WORLD ECONOMICS

New Zealand Herald, Volume LXX, Issue 21507, 2 June 1933, Page 9

WORLD ECONOMICS

LONDON CONFERENCE

UNITED STATES DELEGATES LARGE PARTY ON THE WAY MANY EXPERT ADVISERS By Telegraph—Press Association—Copyright (Received June 1, 5.25 p.m.) NEW YORK, May 31 The representatives of the United States who are to attend the World Economic Conference in London sailed for England to-day. The delegates include the Secretary of State, Mr. Cordell Hxill, head of the party, Senator K. Pittman, Mr. Samuel Mcßeynolds, member of tho House of Representatives for Tennessee, Mr. Ralph Morrison, a noted agricultural authority, 51 expert advisers and a corps of stenographers and journalists. Tho other delegates, Senator J. Couzens, of Michigan, representing tho Republicans, and Mr. James Cox will sail within a few days. Tho leading advisers include Professor liexford Tugwell, Assistant Secretary of Agriculture, Mr. James Warburg, banker, and Mr. Henry Morgenthau, senior, who is now in Europe representing the United States at tho Wheat Conference being held under the auspices of the League of Nations.

KING'S SPEECH WORLD-WIDE BROADCAST •TIME OF THE RELAY (Received June 1, 5.3 p.m.) LONDON, Juno 1 The King's speech at the opening of the World Economic Conference on June 12 will be relayed at 3 o'clock in the afternoon, Greenwich time. The specific mention of Greenwich time in the cablegram shows that English summer-time must not be taken into account in calculating the hour for the reception of the relay of the King's speech in New Zealand and elsewhere. Consequently, when the transmission of the speech is begun in England the timo and date in Auckland will bo 2.30 a.m., June 13.

When His Majesty opens the conference in the Geological Museum, South Kensington, it will be possible for his voice to be heard all round the world. The General Post Office, by wireless telephono and telegraph, is arranging the biggest linking-up that has ever been attempted. • Foreign countries have been invited to take part in the scheme which is being drawn up with the new international telephony headquarters at Faraday Hoflse and the great wireless station at Rugby as the main points. From Faraday House all the capitals of Europe can be brought in, while via Rugby the King's message will be carried to Sydney, Montreal, _ New York, Canetown, Bombay and Cairo. The administrations not only throughout the Empire, but in most foreign countries, will receive His Majesty's speech and rebroadcast it to their nationals.

CURRENCY PROBLEM NEED FOR STABILISATION RETURN TO GOLD URGED VIENNA, May 3! Dr. T. E. Gregory, Professor of Banking, University of London, and oi* Social Economics, University of Manchester, addressing the congress of the International Chambers of Commerce, said stabilisation of the external valuo of currencies was an absolutelj' indispensable preliminary to the economic pacification of the world. Exchange instability ranked with unemployment as the most obvious symptom of decay. Stabilisation was only possible upon a basis of international restoration of the gold standard. This was the oneway out of the present intolerable muddles.

LITTLE ENTENTE POLICY PRONOUNCEMENT WANTS WAR DEBTS ABOLISHED PRAGUE, May 51 The Little Entente States, in announcing their attitude toward tie World Economic Conference, say they favour the complete abolition of wsir debts, tho stabilisation of certain currencies, tho disappearance of commercial barriers and freedom of exchange*. They approve Russia's attitude on disarmament and express their loyalty to tho League of Nations.

HOPE IN JOEVT ACTION

POSITIVE MEASURES NEEDED "Tho industrial crisis will not lie righted by the mere issuing of exhortations to various nations to Remove trade restrictions," said Mr. W. H. Cocker, in a luncheon address on the Worlkl Economic Conference to the Auckland branch of the League of Nations Union yesterday. What was needed was some joint action which would tend to remove the conditions which forced the nations to adopt the restrictions, and some policy that would remove the prevailing sense of fear and insecurity which hampered international lending. "The problem whiph confronts t':ie conference is chiefly that of raising world prices and removing trade restrictions," continued Mr. Cocker. Differences of opinion might exist as to the best policy, but probably the mcst hopeful was that recently propounded by Mr. J. M. Keynes, the noted English economist. Mr. Keynes considered that the resumption of international lending was impossible immediately, and that nations should each raise an internal loan of a sum to be agreed upon, win ;h would bo spent in productive works. This plan would be valueless unless :it was adopted simultaneously by every nation. Unless concerted action was taken, an individual nation would be afraid that its adoption of the policy would deplete central bank reserves. To remove any fear on the Dart of central banks and to kettle international debts, Mr. Keynes suggested a new international currency in the form of notes based on gold and available to every country up to a determined amount. The notes would not be usod for internal circulation. "Some positive measure such as this is necessary," jMr. Cocker added.