RECONCILIATION SOUGHT

Taranaki Daily News, 13 July 1933, Page 5

RECONCILIATION SOUGHT

DELEGATES’ VARYING VIEWS INDEBTEDNESS DISCUSSION FIRST MONETARY SUBJECT WORK FOR CENTRAL BANKS British Wireless. Rugby July 11. The Monetary Commission of the World Economic Conference throughout the morning has been endeavouring to reconcile the divergent views regarding the subjects relating to the immediate financial measures which should be proceeded with. The differences of opinion between the gold and non-gold countries have expressed themselves in the refusal of the former to agree to discussions other than indebtedness pending temporary stabilisation of currencies. Several sub-commissions are meeting privately to-day. A plenary session of the commission is fixed for Thursday. The House of Commons after a long debate almost unanimously approved of the continuation of the conference. It now seems clear that the general opinion among the conference delegates is that there is a sufficient number of subjects to occupy delegates’ attention with some hope of agreement within the next fortnight. The anticipated plenary session of the conference will then be convened and its further work adjourned if necessary until the autumn. The most important of to-day’s private meetings was that of the bureau, which had before it the drafting committee’s report on the work of the subcommissions of the Monetary Commission. The first of these is dealing with immediate financial measures and the other with permanent financial measures. BUREAU RECOMMENDATIONS. The bureau, after a brief sittifig under the presidency of Mr. Ramsay MacDonald adopted the report. It recommended:— (1) That the sub-commission should proceed in the first instance to discuss the subject of indebtedness. (2) That the sub-commission should take up the resolution adopted by its sub-committee on central banks co-op-eration and the creation of central banks in certain countries where they do not exist, and propose through its sub-com-mittee and examination of* the position of silver and other* subjects on the agenda which may by general agreement be considered suitable for discussion. The sub-commission on subsidies for merchant shipping, in conformity with the bureau’s decision, decided to-day to appoint a drafting committee to draw up a report embodying the different points of view and the ideas put forward during its discussion. The drafting committee consists of representatives of France, Italy, Japan, Norway, Britain and the United States. The drafting committee of the five gold countries and the non-gold countries completed its formula for submission to the bureau this afternoon, outlining the compromise basis on which the conference will proceed, enabling it to discuss a substantial range of subjects, including indebtedness, price raising measures and co-ordination of marketing. The gold and non-gold interests will inevitably clash, in which case certain points will be dropped, thereby permitting a continuance. It is expected that the sub-committees will proceed to the end of July, and possibly there will follow two months’ adjournment.