ECONOMIC CONFERENCE

Timaru Herald, Volume CXXXVII, Issue 19523, 24 June 1933, Page 22

ECONOMIC CONFERENCE

DISCUSSED BY BANK CHAIRMAN. Special to “ The Herald ” WELLINGTON, June 23. At to-day’s meeting of proprietors of the Bank of New Zealand, the chairman of directors, Mr R. W. Gibbs, made some references to the World Economic Conference. He said that the civilised world, disappointed with the meagre results of other Conferences and Conventions which had been held, as a last hope was looking anxiously to the outcome of the World Economic Conference now sitting in London, where matters of vital importance to all the nations were under discussion.

As a preliminary, useful conversations had taken place at Washington between the President of the United States and Messrs Macdonald, Herriot and others, at which some understanding on the important questions to be discussed was arrived at. These included the questions of tariffs, quotas, exchange control and international Currency. As regards tariffs, it was obvious that the world cannot continue to carry on international trade with present tariff conditions, under cover of which p’l nations are expecting a cueway movement of goods and products, ignoring the fact that exports can only be paid by imports—an rxiom well illustrated by the Uni’.:d States, the most self-contained country in the world, which is nevertheless suffering from trade stagnation perhaps more than any other.

The quota was a much debated question which, it appeared, should be dealt with nationally, within reasonable limits, on the basis of the ’’•ade between any two countries. The Soviet Union’s imports into Great Britain amounted in round figures to £32,000,000, while British imports into Russia reached £9,000,000 only. The exports from Britain to France and Germany amounted to £64,000,000. while Britain imported from these countries £105,0t -.000. The United States took from Britain £26.000,000 only, while Britain's bill to her for imports was no less than £104,000,000. New Zealancte position was much the same, her to Britain being some against her imports of £12,000,000 only. Denmark -mt produce to Britain valued at £46.700,000, taking back goods valued at only £9,200,000.

The exchange control and international currency were also big problems, and the discussions between the nations would be watched with keen interest.

The announcement that war debts and reparations were not likely to be discussed deprived the Conference of its mam interest, but as these were questions which had tc be faced, they must wait and see how it was proposed they w r ere otherwise to be dealt with.