TRADE & MONEY.

Wairarapa Age, 7 October 1936, Page 5

TRADE & MONEY.

RESOLUTIONS AT WELLINGTON CONGRESS. BENEFITS OF STABILISATION; WELLINGTON, October 6. When the Empire Chambers of Commerce Congress resumed this morning the first resolution was one moved by Sir Albert Atkey, on behalf of the council of the federation, to free the development of Empire trade from the handicap of double taxation occasioned by the taxation imposed in certain Empire countries and States upon British non-residents trading through agents. This was carried after brief discussion. A resolution regarding monetary policy was moved by Mr. J. A. Aiton (Derby) also on behalf of the council. This viewed with satisfaction the attempt now being made to stabilise the franc, dollar and pound sterling in relation to each other and urged his Majesty’s Governments to do everything in their power to promote the speedy success of the attempt. Stress was laid on the withdrawal as far as possible of restrictions on financial payments, exchanges and trade. Seconding the motion, Mr. R. L. Barclay (London) emphasised' that it was not credit that was the basis of wealth, but wealth that was the basis of credit. They wanted in London to encourage the colonies and lend money, but must make the condition that they were creditworthy. Professor T. Hytten (Sydney) did not agree that exchange should be stabilised and moved to add the words: "As far as internal conditions will allow.” This had strong support particularly from the Australian and New Zealand delegations, but was eventually lost and the resolution was carried by a large majority.— (P.A.)