MONETARY PROBLEMS

New Zealand Herald, Volume LXX, Issue 21505, 31 May 1933, Page 11

MONETARY PROBLEMS

LONDON CONFERENCE - DEBTORS AND CREDITORS SEARCH FOR SETTLEMENT By Telegraph—Press Association— Copyright LONDON, May 29 "The World Economic Conlerence ;:eeniK to ho predestined to concentrate its energies on immediately discussing a provisional, makeshift, settlement between debtors and creditors with money values as a variable factor in the negotiations," says the City Kclitor of the Manchester Guardian. "We are going to London in a conciliatory spirit, but in fear that the conference will not be effectual unless the great countries stabilise their currencies beforehand," declared the French Minister of Commerce, M. Scire. "Wo disapprove the policies of monetary devaluation .and inflation."

STERLING AND DOLLAR

STABILISATION PLANS POINT FOR CONFERENCE LONDON, May 1i "The Economic Conference probably will result in an Anglo-American agreement to stabilise sterling and tho dollar, and to enable France and other gold countries to maintain their present parities with gold," said Professor Douglas B. Copland, Dean of the Faculty of Commerce in tho University of Melbourne, formerly of New Zealand, on his return from France. "France insists that tariff agreements are impossible until currencies arc stabilised. There is little prospect of removing the exchange restrictions imposed recently unless tho creditor nations relieve the distressed countries by means of an international loan, tho pros [tacts of which arc gloomy at present. "As the League loans are in default, Germany may bo unable to meet her obligations to tho United States, and no doubt will press the Economic Conference for an expansion of tho Central Bank's credits to enable her to make increased expenditure on public works. "There is little prospect of an agreement on this. The Bank of France, under its present charter, cannot purchase securities, and Britain is reluctant to embark on substantial public works, ponding a currency agreement.

"However, there is evidence of a slight tendency to recovery, as exemplified in the moderate rise in commodity prices."

WORLD ECONOMICS THE COMING CONFERENCE MEETING PLACE DESCRIBED LONDON. Mny 23 The new Geological Museum in South Kensington, which a month ago was being slowly completed for the accommodation of fossils, is now the scene of feverish Activity. An army of workmen is engaged in transforming it into the conference hall in which representatives of 66 nations will assemble on June 12 in an attempt to solve world problems and trade. The delegates at least will not lack light upon their deliberations. They will meet on the ground floor in a huge hall 70 feet in height, with largo modern windows, cream-washed walls and a glass roof.

Two galleries circle the hall. The lower one is being partitioned with sound-proof boards into committee rooms and private offices for delegates. In order to improve the acoustics, a fabric coiling will be stretched like a tent across the lofty hall, which will be wired for microphones, enabling any speech to be broadcast. Most of the delegates will be provided with separate writing tables, resembling schoolboys' desks. The basement of the museum will be converted into a complete post office. An international telephone exchange, equipped with scores of booths, will permit foreign delegates instantly to communicate with their Governments.

Managers of hotels hope that pessimists are correct in forecasting that the conference will last from six to 12 months. Mr. S. M. Bruce (Australia) will bp the only "one man delegation," as the other Dominions will send their Prime Minister in addition to Ministers. The entertainment of the delegates will include a garden party at Windsor Castle on June 17, a Dominions' luncheon, and Air Force and other pageants. Miss ishbel Mac-Donald is organising a committee to arrange for tho entertainment of the women.

SOCIAL PROGRAMME ENTERTAINING DELEGATES LONDON, May 22 The Dominions Secretary, Mr. J. H. Thomas, will preside at a Government luncheon for Dominion delegates to tho Economic. Conference on Juno 19. Tho City of London will do its duty by the delegates. Eleven of the City's Livery Companies will join in giving them a dinner on Juno 20. There will be a reception by Lord and Lady Londonderry in the evening and two days later Lloyd's will hold a reception. The Lord Mayor and Corporation of London also will give a banquet at the Guildhall on June 28. Sir Bolton Kvres-Monsell, First Lord of the Admiralty, will give a party at Admiralty House on Juno 28. The Speaker of the House of Commons, Captain Fitzßov, will hold a reception on June 30, and' Lord and Lady Astor will give a garden party at "Cliveden" on July 1. The delegates will be given facilities to attend such events as tho Royal Air Force display at Hendon on Juno 24.