TRADE BENEFITS

Poverty Bay Herald, Volume LXIII, Issue 19139, 7 October 1936, Page 15

TRADE BENEFITS

EMPIRE CONGRESS VIEWS EASING -OF TAXATION PROBLEMS OF CURRENCY STABILISATION APPROVED (Per Press Association.) WELLINGTON, this day. When the congress of Chambers ol Commerce of the British Empire resumed this morning, Sir Albert At key, of Nottingham, moved a resolution brought down in the name of the council expressing the hope that the development of Empire trade might he freed from the handicap occasioned by taxation imposed in certain Umpire countries and Slates upon British non-residents trading through agents in such countries and States, unless stocks are held by a resident agent, or the- agent lias general authority to make contracts op bcliall pf the principal, or there is a. branch or management in the country where the business is transacted.

Sir Albert said that he thought the object of doing away with dual taxation was sufficiently clear, and ho looked for unanimous support for the resolution. Mr. F. W. Cook, of Dudley, seconded the mot ion j and it was carried after a brief discussion.

Mr. J. Arthur Alton, of Derby, on behalf of the council, moved a- resolution in regard to monetary policy thatthe congress viewed with satisfaction the attempt now being made to stabilise the franc, the dollar and the pound sterling in relation to.each other, and urged His Majesty’s Governments to do everything in their power to promote a speedy success of the scheme. The congress was convinced that complete success could not. be ensured until all the nations stabilised their respective currencies in agreement, with the franc, dollar and pound. INTERNAL PROPERTY It was further desired to emphasise the importance of the statement of the British Government that the requirements of internal property in Jvmpiro countries must be taken fully into account in the policy towards international monetary relations. The congress also laid stress on the withdrawal, as far as possible, of the restrictions on financial payments, exchanges and trade if money ift to follow its natural course of furthering, to the best advantage, the development of commerce generally. Mr. Aiton, in the course of his speech, said lie was sorry to see that in New Zealand some people had been bitten by the Douglas Social Credit scheme and that they thought they could get something for nothing. Nothing could be got for nothing, lie said. Depreciation of currency could not continue. It was a form of disease which politicians were particularly susceptible to, but- a- disease that they should he inoculated against before they became politicians. They were not cut to offend anybody, and if they were wise no offence would be taken, BASIS OF CREDIT Mr. R. L. Barclay, of London, seconded the motion. He- said it was not credit that was .the basis of wealth, but wealth that ivas the basis of credit. They wanted in London to encourage the colonics and lend money, but must make a condition that they were credit-worthy. Professor T. Hytten, of Sydney, did not agree that exchange should he stabilised, and moved to add the words, “as far as internal conditions will allow.” This found support, including that of Mr. W. Machin, of Christchurch, who said in regard to the deflation of currency that New Zealand now found lierself ’in very good company. Ah'. ,T. T. Martin, of Wellington, assured the British delegates that the prices New Zealand was receiving even to-day-in Britain were such that she could not carry on without the exchange. New Zealand without the exchange would be obliged to reduce importations to a veryserious extent.

Replying to the amendment, Mr. Ait’on said that despite all that had been said, he was unrepentant. What had been clone by the exchange rate could better have been done another way. The amendment was lost unci the resolution was carried by a large majority.