WORLD CONFERENCE

Otago Daily Times, Issue 21984, 20 June 1933, Page 7

WORLD CONFERENCE

AMERICAN PROPOSALS A SENATOR’S DENIAL DELEGATES’ LACK OF INFORMATION (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 19. (Received June 19, at 7 p.m.) The other delegations are disconcerted at Senator Pittman’s denial that the American delegation suggested 10 per cent, import duty reductions. The Chronicle says: “Senator Pittman’s repudiation has caused a sensation. The document was actually handed to the League Secretariat by one of the experts attached to the American Legation. It was closely in accord with the views of Mr Cordell Hull, who mentioned the idea of a 10 per cent, cut at a private meeting of delegates. Senators Pittman and Couzens and Representatives Morrison and M‘Reynolds opposed it, and they were staggered when the proposal was' officially advanced on behalf of the delegation. The incident came as a climax to a week in which discontent was increasing among the American delegates, who cofiiplained that they are not informed of President Roosevelt’s . tariffs and stabilisation policies and have been given practically no information with respect to what has been happening at the talks among the bankers.” CURRENCY STABILISATION COMMENT BY THE TIMES.

(British Official Wireless.) RUGBY, June 17. The City Editor of The Times says that the immediate legal stabilisation of currencies in terms of gold is out of the question, but it is understood that an agreement to keep British, French and American exchanges within certain limits may be possible if, among other things, an American equalisation fund is established to assist to control the dollar. A temporary experimental period of so-called elastic stabilisation is possible, but its success must depend on whether the stabilisation figures accord with commercial and economic facts. A satisfactory preliminary agreement by these three countries would enable the monetary and economic conference to Jackie the question of exchange stabilisation and the removal of exchange restrictions on a broad front. Until this point is settled the restoration of international trade is out of the question. EFFECT ON EXCHANGES. LONDON, June 18. Exchanges were not specifically mentioned in the monetary discussions, but there were numerous inquiries as to how they would be affected by any measure of stabilisation. THE POSITION UNCERTAIN. LONDON, June 19. (Received June ID, at 7 p.m.) The Times says: “The World Conference will again meet under the shadow of President Roosevelt’s unwillingness to endorse the temporary stabilisation plan, which is not so much even de facto stabilisation as an attempt to confine the instability of the dollar and the pound within certain elastic limits.” Mr Harrison has returned to New York, but President Roosevelt’s other financial emissaries will apparently remain to draft and despatch further proposals, but these are hardly likely to be successful until it is known how far domestic policies permit President Roosevelt to co-operate with the other nations. BANKING JOURNAL’S COMMENT. LONDON, June 19. (Received June 19, at 7 p.m.) The monthly review of the Westminster Bank expresses the opinion that it is too early yet to suggest at what level the pound can be linked either with gold or other currencies even on the assumption, which remains to be proved, that other countries will be willing to sacrifice' their national interests to co-operate in maintaining the free working of an international standard of exchange. A CONDITION ATTACHED UNITED STATES OFFER TO JAPAN. LONDON, June 19. (Received June 19, at 7 p.m.) The Daily Express understands that the United States has opened negotiations with Japan with a view to stabilising the dollar and yen, of which 100 are now worth 25 dollars. The Americans are offering stabilisation at 26 or 27 dollars, but this remarkable piece of American generosity bears the condition that Japan should join forces with America in opposition to the Ottawa agreement. At present Japanese goods are flooding the United States, which prefers that they should be dumped in the British Empire. ATTITUDE OF FRANCE RETURN TO GOLD A NECESSITY. PARIS, June 18. (Received June 19, at 7 p.m.) M. Daladier, after conferring with the Ministers of Commerce and Agriculture, reiterated the indispensability of stabilisation and also a return to gold as a prelude to solving economic problems. It was felt that France should not be a party to tariff agreements unless some form of stabilisation is made a preliminary condition. DISAGREEMENT DENIED POSITION OF DR HUGENBERG. LONDON, June 18. Dr Hugenberg has gone to Berlin. He denies the reports of a disagreement with the rest of the delegation, and that he would probably resign from the Hitler Government. VISIT TO WINDSOR WORK VIRTUALLY SUSPENDED. LONDON, June 18. All conference work was virtually suspended for the delegates’ visit to Windsor.