperity of all. A greater activity of Empire trade was the most hopeful means of stimulating the demand in world markets, and of restoring sound level of wholesale commodity prices. Mr. Baldwin emphasised that when he spoke of the Empire, he was thinking not only of the Dominions and India, but also of the Colonics.

I Mr. Baldwin said that among the factors which should operate towards a restoration of price levels were the re-

covery of confidence by traders, the .ovision of a market for their goods

by the removal or limitation of existing barriers to trade, particularly arbitrary and erratic quota systems pud exchange restrictions, the solution of reparations and war debts problems, and the lessening of taxation and interest charges.

Tli o United Kingdom Government placed before tho Conference as its general objective the expansion of Empire, trade by the lowering of trade barriers ns between the several members of the Empire. They believed such an objective to bo one of the best calculated tc ensure the permanence and increased prosperity of the Empire. By reviving add strengthening trade within the Empire they would be serving the interests of civilisation as a whole, and taking the most practical means of hastening the economic recovery of tho world at large. After the heads of other delegations had spoken, the Conference adjourned.