INTERNATIONAL ECONOMICS.

Otago Witness, Issue 3869, 8 May 1928, Page 14

INTERNATIONAL ECONOMICS.

WORK OF IMPERIAL COMMITTEE ADDRESS BY SIR JAMES ALLEN. The annual meeting of the Otago branch of the Economic Society of Australia was held on Thursday evening, Dr A. G. B. Fisher presiding over an attendance of about 20 members. The balance sheet, which showed a debit balance of £1 16s sd, was submitted and adopted. The following office-bearers were elected for the ensuing year:—President, Mr W. Downie Stewart; vice-presidents* Mr E. H. Murney and Dr A. G. B. Fisher; secretary, Mr W. Boroman; treasurer, Mr D. Bradley; committee —• Messrs J. T. Paul, S. Cameron, H. R. Wright, E. E. Cameron, and J. Denford. At the conclusion of the general business the Chairman introduced Sir James Allen, who addressed the gathering on “ Empire and International Economic Organisations.” Sir James said that his experience during the last 10 years had led him to the conclusion that the problems of to-day, whether political, economic, or otherwise, were best settled by a round-the-table talk. If, therefore, some of his listeners were tempted to enter into research with respect to some of the porblems which would crop up in his address, he would feel amply rewarded. 3he speaker referred first to the signing of the Peace Treaty at Versailles in 1919, and said it was doubtful whether the general public realised what caretui consideration had to be given to various problems embodied in the treaty, prior to its being signed. A large number of these problems dealt with finacial and economic matters. One general provision, for instance, dealt with the compensation to be paid to the Germans, and laid down that a certain amount of money had to go towards pensions and separation allowances, this amount being determined by the Reparations Commission later. Another outcome of the treaty was the establishing of the Intel national Labour Office. The treaty also contained the covenant of the League of Nations under which constant development had taken place on the study of economics of financial questions. The covenant had dealt with international trade and financial relations, equitable commerce, and humane conditions of labour, and also made provision for the severance of trade and financial relations with any member of the League disregarding the covenant. The League of Nations did not hold a meeting until 1920, and the Powers arranged that, prior to this meeting, an international conference should be held at Brussels. This in many ways was an extraordinary gathering, no fewer than 86 representatives of 39 different countries being present, The conference dealt with many subjects, principal among which were currency, exchange, international finance, and international trade, but one main point that was agreed on was that governments should be recommended to abandon all artificial measures which concealed from the people the true economic situation, and to grant credit only in the case of real economic need. “ Sir James then traversed briefly the proceedings of numerous meetings which were held subsequent to, and as a result of, this conference, and went on to refer to the meeting of the Imperial Economic Conference held in 1923, to deal purely with economic questions. Unfortunately, he said, a change of government took place in Great Britain just at this time, and a number of matters concerning tariff and exchange, which were dealt with by the conference and referred to the British Government for consideration, were not looked on favourably by the new government. Among the suggestions put forward by the conference was one that an Imperial Economic Committee be set up to consider commercial and economic questions, and from thie developed the Empire Marketing Board, of which Mr L. S. Amery was chairman. The most valuable proposal of all brought forward by a conference, however, said Sir James, was that investigators should be trained to go thoroughly into the markting of products from the dominions. These men would be so trained that they would be qualified to examine and give expert advice on the handling of such commodities as fruit, meat, and butter from the time they left their country of origin until they arrived in the Old Country. This would not only tend to improve marketing conditions, but would also make for a higher standard of quality in all Empire products.

At the conclusion of the addies- a hearty vote of thanks was accorded the speaker.