LEAD TO WORLD

Poverty Bay Herald, Volume LXIII, Issue 19132, 29 September 1936, Page 6

LEAD TO WORLD

ECONOMIC CO-OPERATION

BRITAIN, FRANCE, U.S.A. NEW FINANCE MEASURES LONDON PRESS TRIBUTES (British Official Wireless.) Reed. 1.15 p.m. RUGBY, Sept. 28. The financial measures announced on Saturday are welcomed by the press. The Times says the immediate objects are to prevent any disturbance in the exchange rates, such as might otherwise be occasioned by the readjustment of the franc, and as a beginning, to get rid -of the quotas and exchange controls now obstructing international trade. “Other nations are invited to co-operate in this policy, and there is at long last a real prospect of negotiation which may lead, by gradual stops, to effective economic co-operation between the nations and thus to a mitigation of political fears and suspicions,’’ says The Times. The Daily Telegraph says that after the first efforts at adjustment, ip which quotas and exchange agreements will all conn' under review, trade should obtain a strong stimulus and internal sufficiency '"become a discredited doctrine. “lit the common action of France, the United States -and Britain, there is the fairest promise since the Great, War of ultimately bringing trade back to normal conditions, and removing the most powerful factor in world unrest,” adds the- Telegraph.

“'Phe. tusk before the Governments is that of framing ,au economic policy in each country, so as to get the best of tlie world’s goods for one’s money, instead of putting up with inferior goods and smaller quantities of them,” says the Manchester Guardian. “The threeAlovernmeuts are now pledged to a measure of co-operation, perhaps never before equalled except between the Allies in wartime, and other countries may decide to join in.” “The joint declaration of Britain, France, and the United States offers a hope of stabilisation, at any rate do facto, at last within the range of accomplishment,” says the Morning Dost. “If this hope proves justified, the advantage to international trade should be inestimable.”

PROFIT TO LEAGUE

RECOVERY OF FUND

MONEY FOR PENSIONS

(Ilecd. Sept. 29, 1.4 G p.m.) LONDON, Sept. 28.

An Associated Press report from Geneva says that the pensions fund of the League of Nations, which had converted all its holdings inter gold, became solvent, overnight ns the result of the devaluation of the French franc. The Associated Press learns that it made a profit of 4,0tX),003 Swiss francs. Now, instead of a deficit of 3,000,C00 Swiss francs, the fund lias a surplus of IXOO,OOO francs. Doubtless other curious repercussions of the devaluation will he disclosed in tile next few da vs.

FRENCH PLAN CHANGED

OPPOSITION PRESSURE

COMPENSATION DROPPED (Reed. Pent.-. 29, 2 p.m.) PARIS, Sept. 28. Pressure by the- Opposition lias caused the French Prime- Minister. M. Leon Blum, to make a significant change in the devaluation plans. The Government proposals provided for compensation to wage-earners and State employees and for any rise of internal prices. The Opposition strongly urged that all the advantages of the devaluation would soon he lost if they resulted in increased Government expenditure. Consequently, the compensation proposals were dropped. The Cabinet will instead take action, if necessary, hv decree. TURKEY ADOPTS STERLING CHANGE FROM THE FRANC (Reed. Sept. 29. 2 p.m.) ISTANBUL, Sept, 28. It is announced that the Government of Turkey has adopted the English pound, as the basis of currency instead of the franc.