A SICK WORLD

Timaru Herald, Volume CXXXVII, Issue 19804, 21 May 1934, Page 14

A SICK WORLD

GLOOMY DIAGNOSIS IN REPORT OF GENEVA GROUP. LONDON, May 10. The annual report of the director of the International Labour Office (Mr Harold Butler) to be presented to the International Conference in June, emphasises, says the Geneva correspondent of “The Times,” that profound modification of the outlook brought about by national transformations. “The relentless world pressure of the crisis,” he adds, “has overthrown the constitutions of some countries, and destroyed in others faith in the economic principle of generations. “Germany, America, Italy and Russia, comprising 400,000,000 people, and representing 64 per cent, of the world’s industrial production, largely have abjured such principles, implying that the road to recovery does not lie along familiar tracks. “No remedies within the reach of industry afford a complete cure for the world's devastating economic anaemia, nor will financial action or Government intervention alone suffice. All three must co-operate. Opportunity Missed. “The world would have been nearer recovery had the Economic Conference acted vigorously, even on some of the proposals submitted to it, particularly regarding public works, but economic nationalist policies prevented this. "Economic nationalism has generated international tension, and threatened political relations. We are in a vicious circle, in which political behaviour and aggressive nationalism threaten international conflict, unless the economic fever causing them can be allayed, but the fever can be cured only by international prescriptions, against which overheated national sentiment has revolted. We need a strong lead towards a more rational organisation of the world’s economic life.”