CALL FOR REMOVAL

Nelson Evening Mail, Volume LXX, 6 October 1936, Page 5

CALL FOR REMOVAL

EXCHANGE RESTRICTIONS AND QUOTAS IN INTERESTS OF INTERNATIONAL TRADE BRITISH PROPOSAL AT GENEVA (British Official Wireless) (Received 6th October, 12.15 p.m.) RUGBY, sth October. A call for the complete removal of exchange restrictions and quotas so that international trade could attain increased prosperity was made by Mr W. S. Morrison (Financial Secretary to the Treasury) in his speech at the League of Nations Economic Committee. Mr Morrison said the British Government would be faced by very strong pressure on the part of certain, interests in the United Kingdom to ; counteract the intensified competition which would result from the revaluation on the Continent. Such pressure would be difficult to resist and he called upon other Governments to help the British Government in this respect. Before the Committee’s business was concluded he hoped to submit for consideration two resolutions, the first to cover the question of exchange restriction and quotas and the second regarding commercial access to raw materials. He suggested the appointment by the Council of the League of a committee composed of representatives of the Economic and Financial Committee of the League and other qualified persons to undertake a study of the entire problem of raw materials and furnish the League with a report. M. Bastid said that France and other countries would follow her example in bringing about a new monetary system. This was necessary to assist the economic recovery of the world. In reducing one-quarter of its quotas and its custom tarriffs the French Government made a gesture to the world, but this could not have been done wtihout the realignment of the franc. Other countries would also have to reciprocate. The French Government was willing to take the necessary measures to liberate capital and make the circulation of money and goods easier.