MONETARY AGREEMENT AIDS RECOVERY

Northern Advocate, 2 December 1936, Page 4

MONETARY AGREEMENT AIDS RECOVERY

“DEPRESSION HAS NOW PASSED"

[Per Press Association. Copyright ,] WELLINGTON, This Day.

“There is not any doubt now that the depression has passed in most countries, particularly in those which are parties to the new monetary agreement and where exchanges are stable and trade expanding:,” said Dr. J. B. Condliffe, of the Economic Secretariat of the League of Nations, in an interview. “International trade has, till recently, lagged behind the increase in production, but it is now increasing, except in countries which are subject to exchange control and elaborate trade restrictions,” he said.

“This, unfortunately, includes most European countries, so that the trade of Europe last year fell, while trade in the rest of the world increased. The importance of the new monetary agreement iles in the possibility that there may be freer trade over a much wider area. It is particularly important.

“Three of the leading countries, France, Great Britain and the U.S.A., together with the small countries, have agreed to co-oper-ate in the new system. This is an advance and indeed something new in the history of the world.”

Discussing the politcal side and the necessity for providing means of revising international relations, _ Dr. Condliffe said that the relief from economic tensions now being experienced afforded a breathing space in which to work out new methods. There was, in the meantime, a great deal of anxiety, and frequent incidents arose, which in the past, might have led to war. It was hqpeful that international conflict had been avoided so far, and the forces making for peace were still very strong.