THE FINAL WEEK

New Zealand Herald, Volume LXX, Issue 21553, 26 July 1933, Page 9

THE FINAL WEEK

WORK OF COMMITTEES QUESTION OF THE FUTURE BUREAU TO CONSIDER By Telegraph-Press Association—Copyright British Wireless RUGBY. July -21 The seventh and final week of the present session of the Economic Conference began to-dnv. The future of the conference will bo fully considered by the Bureau to-morrow. The Bureau will have before it reports of its two main commissions, which, in turn, are based on reports from their many sub-committees. The Economic Commission has alreadv completed its report, and this afternoon the Monetary and Financial Commission examined the draft report of its rapporteur, M. Bonnet (France) at a plenary session. This report stated that initial exchanges of views had revealed the interdependence of the majority of the problems involved and the necessity for settling certain fundamental questions first. It was agreed, after the exchange of views, that solutions were for the ■moment impossible, and that, in the circumstances, it was better to postpone the discussion. The sub-committees aooor<linjj;]y decided to concentrate on points likely to lead to immediate results. Monetary and Other Policies The first sub-committee, dealing with immediate measures, adopted a resolution relating to indebtedness. Tlio discussion of other subjects mainly proceeded to outline the main problems. The second sub-committee on permanent measures adopted live resolutions, dealing, firstly, with the adoption of gold as the international monetary standard; secondly, the creation of central banks; thirdly, the need for cooperation between such banks; fourthly, their adaptation in certain agricultural countries to their special economic conditions; and, fifthly,. 0110 dealing with silver. Referring to a communication received about the general principles of the monetary policy of the central banks, the report noted that the United States delegation considered the disoussion of this question premature, but the Federal Reserve Bank would gladly confer at opportune times with other central banks on questions of this character to the extent to which they wero compatible with national policies. Gold Exchange Standard The sub-committee could not complete its report during the present session regarding the gold exchange standard and other methods of economising gold, and the report suggested that the Bank for International Settlements should examine the problem of the gold exchange standard as soon as possible. Iu regard to questions reserved for further study, the rapporteur said they believed a way would' soon bo found to reconcile views which differed about means, but were identical in regard to the ultimate aim.