WORLD CONFERENCE

New Zealand Herald, Volume LXX, Issue 21548, 20 July 1933, Page 11

WORLD CONFERENCE

DATE OF REASSEMBLY NOVEMBER PREDICTED EMPIRE AND STERLING DEFINITE POLICY URGED By Telegraph—Press Association—Copyright (Received July If. 9.lr> p.m.) LONDON, July 19 Tho Daily Mail states that according tn present arrangements tlio Economic Conference will reassemble in Loudon in November. The Times says there is litll o prospect of the fulfilment in the near future of Mr. Neville Chamberlain's condition for a. return to the gold standard. It becomes necessary, therefore, for the Government to devise a policy in regard to sterling based 011 tho interests of British trade and the interests of the rest of the Empire. The pa per says the time seems opportune for a close working agreement on a currency policy with tho Dominions, India and other countries whoso currencies tend to follow sterling. Such an agreement not only would help bring about tho desired rise in prices, but might also secure useful stabilisation of exchanges, not over tho wholo world, but over a very wide area, and this would bo responsible for a great volumo of international trade. DAIRY PRODUCE INTERNATIONAL COUNCIL REDUCING COMPETITION (Received July 20. 12.45 a.m.) LONDON, July 19 Tlio sub-committee of tho Economic Conference which is dealing with dairy products carried a resolution to the eflect that considering tho extremely serious situation of dairy production, the various Governments should, without delay, constitute an International Dairy Council for tho purpose of reducing tho competition between the countries which oxport dairy produco by co-ordination of production and marketing. Tho resolution invited tlio Governments to despatch their views to the League of Nations by September 10. Another day of meetings of committees and sub-committees of the Economic Conference, produced little of importance to adorn tho agenda for the final plenary meeting. Another example of how unsatisfactory a turn events at the conference have taken is the report of the sub-committco on shipping subsidies. It merely recounts what everybody knew months ago, namely, that Britain strongly opposes subsidies, and several Continental Powers insist that their retention will keep the merchant services alive. The wheat discussions to-day achieved agreement by the Danubian countries on ultimate exports of 50,000,000 bushels annually. WORK OF COMMITTEES FINAL SESSION APPROACHES SHIPPING SUBSIDIES QUESTION British Wireless RUGBY. July 18 A plenary meeting of tho Economic Commission of the Economic Conference will be held on Friday, and the Monetary Commission will meet on Monday. The Bureau will meet on Tuesday, and the final session of tho full conference will be held on Thursday, July 27, when six members of the leading delegations will speak on the results and the future of the conference. A proposal that the Council of the League of Nations, at its next session, should fix the date of an international diplomatic conference of all the importing and exporting countries concerned was approved this afternoon by the sub-committco on indirect protectionism. The proposal is being submitted to the Bureau. The sub-committee on subsidies and bounties also adopted its drafting committee's report, which summarises the discussions and records the viewpoints upon the question of direct and indirect subsidies, and particularly shipping subsidies. The report makes it clear that the prospects of reaching useful conclusions are largely affected by tho opinion of many delegates that they must be conditional on monetary stabilisation. CURRENCY PROBLEM INTERESTS OF EMPIRE NO FURTHER PROPOSALS British Wireless RUGBY. July 18 Replying to a question in tho House of Commons to-day, Mr. L. HorcBelisha, Financial Secretary to the Treasury, speaking for the Chancellor of tho Exchequer, said that no further proposals for Empire currency, or lor tho stabilisation of currency in the Empire, were under consideration. The Minister recalled that at Ottawa the importance of maintaining stability of exchange rates by countries within tho Commonwealth, whose currencies were linked with sterling, was fully recognised. In -reply to a. supplementary question as to whether these matter would receive consideration while the Empire statesmen were in London, Mr. HoreBelisha said the best answer was that since the Ottawa Conference, South Africa had come on to the sterling standard, leaving Canada, an important part of the Empire, not on sterling. The dairy produce discussions as they affect the Empire countries are likely to ho rarried over till Monday with much the same prospect as the plan to create a sterling bloc. The Empire delegations had another long talk on this question this.afternoon, when the position was described as not altogether hopeless. ' The fact that tho Argentine and the European sterling countries have not yet neon invited to join the discussions, suggests that tho British Cabinet is still undecided on tho principle. The Prime Minister of New Zealand, Mr. G. W. Forbes, addressed the Trade and Finance Committee of the Empire Parliamentary Association on New Zealand's economic and financial situation. EMPIRE DELEGATES LUNCHEON AT PALACE British Wireless RUGBY. July 18 The Empire delegates to the Economic Conference were entertained by the King and Queen to-day at luncheon in the State dining room of Buckingham Palace. There were . r »0 guests, and members of the Royal Family present included the Prince of W ales and the Duke and Duchess of York.