OFF GOLD TILL TARIFFS FALL

Poverty Bay Herald, Volume LIX, Issue 17956, 7 December 1932, Page 5

OFF GOLD TILL TARIFFS FALL

BRITAIN DISCLOSES STAND CHALLENGE MADE •m , • .GENEVA, Nov. 2. Great Britain will not return to the gold standard until prohibitive tariffs oi other ■ countries are revised, the British representatives of the monetary suli committee of the commission preparing for the Work! Economic Conference announced yesterday. Britain’s flat statement was made as a challenge to tiro United States and France, the two greatest gold-holding countries-in the world. It Britain joins them again in an international gold system, it will only be alter they have removed . impediments which, it' continued, the British hold, would lead to the breakdown of any monetary standard adopted. Suggesting, that . tariff adjustments must precede monetary relorm, the spokesman of the British delegation yesterday cited- the Ottawa Empire trade agreements, which M. Charles Hist,, FrelVeh expert on the sub-committee, implied in rebuttal wove a serious obstacle to world recovery and an immediate difficulty to the experts gathered here. The British spokesman replied by piloting the conclusions of the Ottawa Conference, that Britain desired, before re-establishing the gold standard, a rise in commodity prices, some relief from the 'doubly heavy harden of debt and an all-round.adjustment of the political, economic and itnancial factors which had caused Britain's abandonment of gold. Professor John If. Williams, of Harvard, one of the American experts, is understood to have joined M. Ilist in rebuttal of the British arguments, but the American delegation last night said that, they were pledged rot to discuss what, went on in the session. The British and French, while explaining their .positions, declined toi indicate what the American attitude had been, tin other quarters, however, it was suggested that the American argument was that monetary reform must come first and that the restoration of international standards was urgent. Meanwhile,- in the economic sub-coin inittee, the experts were told why the United ■-States ‘ though deploring the quota system for imports and other trade restrictions, had felt forced to resort .to them. The French, Germans. Dutch and Belgians disclosed, their common opposition to such restrictions, but wore agreed Cnn*, Abandonment, of them must he simultaneous, in all countries.