ECONOMIC CONFERENCE

Otago Daily Times, Issue 22068, 26 September 1933, Page 8

ECONOMIC CONFERENCE

TRADE REVIVAL IN BRITAIN QUOTA PROPOSALS DISCUSSED (Peb United Pbess Association.) STRATFORD, September 25. A public reception was tendered to Mr R. Masters and Mrs Masters tonight. The Mayor (Mr J. W. M'Millan), presided, and, despite the storm, there was a large attendance. Mr W. J. Poison and other speakers paid tributes to the splendid services rendered to New Zealand by Mr Masters in connection with the quota discussions. ■ Mr Masters said the result of the conference was that there was a better understanding among the. nations of the world. Prom the Dominion's point of view the time was not wasted as Empire discussions were also held. His most notable impression was the high regard in which British statesmen were held by other nations. When Britain spoke at the conference it was listened to; Mr Masters spoke of the great revival of trade in Britain, which was importing much less manufactured goods but much more raw material. This was the greatest indication of the returning prosperity of the Old Country. Prosperity throughout the world could only come through a breaking down of international trade barriers. If the policy of self-sufficiency that was so apparent in Europe were to go on countries like New Zealand were in for a difficult time. As an illustration, the speaker quoted Germany's attitude in raising restrictions against agricultural imports. The opinion was held that in three years Germany would' not only be self-sufficient regarding butter, but would actually be exporting. If this system were to continue New Zealand might have to consider developing secondary industry to a greater extent than at the present time. Dealing with quotas, Mr Masters said that New Zealand was unfortunate in that the success of the milk marketing scheme operating in Britain was dependent on the price of cheese, for, to make' a success of that scheme, a good price must bo obtained for milk. If a higher price was obtained for fluid milk than for cheese it was feared that cheese-makers would cease manufacturing; hence the "desire for a quota to increase cheese prices. Dealing with America, Mr Masters said he had a promise from the President that the American people would be prepared, when prosperity returned, to make arrangements for greater trade between America and New Zealand. He dealt comprehensively with President Roosevelt's recovery plan, which aimed at raising prices. It was hoped that the scheme would . come out successfully. He had some doubts of the success of the national recovery plan, but the attempt would mean at least the evoolution of something of immense benefit to the nation and to the world at large.