DRIFTING ALONG

Northern Advocate, 18 July 1933, Page 5

DRIFTING ALONG

WORLD CONGRESS ADJOURNMENT PREFERABLE DAIRY PRODUCE ARGUMENT. NO NEARER DEFINITION. : United Press Association —By Electric Telegraph —Copyright.) , (Received noon.) LONDON, July 17. It is generally agreed that the World Economic Conference should have terminated when the previous deadlock arose, as nothing has been accomplished since, and nothing is likely to be accomplished. Even those who, a fortmght ago, deplored as a calamity the attempt to adjourn, now admit that it would have been better than the unpromising, empty climax to which the conference is now drifting. One subject after another is being threatened by ineonclusiveness.

For example, today’s Empire meeting deferred until tomorrow the discussion of the sterling bloc, and instead considered the position of dairy produce in the direction supported by New Zealand and Australia, having its study withdrawn from the agenda of the Economic Commission. Britain is at present unable to decide on the issue, nor was Britain today, ready with new proposals for the further regulation of Dominion supplies. One delegate describes it as a Stage of “humming and ha-ing.” The problem will be further considered tomorrow, when there will also be renewed talks on wheat, both * ;'th Danubian countries and consumers’ representatives. Hope Of Sterling Bloc.

About all that remains to inspire the dominion’s hopes is the possibility of the formation of a sterling bloc. In this connection the Empire delegations met this afternoon to see whether the project appeals to Britain, If she should bo agreeable, it is taken for granted that the Argentine, Denmark and the Scandinavian countries would automatically attach themselves to it. It is prophesied that the participants would undertake not to ope? ate individual exchanges to one another’s detriment, in which case the Australian and New Zealand depreciations would come up for discussion. On the other hand, should Britain decide against a bloc, anxicus eyes will turn on the side of the dollar. Nobody 'dares to express an opinion of what would result if sterling went in pursuit of the dollar in a mad race of depreciation. Consequently, today’s Empire meet ing is one of the most momentous of the conference. While the dominions and the British Ministers reassembled in ccir ection with Britain’s proposed dairy and meat quotas, Britain produced no proposals, and no headway was made. There will be another meeting tomorrow. The Australian and New Zealand representatives have continued to resist any restriction.