ECONOMIC CONFERENCE

New Zealand Herald, Volume LXX, Issue 21520, 17 June 1933, Page 11

ECONOMIC CONFERENCE

> ... GENERAL DEBATE 1 CONCLUDING SPEECHES PRESIDENT'S CONGRATULATIONS 1 By Telegraph—Press Association—Copyright LONDON, June 15 Tho pace is beginning to tell on tho delegates to tho World Economic Conference. Tho long sessions, unofficial meetings, and tho nightly social engagements resulted in barely 100 delegates being present at tho opening of to-day's session. t The speech of the Portuguese delegate, Dr. Danatta, failed to arouso interest, ; but the attendance was larger, includ- _ ing Mr. G. \V. Forbes and Mr. 11. Masters (New Zealand), when Dr. T. 0 W. Soong (China) spoke. s Dr. Soong urged that while stabilisation was being sought for gold currency, it might also be found for silver, for which a reasonably stable 'value was more important than an increase in value. China intended to raise her standard of living and her consuming power. 1 She would then provide the greatest 3 of all markets, which might be a dcQ cisive factor in bringing real and lasting recovery to the whole world. 1 International Exchange Mr. .1 oseph Connolly (Ireland), in tho general discussion, suggested the exploration of tho possibility of making the Bank for International Settlements the agreed clearing houso for intcnational exchange and transfers, and [) the co-ordination of its activities with the central banks in all countries. He said ho thought that gold should be the "yard-stick" of values and tlio y ultimate factor in tho settlement of balances. He would like td see the f development of aVi international clear- - ing house of commodities. 0 Tewfik Rushdi Bey (Turkey) empha--3 sised tho importance of international i, co-operation, and Senor Alberto Pani t (Mexico) said he desired to see the rehabilitation of silver and the stabilisa--3 tion of its price. s M. Salnais (Latvia) advocated a e gradual reduction of tariffs, in tho first 1 placo on agricultural products and raw materials. Dr. Callas (Estonia) maintained that countries should bo placed in a posi--0 tion to pay their obligations in goods and services. s s Canada's Wheat Policy b The conference heard a vigorous speech by Mr. R. B. Bennett (Canada), 1 who mado the first definito disclosure i of a wheat policy. He came out strongly t for curtailment of acreage, pari passu, and concerted effort by the importing countries to enlarge their demand, in- . stead of, as hitherto, aggravating the fall of prices by defensive tariff in--1 creases. The accumulated carry-over of 350,000.000 bushels of wheat could only bo effectively dealt with by international agreement, involving a possible reduction of acreage till the carryover . was disposed of, said Mr. Bennett. Many importing countries by raising their tariffs had diminished the demand, and aggravated and perpetuated the disastrous fall of prices. These countries should seriously consider tho feasibility of enlarging the demand. j Mr. Bennett said he was in wholehearted agreement with Mr. Chamberlain's monetary programme. He urged that the United Kingdom and the j United States should stabilise their exchanges. then Canada would be willing t to stabilise the dollar on London and s New York. He also agreed in the main with Mr. Chamberlain regarding trade j restrictions. 2 Senor le Breton (Argentina) opposed quotas. He said the primary producing > countries were encouraged to produce > during the war, but now the acute : nationalism in Europe had closed their 1 markets. The result was an excess of agricultural products. General Debate Terminated There is a suggestion iq the lobbies that Argentina will advocate wheat restrictions. India, and every Dominion except 'Australia, took part in the general debate. Mr. S. M. Bruce did not speak, as | he is reserving Australia's case for the j committees. I All interest now centres in the MoneI tary and Economic Committees. 'I 'T congratulate the delegates heartily 1 on tho proceedings since Monday. This is the most businesslike and expeditious conference over which 1 have ever presided," said Mr. Mac Donald, in closing the general debate. " I am moro than hopeful of the success of the conference," declared Mr. C'ordell Hull (United States), in an interview. He said ho did not expect the businesslike abbreviation of the general discussions, which indicated a businesslike conference throughout. The Conference accepted the recommendation of the bureau that Mr. James Cox (United States) should preside over the Monetary Committee and that the vice-presidents should be Signor Jung (Italy) and Dr. Kienbock (Austria), with M. Bonnet (France) as rapporteur. It was also agreed that Dr. Colign (Holland) should preside over the Economic and Trade Committee, with Herr Kragmann (Germany) and Senor le Breton (Argentina), vice-presidents. FORM OF PRAYER PRESBYTERIAN APPROVAL [BY TELEGRAPH —J»RESS ASSOCIATION] . WELLINGTON. Friday A form of prayer appropriate to the World Economic Conference, now in session in London, was approved at a meeting of the Wellington Presbytery. Members of tho Presbytery expressed the hope that all churches would cooperate in an endeavour to provide similar guidance regularly for prayers of the people. Tho Dev. J. It. Blanchard said the public questions committee had considered the possibility of securing the | co-operation of tho press in giving a placo in its columns to some brief simple form of prayer, which the people might use as a guide in offering piayer for Divine guidance in these critical davs. The importance of this < could not be over-emphasised, lor what j the world needed most at present was not so much greater intellectual ability " to solve its problems, as a spiritual awakening, in which the divisive forces of fear, selfishness, suspicion and prejudice would bo swept aside. "For such an awakening we arc all in the hands of God, and prayer is the method which He has laid down as essential," Mr. Blanchard said. 'r The suggestion met with the unani- r mous approval of the Presbytery. 1