WORLD CONFERENCE

Otago Daily Times, Issue 21987, 23 June 1933, Page 9

WORLD CONFERENCE

PLANS FOR STABILISATION COMMISSION MARKING TIME (United Press Association.) (By BlecMc Telegraph—Copyright,) LONDON. June 22. (Received June 22. at 8.30 p.rn.) The Monetary Commission is virtually marking time till the arrival of Professor Moley next week, when it is hoped that the American attitude can dearly be defined. In the meantime the American delegation is described as being in a state of suspended animation, while the currency stabilisation plans arc at a standstill. A Paris report says that French finance, regarding the dollar stabilisation as dead and the United States wedded to inflation, is now looking to the provisional backing of tbe sterling-franc exchangc. leading to a European currency truce, leaving America out of the picture. CHEAP MONEY ESSENTIAL ITALY URGES CAUTION. (British Official Wireless.) RUGBY, June 21. Tiie work of the World Conference was continued to-day in the Economic Commission and in the two sub-commit-tees of the Monetary Commission. The proposals advanced in the first subcommittee by Mr Neville Chamberlain were supported in speeches by several delegates, including M. Bonnet (France), who suggested that the proposals should be considered by a special sub-committee instructed to bring back a definite recommendation as early as possible. He added that while it was necessary to discipline production they must also try to increase consumption and thus end the terrible paradox of mankind starving in the face of plenty. He agreed that a policy of cheap money, made available in each country at the lowest rates which the circumstances of loan would permit, was essential. Operations in the open market must be most carefully considered by technical experts. Professor Beneduce (Italy), while in general agreement with what had been said, urged that - for a libera) credit policy to'have the desired effect upon prices it should not precede a demand for credit, otherwise there was a danger of the volume of credit available being diverted to speculative transactions, that might produce a period of artificial prosperity, which would be liable to be followed by another crisis. STATE SHIPPING SUBSIDIES NORWAY PROPOSES ABOLITION. LONDON, dune 21. At the World' Conference Cuba eubmited to the Economic Commission proposals for stabilising sugar production, including an international agreement to construct no new sugar factories for 10 years, not to increase the effective productive capacity of existing factories, grant no new subsidies for production or export of sugar, nor increase tariffs beyond 70 per cent, ad valorem. Mr Feranley (Norway) suggested that the sub-committee should draft a convention for total or partial abolition of State subsidies to shipping, _ except those necessary to maintain certain mail and passenger services. The commission formed a sub-commit-tee to deal with the regulation of exports. The nations represented include Canada and Australia. PROFESSOR MOLEY DEPARTURE FOR LONDON. NEW YORK, June 21. Professor Raymond Moley, President Roosevelt's economic advise), sailed for Loudon to-day. He said that the United States might expect definite results from the work ,of the American delegation to the conference. GERMAN LEADER’S DEPARTURE . \ SCENES AT RAILWAY STATION. LONDON, June 22. (Received June 22, at 8.30 p.ra.) Baron von Neurath has returned to Berlin. He states that he hopes to return to London “ when the decisions of the conference have been made.” There were noisy scenes at Liverpool street station when young men carrying red banners showered leaflets in Baron von Neurath’s Pullman, shouting, “ Down with Hitler and his murder gang. Release aft class-war prisoners.” EVENTS IN GERMANY NO-EFFECT ON DELEGATION. LONDON, June 22, (Received June 22, at 8.30 p.m.) One of the biggest surprises in Conference circles to-night was the announcement of the German press officer that the events in Germany will have no effect on the German delegation. He declared that the Nationalists expected the cleansing of their ranks and recognisd the necessity for it. He confidently expected that both wings of Herr Hitler’s supporters in Germany would settle down to close co-operation. He added that, despite all the pother concerning Dr Hugenbnrg’s German colonics memorandum” Dr Hugenburg would shortly return to join the delegation here as though nothing had happened. MARKETING AND PRODUCTION CONSTITUTION OF COMMITTEE. LONDON, June 22. (Received June 22, at 8.30 p.m.) Britain, Australia, Canada, India, the Argentine, and Soviet Russia will he among the countries represented on the committee appointed by the Economic Commission to examine the plans for co-ordinating marketing and production. Tliis committee will ultimately deal with the question of raising wheat prices. MARKS OF ORIGIN SUPPRESSION PROPOSED. LONDON, June 22. (Received June 23, at 1 a.m.) The German delegation supported the proposals of Belgium, Holland and Czechoslovakia for an international agreement for the suppression, of marks of origin, which they consider a real impediment to international trade. Dr Colijn (Holland) announced the appointment of a sub-committee to deal direct with indirect bounties and subsidies, particularly shipping.