WORLD’S GOAL PROBLEMS

Taranaki Daily News, 8 October 1929, Page 9

WORLD’S GOAL PROBLEMS

ALLOCATION OF SUPPLIES EFFECT OF HAGUE DECISION BRITISH OUTLOOK BETTER British Official Wireless. Rugby, Oct. 7. In a speech at Edinburgh last night the President of the Board of Trade, Mr. William Graham, emphasised that the agree ment reached at The Hague, whereby Italy guaranteed to order 1,000,000 tons of coal yearly from Britain for three years at the best British export prices, was new business and it was hoped it would be the means of enabling coal exporters to reestablish themselves in other parte of the Italian market. Further safeguards had been introduced for Britain while German deliveries in kind continued for the next ten years. . If the German financial recovery was maintained there would be no delivery in kind after that period. Only in the event of a breakdown in the cash transfer could they be restored. During recent years there had been httle or no variation in the world or the- European output of coal, which practically cor responded with the demand. European coal-producing countries, Britain includes, had therefore to make the best arrange ment they could for the allocation of supplies in the available market. To that end The Hague agreement made a definite contribution, if only indirectly, but a more practical step was taken in the Assembly of the League of Nations. The immediate object must be to secure an international agreement in working conditions, including hours, wagra ami other elements. Steps had been taken w convene at Geneva a conference of Governments, coalowners and representatives oi the miners for the express purpose of preparing the way, if possible, fox' an inter national convention on this subject. m all probability an agreement regarding working hours in Europe would be easier to achieve than an agreement regarding wages, but an understanding regarding hours would contribute materially to the solution of at least part of the British coal P Mr. Graham emphasised the need for greater trade freedom. In the interests of practical politics it was far better to begin with definite proposals m the tariff held. Their plan at Geneva had been to secure an understanding that for a period ahead all countries would agree at least not to raise existing tariffs. If successful that would be in the nature of a guarantee that restriction was at least arrested. The next step was to secure as much reduction of the existing tariff as was possible. That might be achieved by an agreement between individual countries or in groups of commodities such as agricultural implements which linked factory and field. That policy was not inconsistent with the progressive development of resources within the Empire. There was no suggestion of a European federation or agreement by way of a retaliation or a counterblast to the United States of America. A- policy of that kind could only undermine the great work in which the Prime Minister was now engaged in America.