MONEY PROBLEM

Taranaki Daily News, 21 July 1933, Page 7

MONEY PROBLEM

CONFERENCE.DISCUSSION INTERNAL INDEBTEDNESS RESOLUTIONS ON SILVER PROTECTION OF ITS PRICE AGREEMENT RECOMMENDED British Wireless. . Rugby, July 19. Resolutions adopted yesterday in the drafting committee of the Economic Conference, dealing with the question of indebtedness, recommend internal debtors to maintain contact and agree, where necessary, to a revision of contracts. An assurance was given on the suggestion of Senator Couzens (America) that the resolutions had no reference to inter-Goverhmental debts, namely war debts. The draft resolutions on silver, unanimously adopted by the conference subcommittee, make the following recommendations to all Governments at the conference:— (a) An’agreement should be sought between the chief silver producing countries which are the largest holders or users of silver with a view to mitigating fluctuations in the price of silver, and that other nations not parties to such an agreement refrain from measures which could appreciably affect the silver market. (b) That the Government who are parties to the conference should refrain from new legislative methods which would involve a further debasement of their silver coinage below the fineness of 800-1.00. (c) That they should substitute silver coins for low value paper currency as far as budgetary and local conditions permit. (d) That all the provisions of this resolution are subject to the following exceptions and limitations: The requirements of such provisions shall lapse by April 1, 1934, if the agreement recommended in (a) does not come into force by that date, and in no case shall they extend beyond January 1, 1938; the Governments may take any action relative .to their silver coinage they may deem necessary to prevent the flight or> destruction of their silver coinage by reason of a rise in the bullion price of the silver content of coin above the nominal or parity value of such coin. The committee dealing with the- balance of trade between Britain and the Soviet in connection with the negotiations for the new trade agreement held a further meeting to-day. SHIPPING COMPETITION. DISCRIMINATION SUGGESTED. Rec. 7 p.m. London, July 20. Expressing regret that the World Conference is about to adjourn without an agreement on the subject of shipping subsidies the Daily .Mail says: “Our shipping cannot hold its own when attacked by the State-aided enterprises of foreign countries. The Government should take counsel with the representatives of the Dominions now in Britain. It may be necessary in Empire ports to discriminate against the vessels of States which discriminate against us. This is simply self-defence.”