TWILIGHT SLEEP

Taranaki Daily News, 14 July 1933, Page 7

TWILIGHT SLEEP

ECONOMIC CONFERENCE THE MAJOR ISSUES AVOIDED MEETINGS OF COMMITTEES TIN PRODUCTION CONTROL SHIPPING AND TARIFFS British Wireless. Rugby, July 12. The crisis having passed, the World Economic Conference resumed its work this morning, several sub-committees meeting privately. Nevertheless, it is declared that the conference is now in a twilight sleep. Many consider that the conference should have adjourned last week, as there is no indication of the possibility of approaching the essential issues* The official report of the bureau meeting reveals that the Mexicans proposed the creation of a permanent commission to study shelved monetary issues. Mr. Ramsay MacDonald, however, considered the proposal premature. Mr. Laurence Steinhardt, American Minister to Sweden, President Roosevelt’s third envoy to the conference, arrived at Southampton to-day and declared that it was grossly unfair to say that President Roosevelt had wrecked the conference. The agenda contained sufficient to discuss without touching the thorny question of stabilisation. “I am bearing no further’instructions, as the President’s opinions are unchanged,” added Mr. Steinhardt. PRODUCTION OF TIN. The Economic Commission’s sub-com-mittee, which is considering co-ordina-tion of tin production, considered a memorandum circulated by the British delegation containing a letter from the International Tin Committee representing five countries which. control 90 per cent, of the world’s production. The letter urged the co-operation of the United Kingdom in an international scheme for control. Despite a rapid and serious diminution in tin consumption since the scheme operated in 1931, the committee confidently anticipated a substantial reduction of excessive stocks and an adjustment of production to demand. Prices bad meanwhile risen, aided by the powerful support of the international tin pool. The British delegation proposed that the sub-committee should consider the general question of the regulation of tin production with particular reference to the continuation and the possible extension of the existing financial agreement, which will expire in 1934 unless it is renewed. The sub-committee decided to establish a committee on tin, including parties to the agreement, other produemg countries and three consuming countries. Germany, Italy and the United States. The sub-committee will next examine cocoa and coffee produce, as well as sugar. . If possible the plenary meeting of the Economic Commission to-morrow will discuss the French proposal on public ■'works arid two Soviet proposals for a pact of economic non-aggression, as well as the question of extending the import possibilities of various countries. Mr. MacDonald has received a series of resolutions adopted last month by the Baltic International Maritime Conference, representing 21 maritime countries, urging the abolition of exchange restrictions, the lowering of excessive tariff barriers and the removal of quotas. The resolutions also express the view that the regulation of production by artificial restriction is undesirable.

Another resolution characterises shipping and shipbuilding subsidies as harmful to international trade, and states that It is of vital world importance that they be stopped or materially diminished. This specially applies to shipping subsidies, as a condition is developing whereby shipping, which should by nature be the most international of all trades, is becoming a Government function dependng on Government aid for its existence.