UNWANTED MONEY

Otago Daily Times, Issue 22057, 13 September 1933, Page 7

UNWANTED MONEY

POURING INTO ENGLAND LARGE VOLUME FROM AMERICA (United Press Association.) (By Electric Telegraph—Copyright.) TORONTO, September 11. Sir Robert Borden (a war-time Prime Minister of Canada) to-day welcomed the delegates to the first British Commonwealth Relations Conference. He said the members of the conference would sit in an informal council to consider and estimate the nature and permanence of Commonwealth relations, the most acceptable means of increasing their efficiency, and the probable tendencies of the future. “ The present constitution of the Empire is a tremendous experiment in governance,” he said. “To imperil its unity would invite disaster to humanity, for how can the League of Nations, in whose service to the world I am a resolute believer —how can such a League survive if our Commonwealth may not endure? Is n®t its continued existence the most vital of all the considerations affecting our future destiny?” “The large volume of unwanted United States money which is being deposited in the banks of the United Kingdom constitutes a problem that has so far defied solution. The bank rate in England is very low now,” said Viscount Cecil of Chelwood, the chairman of the United Kingdom group, “ and one of our chief problems is the unwanted money pouring into the banks.” Lord Cecil said he was confident that England was on the road to recovery. A great deal of building was going on, and road construction was a feature. Sir John Power, M.P. for Wimbledon, said that Britain was the most settled and prosperous country in the world. Trade was improving in every quarter, and unemployment was decreasing. He said that no way could be found to prevent the coming into England of American money. The Hon. W. Rowell, K.C., was chosen as chairman of the conference.