PROSPECTS OF CONFERENCE

Otago Daily Times, Issue 21977, 12 June 1933, Page 7

PROSPECTS OF CONFERENCE

“ECONOMIC BARBARISM.” LONDON, June 10. (Received June 11, at 6.30 p.m.) “ The choice before the world in the Economic Conference is nationalism versus co-operation,” writes Sir Walter Layton in the News-Chronicle, in emphasising that there are over 30,000,000 unemployed in the world, 13,000,000 tons of shipping idle, farmers impoverished, and budgets unbalanced, despite heavy taxation —all of which are symptoms of the post-war economic policy in nations attempting to reach prosperity independently, often at the expense of the remainder of the world. “ Unless the issue is solved in the right manner, progress is impossible in other directions. Even the stabilisation of currency, with the new international gold standard, will ultimately break down unless freer trade is permitted. The omens, therefore, at present are unfavourable. If the delegates shrink from a courageous road to continue national self-sufficiency they might as well go home immediately. No makeshifts or pious resolutions will rescue the world from the present economic barbarism.” PROGRAMME OF WORK SUBJECTS FOR DISCUSSION. LONDON, June 10. (Received June 11, at 7.30 p.m.) Official circles hesitate to predict that anything will eventuate in the shape of a treaty for economic peace and express the opinion that the subjects are too complicated to submit to a -documentary definition. The subjects can be broadly grouped as follows :• — First, monetary and credit policy. Secondly, increase of commodity prices. Thirdly, resumption of movement of capital. Fourthly, removal of restrictions on international trade. Fifthly, organisation of production and trade.

The British policy will be stated by Mr Neville Chamberlain, though nothing will prevent Mr MacDonald from leaving the chair and speaking on behalf of Britain if necessary.

In the interests of truth it must be confessed that the general attitude towards the conference is mainly one of scepticism. The ordinary mind is unable to visualise useful results from the talk of the representatives of 66 nations with conflicting interests to press. The Government has been reproached for not producing a cut-and-dried policy for submission to the conference, and the impression is held that the decisions, if any, will not be reached by the 66 nations but by the odd six, and possibly these may reach even more important conclusions outside the conference. For instance, a small item, published in only one or two newspapers, records that Mr Montagu Norman, of the Bank of England, will hold a conference with Mr Cordell Hull and other American delegates and French and British representatives on the subject of currency stabilisation. A small meeting like this may well be fraught with greater results than a week’s sitting of the conference, though it might not have occurred had not the conference been summoned.