ECONOMIC TANGLE

Waipa Post, Volume 48, Issue 3479, 14 June 1934, Page 6

ECONOMIC TANGLE

THE EMPIRE COUNTRIES. AFTER-DINNER SPEECHES. London, April 26. Closer co-operation between Great Britain and the Empire in order to facilitate the solution of common problems was urged by speakers at the annual dinner of the Central Chamber of Agriculture in London. Points from speeches are as follows: Mr. V. A. Malcolmson. "There must be something wrong in the system which leaves the United Kingdom, a big consumer of agricultural products, in the slough of despond while precisely similar conditions are prevailing in the Dominions. Competition from the Dominions is not on the same footing as that with foreign countries, and we must co-operate with the Dominions in whatever steps can be taken to deal with the situation. One thing which threatens Britain and the Empire is a faulty monetary policy. Good results might come of' closer monetary co-operation with the Empire. Bankers are agreed that the great problem is to put purchasing power into our hands. leannot agree that this has yet bee'n done. Purchasing power is also being terribly undermined by the policy of subsidising exports in all parts of the world. If the Empire could put its foot down on unnecessary production in various parts of the world, purchasing power would eventually assert itself/' Mr. G. Howard Ferguson (High Commissioner for Canada). —"Agriculture is only one factor in the recovery of the Empire. Agriculture cannot achieve anything except in collaboration with industry. It is a whole problem, and cannot be subdivided. Canada is anxious to co-operate with Britain and to appreciate Britain's point of view. Canada has tried to keep alive the spirit of Ottawa as well as the letter of agreement arrived at. Canada's regard for British interests has meant considerable burdens, but we do not mind bearing them and are prepared to make further sacrifices. The whole history of Canada shows that we want to be regarded as an integral, active force in the development of the Empire."