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Taranaki Daily News, 17 July 1933, Page 7

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ECONOMIC CONFERENCE PLENARY SESSION CALLED PROGRESS OF COMMITTEES SUGAR OUTPUT CONTROL CENTRAL BANKING FUTURE By Telegraph—Press Assn. — Copyright London, July 14. A plenary session is to be held on July 27 for the purpose of adjourning the World Conference. The sub-committees and sub-commissions have been asked to conclude their work by July 21. Senator Pittman (United States) submitted a tentative silver agreement to Mr S. M. Bruce and the Japanese, who are communicating with their Governments. , . . Thirty-five of 50 sugar countries agreed to a plan of Government control of exports under license for five years from January 1, 1934, the plan to be submitted to other countries. A wheat agreement is less, hopeful. The Danubians agreed to limitation of export to 50,000,000 bushels, which the “big four” consider excessive. Experts are to re-examine the position. . Resolutions relating to the working of central banks were adopted practically without discussion by the sub-commis-sion of the conference dealing with permanent measures for financial reconstruction. The final resolution is: It is, considered essential, in order to provide an international gold standard with the necessary mechanism for safe, efficient working, that independent central banks, with the requisite powers and freedom to carry out an appropriate currency and credit policy, should be created in such European countries as have not at present an adequate central banking institution.”