GREAT RESPONSIBILITY

Poverty Bay Herald, Volume LXIII, Issue 19136, 3 October 1936, Page 8

GREAT RESPONSIBILITY

THE BRITISH EMPIRE MEW WORLD CONDITIONS SAFEGUARDING OF TRADE (Per Press Association.) WELLINGTON, last night. Ail interest ing eominent on the international monetary situation was made b\ Lord Elibank in'the course of Ins presidential address at the opening ot the Chambers of Comimrco ConpJi‘t*ss. He said: “Within the . past few days (here lias been a very important in< ident. A great ameliorating change occurred by fhe devaluation of the French franc, which is being iollowcd hv the devaluation of their currencies by both Switzerland and Holland, and by oilier countries still on tho gold standard. Ibis creates an entirely diflerent situation anil presents areal hope lor Hie international stabilisation of exchanges, for which the world has long been yearning.

“At. the same time, wo whdiin the Empire have our special interests to saleguard in view of our trade agreements and other measures which wc have taken for Empire trade consolidation. We also presume that other colony-owning nations will make arrangements to meet the conditions. Consequently, I eordinlh welcome the paragraph contained in the declaration of British policy issued by the London. Treasury, in which the British Government says, ‘that of course in its policy towards international monetary relations, thero, must ho taken fully into account the requirementsof the internal prosperity of Empire countries, as corresponding considerations will he taken into account by the French and Ainori can Governments.’

“There is, I am sure, no delegate to this congress who would not warmly on dorse (hat statement. We are living in unsettled, not to say. dangerous, times. The war to end war terminated in BBS, yet almost ever since, wav clouds have hung on Ihc horizon. Many nations are looking to the British Thu pi re for leadership, and we must have the. courage 1o recognise that new world conditions have arisen and that because, certain methods served well in the past, it by no means follows that they will serve in the future. A great responsibility rests upon tlie British Empire. May we, as representatives. of the commercial communi ties of the Empire, in our deliberations and actions, hr; worthy of our trust.”