WORLD TRADE.

Wairarapa Age, 8 October 1936, Page 5

WORLD TRADE.

NEW ERA OF PROSPERITY OPENING. MR. NEVILLE CHAMBERLAIN’S HOPE. MONETARY STABILISATION. (Received Wednesday, 7.45 p.m.) LONDON, October 7. Mr. Neville Chamberlain (Chancellor of the Exchequer) expressed the hope, at a bankers’ dinner, that a new era of world trade prosperity would follow the removal of quotas and exchange control. Such a development, he said, should be the next step to the devaluation of gold bloc currencies. Sterling would remain free, but in the end we would eome baek to an international monetary standard on the only basis giving general confidence, namely a system based on the free exchange of gold. He added that rearmament expenditure had not gone far enough to affect Britain’s trade revival, although it had upset the Estimates, but even without this impetus the country’s trade continued to expand. International trade also was showing signs of revival and progress was being helped by the growing realisation that economic nationalism could be carried to extravagant and harmful lengths. AMERICAN CURRENCY. PRESIDENT TO SEEK EXTENSION OF LEGAL POWERS. PROTECTION OF DOMESTIC VALUES. (Received Wednesday, 5.5 p.m.) WASHINGTON, October 6. President Roosevelt indicated in a Press interview to-day that if he is reelected he will ask Congress to extend his legal powers to devaluate the currency, which normally expires on January 30, 1937. He stated that the primary purpose of American currency policy was to protect domestic values, for which reason emergency powers should be invested in the Government to prevent the destruction of domestic values through the unexpected action of other nations. The inference is drawn from the reference to emergency that he is not contemplating further devaluation under existing conditions.