NOT DISCOURAGED

Otago Daily Times, Issue 21989, 26 June 1933, Page 7

NOT DISCOURAGED

MR MACDONALD’S FAITH CONFERENCE GOING ON COMBATING DESTRUCTIVE INFLUENCES (British Official Wireless.) . (United Press. Association.) (By Electric Telegraph—Copyright.) RUGBY, June 23. Mr MacDonald, as president of the conference, declared in an address to the press this afternoon that he was meeting the third week of the conference with a buoyant and hopeful heart. He was not discouraged by , the United States’s attitude towards the temporary stabilisation of currencies, which he described as a little setback, adding that he had never felt there was very much in it. American conditions were for the moment very difficult in relation to any attempt to arrive at temporary stabilisation. The United States memorandum showed clearly what the position was in that country. Although it was open to question, many % responsible men who were earnestly working for the success of the conference felt that the final outcome of temporary stabilisation became doubtful if it tended to break the upward tendency of prices in the United States. The situation left by yesterday’s note was not at all, cloudy or uncertain. It enabled them to go on with the work, and they were doing so. There was a suggestion abroad that the conference should adjourn, Mr MacDonald continued. He said he could imagine no more foolish suggestion. Recalling the efforts of the last 12 months to get the-conference convened, he declared that if they were to adjourn now with a view to resuming in the autumn the chances were that the situa--tion, instead of being better, would be considerably worse. Nothing could have a worse effect than such an adjournment upon the determination of practically the whole world to get some spirit of settlement. “The conference is going on,” he declared emphatically. There were interests, perhaps, which wanted to destroy the conference, but he hoped the press would readily resist that sort of influence. Those who understood knew that conferences were dow-working machines, and that the end of the second week was always the time when, perhaps, pessimism began to show itself, because language and other difficulties by that time had made themselves felt. He had not at this conference felt depressed, as he had on certain days when the Lausanne Conference was trembling in the balance. .Next week would be one of co-ordina-tion, and the committees would acquire some sense of the bigness of the work whereon they were engaged. Those committees were not yet in full working order.

AN IMPORTANT ESSENTIAL STABILISATION OF CURRENCIES LONDON, June 23. While Mr MacDonald to-day was proclaiming optimism in regard to the conference the sub-committee issued the following important unanimous resolution ; —“ No general measure regarding prohibitions, also tariffs, can be adopted while the (currencies of the principal and other* States are not stabilised ” meaning that the conference is unable .to reach vital . decisions until the etabilisation statement is overcome. MARKETING AND PRODUCTION CO-ORDINATION OF PRINCIPLES LONDON, June 23, The Sun Service says: “The dominions’ next important concern is in the drafting by a sub-committee on Monday of the principles of the coordination of marketing and production, but Mr Bruce, Mr Forbes, and Mr Bennett are unlikely to agree, to measures exceeding to any extent recognition of the principle. It is expected that the drafting will be diluted to more pious resolutions.” ; ECONOMIC AND MONETARY SUBCOMMITTEES (British Official Wireless.) ' SUGBY, June 23. ’ Six sub-committees of the Economic and Monetary Commissions sat privately to-day for detailed consideration of the various”^matters referred to them. NEGOTIATING WITH M. LITVINOFF (British Official Wireless.) RUGBY, June 23. Sir John Simon has made an appointment to meet M. Litvinoff'at the Foreign Office on Monday. ' M. Litvinoff, accompknied by his wife, was among the Quests t6-day at one of the series of small luncheon parties which Mr MacDonald and Miss MacDonald are giving for the delegates to the conference. UNANIMITY NOT ESSENTIAL VIEWS OF SIR HERBERT SAMUEL. (British Official Wireless.) i RUGBY, June 23. Sir Herbert Samuel, referring at Manchcsteiyto the conference’s progress, said that with this conference, unlike the Disarmament Conference, unanimity was not essential, though it was desirable, and if a group of countries agreed to lower the obstacles to their mutual trade that would be an important step in advance. PRICE OF STERLING LONDON, June 23. The American statement yesterday resulted in a considerable selling of dollars to-day, with the result that sterling reached its highest level since the suspension of the gold standard. STATEMENT BY MR HULL THE AMERICAN VIEWPOINT. LONDON, June 25. (Received June 25, at 7.10 p.m.) Mr Cordell Hull, loader of the American delegation to the Economic Conference, in the course of a statement, condemns repeated references to the irreconcilability of America’s international . and domestic programmes, declaring them to be unfounded and illogical. Their constant repetition suggests that they are being fomented by forces interested in confusing the conference and seeking to prevent its success. He adds that obviously every country in the present emergency must resort to whatever feasible methods are requisite to increase com-modity-prices, accompanied by safeguards bgainst a general chaos in international trade. “I cannot conceive any reason why the’American programmes, aiming at business recovery with full employment at suitable wages and satisfactory price levels, should not receive the united support of all those who are sincerely striving for international economic co-opera-

ation. The American trade resolution was framed with a full knowledge and appreciation of both the American programmes. Moreover, it was framed in the exact language in which it was presented at the conference before the delegation sailed. Nothing has happened anywhere to change the situation.” The American resolution reads as follows: “ That stability in the national monetary field should be attained as quickly as possible, and that gold be re-estab-lished as an international measure of exchange values.” RAISING WHOLESALE PRICES REPORT OF SUB-COMMITTEE. LONDON, June 24. (Received June 25, at S p.m.) The* conference sub-committee on the co-ordination of production and marketing, reporting on the principles of a workable scheme, states that agreements aiming at raising wholesale prices must be" confined to commodities of world importance in which there is an excess of production or stock. Agreements must be comprehensive and command a general measure of consent among the exporting countries and substantial actual producers. They should be designed to secure and maintain a fair, remunerative price level with willing co-operatiou among 'the importing countries’ and the consuming interests. The scheme must operate long enough to give an assurance that the objects can be achieved. Due regard must be paid to the encouragement of efficient production by each country. PERSONAL GLIMPSES SOME OF THE DELEGATES. LONDON, June 15. While one sensed as he surveyed the delegates to the World Economic Conference that many had the natural ability to assume the immobility of poker players, he must nevertheless have realised that compared with Dr T. V. Soong (China) and Count Ishii (Japan) the rest possessed the open features of schoolboys. There was General Smuts, sharpfeatured and white-haired, eagerly renewing friendships. Sir John Simon and Mr Neville Chamberlain were gossiping in French and in their own tongue, animatedly gesticulating as if there was no trouble in the world. M. Daladier (France), a robust, thickset man with full eyes and hair pulled across to disguise rapidly approaching baldness, radiated goodwill. M. Hymans (Belgium), with thick grey hair and a reserved, thoughtful manner, provided a perfect foil to M. Daladier. Behind them was Tekla Hawariat, from Ethiopia, with the physique of a wrestler and amazingly curly hair. Nearby Afifl Pasha (Egypt) might have been mistaken for ; a West End clubman, hut Signor Nicolan Dolwer (Spain) appeared to create a circle around him with the dignity, and deliberation of a hidalgo. Signor Jung, Signor Mussolini's financial right-hand man, might have stepped from any important banking parlour. Mr J. Connolly (Ireland), on the other hand, might typify any vocation. The Americans, Mr Cordell Hull and Mr James Cox, were disposed to be smilingly aloof. All the delegates were much intrigued by the only woman within the official barrier. She wore a mauve dress, and was an expert attached to one delegation.