PROSPECTS OF THE CONFERENCE

Timaru Herald, Volume CXXXVII, Issue 19525, 26 June 1933, Page 7

PROSPECTS OF THE CONFERENCE

AMERICAN ANSWERS TO CRITICISM

HOPEFUL ATTITUDE OF MR RAMSAY MACDONALD United Press Association—By Electrlo Telegraph—Copyright (Received June 25, 7.10 p.m.) LONDON, June 25. Senator Culford Hull (head o£ the American delegation), in the course of a statement, condemns the repeated reference to the irreconcilability of America’s international and domestic programmes, declaring them unfounded and illogical. The constant repetition suggests the references are being fomented by forces interested in confusing .the Conference, and seeking to prevent its success. Senator Hull adds: “Obviously every country in the present emergency must resort to whatever feasible methods are requisite to increase commodity prices, accompanied by safeguards against general chaos in international trade. I cannot conceive the reason why the American programmes aiming at business recovery, with full employment at suitable wages with satisfactory price levels, should not receive the united support of all sincerely striving for international economic co-operation. The American trade resolution of June 22 was framed with the full knowledge and appreciation of both American programmes. Moreover it was formed in the exact language in which it was presented at the conference, before the delegation sailed. Nothing has happened anywhere to change the situation.” MARKET REACTION. SHARP SELLING OF DOLLARS. United Press Association—By Electric Telegraph—Copyright ' LONDON, June 23._ The American statement yesterday resulted in considerable selling of dollars to-day, with the result that sterling reached the highest level since the suspension of the gold standard. BRITAIN NOT DISCOURAGED. MR MACDONALD FACES OUTLOOK WITH HOPEFUL HEART. British Official Wireless RUGBY. June 23. The Prime Minister (Mr Ramsay Macdonald), as President of the Conference, declared, in an address to the Press this afternoon, that he is meeting the third week of the Conference with a buoyant, hopeful heart. He is not discouraged by the United States’ attitude towards the temporary stabilisation of currencies, which he described as a little setback, adding that he never felt that there was very much in it. American conditions were, for the moment, very difficult in relation to the attempt to arrive at temporary stabilisation. The United States’ memorandum showed clearly what the position was in that country. Although it was open to question, many responsible men who were earnestly working for the success of the Conference, felt that the final outcome of temporary stabilisation had become doubtful if it tended to break the upward tendency of prices in the United States. The situation left by yesterday's Note was not at ail cloudy or uncertain. It enabled them to go on with the work and they are doing so. There was a suggestion abroad that the Conference should adjourn. He could imagine no more foolish suggestion. Recalling the efforts of the last twelve months to get the Conference convened, he declared that if they were to adjourn now, with a view to resuming in the autumn, the chances were that the situation, instead of being better, would be considerably worse. Nothing could have a worse effect than such an adjournment upon the determination of practically the whole world to get some spirit of settlement. “The Conference is going on,” he declared emphatically. There were interests, perhaps, who wanted to destroy the Conference, but he hoped the Press would readily resist that sort of influence. Conferences, they knew, were slow-working machines, and the end of the second week was always the time when perhaps pessimism began to show itself, because language and other difficulties by that time made themselves felt. He had not at this Conference felt depressed, as on certain days when the Lausanne Conference was trembling in the balance. The next week would be one of co-ordination, and the Committees would acquire some sense of the bigness of the work whereon they were engaged. Those committees were now in full working order. Six sub-commissions of the Economic Monetary Commissions sat privately to-day for the detailed consideration of various matters referred to them. The First Move. While Mr Macdonald to-day was proclaiming optimism with regard to the Conference, the Sub-Committee issued an important unanimous resolution : "No general measure regarding prohibitions and also tariffs can be adopted while the currencies of the

principal and other States are not stabilised,” Unanimity Not Essential. Sir Herbert Samuel, referring at Manchester to the progress of the World Economic Conference, said with this Conference, unlike the Disarmamament Conference, unanimity was not essential, though it was desirable, and if a group of countries agreed to lower obstacles to their mutual trade, that would be an important step in advance. TRADE EMBARGO. FOREIGN MINISTER TO MEET SOVIET DELEGATE. British Official Wireless RUGBY, June 23. Sir John Simon has made an appointment to meet M. Litvinoff at the Foreign Office on Monday. M. Litvinoff, accompanied by his wife, was among the guests to-day at one of a series of small luncheon parties, which Mr Macdonald and Miss Macdonald are giving for delegates to the Conference.