ACUTE STAGE OVER

Northern Advocate, 14 July 1933, Page 5

ACUTE STAGE OVER

WORLD CONFERENCE TENSION MONETARY ISSUE SHELVED. GENERAL WORK RESUMED. . TIN PROITUCTION DISCUSSED. (United Press Association —By Electric Telegraph.—Copyright.) (Received 1 p.m.} LONDON, July 12. A British official wireless message states that the crisis having passed, the World Economic Conference resumed work this morning, several subcommittees meeting privately. The Economic Commission’s sub-committee, which is considering the co-ordination of tin production, considered a memorandum circulated by the British delegation containing a letter from the International Tin Committee, rep resenting five countries which con trol 00 per cent of the world’s production. The letter urged co-operation between the United Kingdom in an international scheme for control.

Despite the rapid and serious diminution in tin consumption since the scheme operated in 19?,1, the committee confidently anticipated a substantial reduction in the excessive stocks and an adjustment of production to demand. The price had, meanwhile, risen, aided by the powerful support of the international tin pool. The British delegation proposed that a sub-committee should consider the general question of regulation of tin production, with particular reference to the continuation and possible extension of the existing financial agreement, which expires in 10.14. unless it is renewed.

The sub-committee decided to establish a committee on tin, including parties to the agreement, other producing countries and three consuming countries, Germany, Italy and the United States, The sub-committee will next examine cocoa and coffee produce, as well as sugar. If possible a plenary meeting of the Economic Commission tomorrow will discuss the French proposal on public works and two Soviet proposals for a pact of economic non-aggression, as well as, the. question of extending the Import''possibilities of the various countries. . Premature Proposal. The official report of the bureau meeting reveals that the Mexicans proposed the creation of a permanent commission to study the shelved monetary issues. ,' Mr MacDonald, however, considered that thg proposal was premature. * Mr Laurence Steinhardt, the Aifieriean Minister to Sweden, President Roosevelt’s third envoy to the conference, arrived at Southhampton, and declared that it was grossly unfair to say that Mr Roosevelt had wrecked the conference.

; The agenda contains sufficient to discuss without touching the thorny qiiestion of stabilisation/' he said. “I am bearing no further instructions, as the President’s opinions are unchanged.” Maritime Troubles. Mr MacDonald has received a series of resolutions adopted last month by the Baltic International Maritime Conference representing 21 maritime countries, urging the abolition of exchange restrictions, lowering of excessive tariff barriers, and the removal of quotas. The resolutions also express the view that the regulation of production by artificial restriction is undesirable. Another resolution characterises shipping and shipbuilding subsidies as harmful to international trade, and states that it is of vital world importance that they be stopped or materially diminished. This specially applies to shipping subsidies, as the condition is developing, whereby shipping, which should by nature be the most international of all trades, is becoming a Government function depending on Government aid for its existence.

MEANS OF EMPLOYMENT. PUBLIC WORKS PROCESS. MR RUNCIMAN’S OBJECTIONS. “UNDULY EXPENSIVE.” (British Official Wireless.) (Received 12.30 p.m.) RUGBY, July 13. The Economic Commission of the World Economic Conference publicly discussed French proposals for the relief of unemployment by means of public works.

The American delegation presented a resolution favouring lessened hours of labour, with a scale of wages increasing in proportion to the augmentation of productivity. 1 A statement of the British Government’s attitude toward the proposals for undertaking public works and other measures., designed to diminish unemployment, was made at the meeting by Mr Walter Runciman, President of the Board of Trade. He said the cpiestion was one for each country to decide. The British Government held the view that at present nothing could be gained by her attempting to extend her public works programme. “We have, in recent years, devoted £100,000,000 to schemes of this kind, and the result has been that on an average, for every £1,000,000 expended we have employed 2000 men directly and 2000 men indirectly. From now you will observe that this method of dealing with the problem is expensive. In

our view it is unduly expensive, and it is an experiment that we are not going to repeat. Will Not Be Reopened. “We shall not reopen the schemes, no matter what may he done elsewhere, and we do not think we can usefully participate in any international scheme of a similar nature. "There are two ways in which a country may participate in these, international schemes. One is by producing plans for development of its own resources, or of their convenience, and the other is by lending money for production and development in other countries. “If we are asked whether we could participate in any scheme for international public works, we can say that as far as these schemes arc concerned they are affairs of each individual coun-> try, but if we are asked as a capita; market to provide money or raise loans for this purpose we could not do so, “With the experience behind us of the last few years, we have come to the conclusion that whether in our own country or elsewhere, schemes of this kind of international public works are the most unreinunerative way of dealing with the unemployment problem. It a committee is set up we could not participate in its deliberations.’* '