OTTAWA CONFERENCE

Waikato Times, Volume 112, Issue 18703, 1 August 1932, Page 8

OTTAWA CONFERENCE

CURRENCY & EXCHANGE

EXPERTS CONSULTED. GREAT SECRECY MAINTAINED. United Press Assn. —Elec. Tel. Copyright. (Received August i, 2 p.m.) OTTAWA, July 3i. ' The cooks, who are busy at Ottawa preparing an Empire meal, ha\e not yet solved the problem regarding all . the ingredients. It is not expected to be a lavish banquet, but they are concerned in merely providing an honest xvorking-man’s dinner. They consider they have already solved the butter problem, and there is no dim- j pulty about bread, because the wheat , farmer has produced abundantly. Re- i gardlng meat, they have a roast ready ! In the pan. Assorted fruits adorn the sideboad, and the only question that! remains is: “Can we provide gas for the cooking stove?” In other words, that Is the currency problem. There is a bountiful supply of everything a hungry man needs, can we have it? Can Ottawa put serving Empire in the position to purchase its meal? The early stages of the discussion on the monetary problem incidate the wisdom of the conference holiday, as the arrangements will give time for the inchbation of the ideas which have been outlined. ; The utmost secrecy is observed regarding the trend of suggested action, because if any hint is disclose!! It might conceivably embarass Britain, if 'she is involved in a volteface or amendment of the original proposals ■.. at the Dominions’ behest. Moreover, premature predictions of a Anal scheme might entail world-wide repercussions, if a policy were adopted which meant the general curtailment of production ! •It is difficult to imagine what may happen. / Economists are walking the corridors with a consciously important air. They have now taken their places, under the spotlights down the stage. Everybody in a select audienoe is Even if, as anticipated, the preliminary currency speeches are released ,on Tuesday in an abridged form they will not contain a single word of the plan now being discussed. They will merely outline the sorry plight of the 'Dominions and also embrace a review of Britain’s returning financial health. It will show that Australia and India have developed a common lie out of their common distress. ’ The present interregnum of official business does not mean the complete stoppage of progress; on the other hand it means accelerated activity on tthe part of the sub-committee reviewing currency problems. Those experts are accomplishing really effective work. During the week-end they have been asked two questions. The first is; Is it advisable and practicable to raise commodity prices, if so, how.? Secondly: Is it advisable and practicable to stabilise exchanges; If so, how? It is agreed that the answers •cannot be furnished within a few days. The report will involve the most serious consideration of any subject before the Conference. The heads of ;the delegations .especially realise their deep responsibility, and it is unlikely -,any essential progress towards a decision will be, made until next week .after delegates have returned from their Niagara trip.