ECONOMIC CONFERENCE

New Zealand Herald, Volume LXX, Issue 21552, 25 July 1933, Page 9

ECONOMIC CONFERENCE

COMING DISSOLUTION "A COLOSSAL FAILURE" STINGING PRESS COMMENT By Telegraph—Press Association*—Copyright (Received July 21, 7.f>5 p.m.) LONDON. July 24 The Financial News says the Economic Conference will be dissolved this week unwept and unhonoiired. " Its failure to achieve positive results has been complete beyond the wildest dreams of pessimism," says the paper. " Ninety per cent of the responsibility rests on the immovable President Roosevelt for bis abrupt rejection of stabilisation." The Morning Post says: " After this colossal failure we hope there "ill be a. close season for world conferences. Envious and ignorant demagogues conducted a campaign of slander against the 'old diplomacy,' but its results were infinitely sliperior to the present fashion of reducing the world to a debating society." COMMITTEES' WORK VALIANT ENDEAVOURS SAVING CONFERENCE'S FACE LONDON. July 19 Twelve committees are striving valiantly to draft reports which will save the face of the Kconomie Conference and furnish a reason for reassembling later in the year. In every instance the reports Avill not take the shapo of final recommendations, but will bo documents expressing majority opinions on many .subjects. There is intense concentration upon dairy produce anil meat, with the probability of existing organisations like the International Institute of Agriculture and International Dairy Federation being requested to investigate and study the issues involved. Paraguay, alone among the nations, has intimated her willingness to receive a substantial number of emigrants and to settle them on fertile lands served by railways or navigable rivers. Paraguay suggests the establishment of a " suitable international organisation under the aegis of the League of Nations, on which interested Governments would be represented, for the selection, transport, installation, maintenance, and supervision for a given period of emigrants." The Australian delegates have practically deserted the conference, apart from the wheat discussions.

MR. ROOSEVELT'S WISH THREE MONTHS' RECESS NEW YORK. July 10 7n Washington the gossip is that President Roosevelt wishes the Economic Conference in London to go into recess for two or three months to givo him time to consolidate better commodity prices and business recovery. In October the leading nations could reconvene the conference and stabilise currency, which finally is the only method obviating tariff wars. The expectation is that sterling then would bo pegged around four dollars.