ECONOMIC PROBLEMS.

Wairarapa Age, 8 October 1936, Page 6

ECONOMIC PROBLEMS.

MR. STANLEY BRUCE SUGGESTS CONSULTATIVE BODY. TO ACT AS FOCAL POINT FOR INVESTIGATION. SCOPE FOR LEAGUE ASSEMBLY. GENEVA, October 6. Mr. Stanley Bruce (Australia) suggested that the League Assembly should authorise the Council to appoint from the Economic and Financial Committees a small consultative body with power to co-opt members from outside, for instance, the United States, which could act as a focal point for the investigation of economic problems when required. Mr. Bruce, however, stressed that the first steps should be taken up by the Great Powers, especially the creditor Powers. Mr. Bruce added that he considered that Mr. W. 8. Morrison, Financial Secretary to the British Treasury, had over-stressed the importance of acting slowly as time was now of the utmost importance. The special representative of the Australian Associated Press agency says that although the personnel of the Economic Committee is outstanding, Mr. Bruce’s speech is generally regarded as the most valuable contribution thus far. It is generally regretted that Australia is no longer a member of the League Council, as not only Mr. Bruce but also Mr. F. L. McDougall and the other permanent Australian delegates rendered very great service to the Leagu. Australia’s work in the field of nutrition and economics was outstanding in its results, and Australia’s influence on League affairs was probably greater than that of any other Dominion.

The French and British delegations presented a resolution to the Second Committee urgently recommending Sttaes to organise immediately determined and continuous action to reduce the excessive obstacles to international trade, and especially to relax and, as soon as possible, abolish the present system of quotas and exchange controls. The Fifth Committee met this afternoon and discussed the opium traffic and the improvement of the conditions of prisoners. DISCUSSIONS AT GENEVA DRAFT RESOLUTION TABLED. RUGBY, October 6. The Economic and Financial Commission of the League Assembly continued its debate at Geneva to-day on the report of the League’s Economic Committee. The Belgian delegate declared that Belgium would support any attempt to organise expansion of world trade by the concerted action of all Governments. Mr. Stanley Bruce (Australia) said that the present debate was perhaps the most important ever held under the auspices of the League. Economic questions were often more significant than political ones. If a serious effort was made to re-establish general prosperity rapidly the danger of war would be avoided. A draft resolution which has been tabled following Mr. W. 8. Morrison’s speech of yesterday reads:—The Assembly, noting with satisfaction the joint declaration of the Governments of France, the United States, and the United Kingdom on September 26, and the adhesion thereto immediately given by several States, recognising that the declaration harmonises with the recommendations made by the Economic Committee of the League in its recent report on the present phase of international economic relations, considering that a policy designed to re-estab-lish durable equilibrium between the economies of the various countries, to lay more solid foundations for stability of economic relations, and to promote international trade would effectively contribute to consolidation of peace, restoration of international order, growth of ’world prosperity, and improvement of the standard of living of people’s affairs, and in view of the general desire of the States members of the League to pursue realisation of these objects, invites all States, whether members of the League or not, to co-operate fully to that end. It urgently recommends the States, as an essential condition of final success, to organise without delay determinate and continuous action to ensure the application of the policy ’indicated, to reduce excessive obstacles to international trade and communications, and in particular torelax and as soon as possible to abolish, the present system of quotas and exchange control.—(British Official Wireless).