Call for Removal Of Trade Obstacles

Manawatu Times, Volume 61, Issue 237, 7 October 1936, Page 6

Call for Removal Of Trade Obstacles

LEAD BY BRITAIN

(British Official Wireless.) RUGBY, Oct. S,

A call for complete removal of exchange restrictions and quotas so that international trade could attain increased prosperity was made to-day by Mr. W. S. Morrison, Financial Secretary to tho British Treasury, in a speech at the League of Nations Economic Committee. There was, he said, an intimato connection between general economic problems and political problems. Tho present situation appeared to offer an opportunity for clearing away obstacles in the way of international trade. lie suggested that the committee should proceed quietly, but with a resolve to consider in tho first case obstacles to trade due to currency difficulties and whether these obstacles take tho .form of exchange restrictions or quotas.

The British Government would be faced by very strong pressure on the part of certain interests in the United Kingdom to counteract intensified competition which would result from devaluation on the Continent. Such pressure would bo difficult to resist, and he called upon the other Governments to help the British Government in this respect.

Before the committee’s business concluded he hoped to submit for consideration two resolutions, the first to cover tho question of exchange restriction and quotas, and the second regarding commercial access to raw materials. He suggested tho appointment by the Council of tho League of a committee composed of representatives of tho Economic and Financial Committee of the League and other qualified persons to undertako a study of tho entire problem of raw materials and to furnish the League with a report. New Monetary System Needed.

M. Bastid, the French Minister of Commerce, said that Franco hoped that other countries would follow her example in bringing about a new monetary system. This was necessary to assist tho economic recovery of the world. In reducing one-quarter of its quotas and its Customs tariffs the French Government had mado a gesture to tho world, but this could not have been done without realignment of tho franc. Other countries would also liavo to reciprocate. Tho French Government was willing to take the necessary measures to liberate capital and make the circulation of money and goods easier. On Mr. Morrison’s proposal. M. Spinasse, Minister of National Economy in France, was appointed rapporteur of the work of the committee in the League Assembly.

Optimism on London Markets

(British Official Wireless.) RUGBY, Oct. 5. To-day’s events, including Italy’s devaluation of tho lira and modification of import restrictions, Mr. W. S. Morrison’s important speech at Geneva, and the announcement by the French Minister of Commerce that France, following Saturday’s reduction of tariffs and the abolition of some of the import quotas, is elaborating a Customs tariff from which quotas will bo ontlrely excluded, have created a favourable impression in London, and tho markets generally have had an optimistic tone. Great prominence is given in the papers to tho speech delivered at Geneva this morning by the Financial Secretary to the Treasury in the committee of the Assembly which deals with social and economic questions.