New Era of World Prosperity

Manawatu Times, Volume 61, Issue 238, 8 October 1936, Page 7

New Era of World Prosperity

Removal of Currency Restrictions

BRITISH CHANCELLOR'S HOPE

United Press Association— -By Electric Telegraph.—Copy rlsh t.

Received Wednesday, 7.45 p.m. LONDON, Oct. 7.

The British Chancellor of the Exchequer, Mr. Neville Chamberlain, at a bankers' dinner expressed the hope that a now era of world trade and prosperity would follow tho removal of quotas and exchange control. Such development, he said, should bo tne next step to the devaluation of the gold bloc currencies. The sterling would remain free, but in the end we would come back to an international monetary standard on the only basis giving general confidence, namely, a system based on the free exchange of gold. He added that the rearmament expenditure had not gone far enough to affect Britain’s trade revival, although it had upset estimates, but even without this impetus the country's trado continued to expand. International trade was also showing signs of revival and tho progress was being helped by the growing realisation that economic nationalism could bo carried to extravagant and harmful lengths.