ELUSIVE PRESIDENT

Wanganui Chronicle, Volume 76, Issue 164, 14 July 1933, Page 5

ELUSIVE PRESIDENT

AMERICAN DELEGATION NOT TO DISCUSS CURRENCY .By Telet raph—Frees Association-- Copy light) LONDON. July 12. President Roosevelt has again astonished his own delegation and startled the Economic (’onference. Kenntoi’ Pittman has been compelled lo an Bounce, in connection with the Federal Reserve Bank instructions that America regarded this as an inopportune time to participate in the debate for the te establishment of an international monetary standard. The sub-committee dealing with this matter had previously agreed to discussion on the subject. The Americans receiving Washington’s permission, which regarded as certain the elimination of this business, halted the proceedings until the situation «ean bo reported to the Bureau. “ TWILIGHT SLEEP ” COMMENT BY DELEGATE ANOTHER AMERICAN ARRIVES LONDON, July 12. Several Conference subcommittees are sitting to-day. but a delegate declared that, the Conference was now in a twilight sleep, and many people consider that the Conference should bo adjourned for at least a week, as there is no indication of a possibility of approaching essential issues. The official report of the bureau meeting reveals that the Mexicans proposed the creation of a permanent commission to study the shelved monetary issues. Mr MacDonald, however, considered the proposal premature. Mr Laurence Steinhardt. the Ameri van AEinistor to Sweden, and President Roosevelt’s third envoy to the Confer once, has arrived at Southampton He declared that it was grossly unfair to say that President Roosevelt had wrecked the Conference. The agenda contains sufficient to discuss without touching the thorny question of stabilisation. “I am bearing no further instructions. ns the President’s opinions are unchanged.” CONFERENCE AT WORK SUB-COMMITTEE DISCUSSION BALTIC RESOLUTIONS I Biitibh Official Wireless J RUGBY, July 12. The crisis having passed, the Conference resumed work this muruing, several sub committees meeling pri vately. The Economic Commission’s subcommittee, which is considering coordination of tin production, considered a memorandum circulated by the British delegation containing a letter from the International Tin Committee, representing live countries which control 99 per cent, of the world’s production. The letter urged co-operation of the United Kingdom iu the international scheme for control. Despite the rapid and serious diminution in tin consumption since the scheme operated in .1931, the committee confidently anticipated a sub stantiul reduction of excessive stock* and adjustment of production to de maud. The price had meanwhile risen, aided by the powerful support of the aitcrnatioual tin pool. The British delegation proposed that the sub-committee should consider the general question of regulation of tin production, with particular reference lo the continuation and possible extension of the existing financial agreement, which expires in 1934, unless re .icwed. ihe sub committee decided to estaiiHsh a committee on tin, including parties to the agreement, other producing < ouatrics, and three consuming countries—Germany, Italy aid the l.’nileo states. The sub-committee will next examine cocoa and coffee produce, as well as sugar. If possible the plenary meeling of the 1 .conoinii 1 Commission tu murru • will discuss the French proposal ou public works and two Soviet proposals tor a pact of economic iion-aggressiou, as well as the question of extending the import possibilities uf various i ount ries. Mr. MacDonald has ivccixed a series of resolutions adopted last month by the Baltic International Maritime CunI'ereuce, representing 21 maritiinc countries urging the abolition of exchange restrict ions, lowering of excessive tniff barriers, and the removal of quotas. The resolutions also expires the view that regulation of production by an licial restriction is undesirable. Another resolution characterises shipping and ship-building subsidies harmful to international trade and states that it i» of vital world importance that they should be stopped or materially diminished. This special:.’ applies to shipping subsid.es. as a con dition is developing whereby shipping, which should by nature be the most international of all trades, is b<‘- - "niing a Government function, depending <-a Gov erment: aid for its existence.