AMERICANS’ GUESSWORK

Taranaki Daily News, 2 August 1932, Page 7

AMERICANS’ GUESSWORK

BRITAIN AND DOMINIONS CANCELLATION OF SOME DEBT CUT IN ARGENTINE TRADE ‘‘ MISCHIEVOUS ’’ ARTICLES By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. Ottawa, July 21. Some remarkable and sometimes mischevious guesswork has been noted in articles appearing in American newspapers, notably a suggestion that Britain instead of extending preferences will cancel portions of the Dominions’ indebtedness. How such a plan could assist the primary producer to sell his goods profitably it is impossible to see. Besides, apart from the war debts owed the British Government all the Dominions loans represent debts to private lenders in the London money market. Indeed, if all Dominion loans were suddenly wiped out it would not be a remedy and could not be compared with the effectiveness of a provision of preferences enabling the primary producer to evade the complete ruin whither he has been descending in the past two years. Another suggestion which has been given harmful prominence in New York is that the Dominions are asking Britain to reduce imports of Argentine chilled beef by 45 per cent. The Dominions’ meat proposals include a quota, but do not specify any hard and fast figure, or what should be taken off Argentine imports. They merely express a desire that the Dominions should be given a better change of securing payable prices in what is now a saturated market. There is a suggestion, however, that Britain should reduce imports of foreign frozen meat by 37J per cent, which, it is calculated, would afford Australia and New Zealand infinitely more favourable marketing conditions. A ■ friend brandishing a local newspaper addressed Mr. S. r M. Bruce. “I see you are going to the House of Lords earlier than we expected,” he 'said. The newspaper article developed the idea that Mr. R. B. Bennett would shortly have a peerage as a Canadian representative on the projected Imperial economic general staff, which may supersede the Empire Marketing Board and the Imperial Economic Committee. The writer displayed a remarkable misconception of British constitutional structure when he linked this proposed economic executive with the Privy Council and deduced that the members therefore must be elevated to the peerage. Opinion is veering to the view that the conference, despite the early rapid progress, cannot finish before the end of August. It is unlikely that the Englishmen will be able to occupy the berths they have booked, leaving Montreal on August 20 by the luxurious liner Empress of Britain. It is feared, however, that if the conference lasted much beyond that date it would almost be an admission of failure, but it is doubtful whether within three weeks the monetary problem, now seen as a paramount item, can be solved or taken to a stage ‘where a postponement to a wider conference would be agreeable to the Empire delegations. The Australians going to London, include Mr. and Mrs. Bruce, Mrs. Gullett, Messrs. McDougall, Tout, Riddle, Melville, Duffy, Osborne and Mills. All the New Zealanders except Messrs. Forsyth and Davis, London representatives respectively of the meat and dairy boards, will return home immediately after the conference.