OTTAWA CONFERENCE.

Waikato Times, Volume 111, Issue 18534, 14 January 1932, Page 7

OTTAWA CONFERENCE.

CANADIAN PROPOSALS.

EMPIRE CURRENCY SCHEME. PREFERENTIAL TARIFFS. s United Press Assn.—Elec. Tel. Copyright (Received Jan. 14, 10.30 a.m.) • OTTAWA, January 13. A memorandum for Ottawa by the Empire’s Chambers of Commerce recommends a uniform monetary’ system, and points out that though most Empire countries are off the gold standard, they have been obliged to depress prices by currency contraction, in order to compete In the world markets. The only group of nations sufficiently powerful and self-contained to stop the present progressive deflation is the Empire. It would be essential that while Empire countries are expanding currencies and raising prices to a profitable level, they should insulate themselves against the competition of outside nations which, continue a deflationary course. Central banks, under a uniform Imperial system, could collaborate, enabling the equilibrlsation of mutual balance payments, and substituting the same for suicidal competition.

A national Is preferable to an Inter- • national system, the most modern procedure being a central banking practice, with the re-discounting of commercial bills as a backing for our- , rency. v The memorandum advocates the constitution of an Imperial general economic staff, and favours a preferential column appearing in every country’s tariff sohedule, also bilateral agreements, oovering special concessions.