“ A Last Hope ”

Manawatu Times, Volume LIV, Issue 7192, 26 June 1933, Page 5

“ A Last Hope ”

WORLD ECONOMIC CONFERENCE. REASONABLE QUOTAS. WELLINGTON, June 23. After referring to tho disappointment felt with tho meagre results of other Conferences, Mr It. W. Gibbs, Chairman of tho Bank of New Zealand, at to-day’s annual meeting of shareholders, referred to the AVorld Economic Conference as “a last hope.”

As regards tariffs, he said, it is obvious that the world cannot continue to carry on international trade with present tariff conditions, under cover of which all nations are expecting a one-way movement of goods and products, ignoring tho fact that exports can only bo paid by imports an axiom well illustrated by the United States, the most self-contained country in the world, which is nevertheless suffering from trade stagnation perhaps more than any other. Tho quota is a much debated question which, it appears to me, should bo dealt with nationally, within reasonable limits, on the basis of the trade between any two countries. For example, the Soviet Union’s imports into Great Britain amounted in round figures to £32,000,000, while British imports into Russia reached £9,000,000 only. File exports from Britain to France and Germany amounted to £64,000,000, while Britain imported from these countries £105,000,000. The United States took from Britain £26,000,000 only, while Britain’s bill to her for imports was no less than £104,000,000. New Zealand’s position was much the same, her exports to Britain being some £35,000,000, against her imports of £12,000,0000n1y. Denmark sent produce to Britain valued at £46,700,000, taking back goods valued at only £9,200,000. The Exchange Control and International Currency are also big problems, and the discussions between the nations will bo watched with keen interest. The announcement that AVar Debts and Reparations are not likely to be discussed deprives the Conference of its main interest, but as these are questions which have to be faced, we must, wait and see how it is proposed they are otherwise to be dealt with.