Unfounded and Illogical

Manawatu Times, Volume LIV, Issue 7192, 26 June 1933, Page 7

Unfounded and Illogical

“ A very Buoyant And Hopeful Heart”

Allegations of America’s Isolation Conference Leader’s Spirited Reply to Critics United Press Assn.—By Electric Telegraph.—Copyright. Received Sunday, 7.10 p.m. LONDON, June 25. The leader of the United States delegation to the World Economic Conference, Mr. Cordell Hull, in tlic course of a statement, condemns the repeated references to the irreconciliabilil v of America’s international and domestic programmes. He declares them to be unfounded and illogical and alleges that their constant repetition suggests they are being fomented by forces interested in confusing the Conference and seeking to prevent its success. He adds: “Obviously every country in the present emergency must resort to whatever feasible methods arc requisite to increase commodity prices accompanied by safeguards against general chaos in international trade. I cannot conceive any reason why the American programmes aiming at business recovery with full employment at suitable wages and satisfactory price levels should not receive the united support of all who aic sincerely striving for international and economic co-operation. The American trade resolution was framed with a full knowledge and appreciation of both American programmes. Moreover, it was framed the exact language in which it was presented at the Conference before the delegation sailed and nothing has happened anywhere to change the situation.

Raising Prices of World Commodities AGREEMENT MUST BE ALLEMBRACING Received Sunday, 9.50 p.m. LONDON, June 25. The Conference sub-committee on co-ordination, production and marketing, reporting on the principles of a workable scheme, says agreements aiming at raising wholesale prices mud be confined to commodities of world importance, wherein there is an excess of production or stock. The agreements must be comprehensive and must command a general measure of consent among exporting countries and substantial actual producers. They should be designed ’o securo and maintain a fair remunerative price level with the willing cooperation of the importing countries and consuming interests. The scheme must operate long enough to give an assurance that the objects can. be achieved. Due regard must be paid to the encouragement of efficient production in each country. No Progress Till Currency Reform is Tackled UNITED STATES THE STUMBLING BLOCK.

1 FOOLISH TO SUGGEST ADJOUEN--2 MENT I RUGBY, Juno 23. r Mr . Ramsay MacDonald, as Presi- > dent of tbo League of Nations Monci tary and Economic Conference, de- • clared in an address to tbo Press this , afternoon that he was meeting the - third week of tho Conference with a i very buoyant and hopeful heart. He was not discouraged by tho United i States attitude toward the proposals for a temporary stabilisation of currencies, which he had described as a iittlo setback, adding that ho nover felt there was very much in it. American conditions were for tho moment very difficult in relation to tho attempt to arrive at temporary stabilisation. Position in United States The United States memorandum showed clearly what the position was in that country. Although it was an open question, many responsible men, earnestly working for the success of the Conference, felt that tho final outcome of temporary* stabilisation became doubtful, if it tended to break tire upward tendency of prices in the United States. The situation left by yesterday’s Note was not at all cloudy or uncertain. It enabled them •to go on with their work, and they were doing so. There was a suggestion abroad that the Conference should adjourn. He could imagine no more foolish suggestion to be mado at this moment. Recalling the efforts of the last twelve months to . get the Conference con-

LONDON, June 23. While Mr MacDonald, was today proclaiming optimism in regard to the outcome of the World Economic Conference, one of the chief suh-conunittees issued the following important unanimous resolution: “No general measure regarding prohibitions or tariffs can be adopted while the currencies of the principal and other States are not stabilised.” This means that the Conference is unable to reach vital decisions until the stalemate caused by the American failure to support the earlier stabilisation scheme is overcome.

vened, he declared that, if they were to adjourn now with a view to resuming in the autumn, tho chances were that tho situation, instead of being beter, would bo considerably worse, better, would bo considerably worse, such an adjournment upon the determination of practically the whole of the nations of the world to get some spirit of settlement. The Conference Is Going On. "The Conference is going on," he declared emphatically. Thero wore interests perhaps who wanted to destroy the Conference, but he hoped the Press would readily resist this sort of influence. Conferences knew they were slow-working machines, and that the end of the second week was always the time when, perhaps, pessimism began to show itself, as language and other difficulties by that time had made themselves felt. He had not at this

Conference felt depressed, as ho was on certain days when tho Lausanne Conference was trembling in the balance. Next week would bo ono of co-ordina-tiou, and the committees would acquire some senso of tho bigness of tho work on which they v, ere engaged. Those committees were now in full working order.