FALL IN PRICES

Otago Daily Times, Issue 21642, 12 May 1932, Page 7

FALL IN PRICES

MEANS OF AVERTING CRASH INTERNATIONAL ACTION URGED. (British Official Wireless.) RUGBY, May 10. During the second day’s debate in the House of Commons on the second reading of the Finance Bill the Government announced that at present a currency conference could not be called. Mr Winston Churchill made a strong demand for international action on the money problem. Capitalist civilisation, he said, was adrift, and no single Power was strong enough to take the helm. Ihe strength of three or four of the greatest Powers would be required. He did not believe that individual unrelated inflation or individual inflated credit expansion bv various nations would solve the difficulties. International action to arrest the fall in prices was the sole hope of averting a world crash, and he urged the Chancellor of the Exchequer to reconsider his decision. Mr Churchill added: “I regard international action to arrest the fall of prices as the sole hope of averting a world crash, compared with which everything we have suffered to date would be a mere nothing, and no such action can be taken except through the _ cooperation of Britain and the United States.”