The Waikato Times SATURDAY, JULY 29, 1933. THE WORLD OUTLOOK.

Waikato Times, Volume 114, Issue 19010, 29 July 1933, Page 4

The Waikato Times SATURDAY, JULY 29, 1933. THE WORLD OUTLOOK.

The speech with which the president, Mr Ramsay MacDonald, has pronounced the adjournment of the World Economic Conference contains a stubborn refusal to admit defeat and a dogged determination to preserve the machinery of the Conference for use on some future occasion when it may have better prospects of success. It is probable that Mr MacDonald will be branded an incorrigible optimist,'but examination of world conditions shows a decided improvement, which, although in no way attributable to the work of the Conference, nevertheless suggests the eventual benefits of international co-operation to consolidate the advances made.

~ i . In view of the statement of Mr MacDonald that “the committees require a little longer to consider their conclusions,” it is proposed to keep the Bureau of the Conference in being, and to. ensure that the ultimate reassembly of the Conference will bo as simple a matter as possible. There is no attempt, howeter, in the concluding speeches by the leaders of the delegations, to disguise the disappointment felt at America’s refusal to entertain proposals for immediate stabilisation. i

- At the same time an announcement by the British Empire delegation at the Conference contains food for serious reflection. The statement amounts to a confident vindication of the Ottawa Conference) and a careful summary of the problems 'and prospects in the present international situation. The beneficial results which have been obtained in Britain from the adherence to a policy of cheap and easy money are commented upon, and the delegation has seized the opportunity; to announce an increase of 20 per cent, in the sterling prices of primary products sfnce June 29, 1932.

In its comment upon the World Conference, however, the statement of the delegation reveals admirable balance arid sanity. It is urged that the policy of raising prices already embarked upon should be pursued until such time as 1 equilibrium might be obtained and secured with some degree of permanence. More-important, perhaps, is the inference that currency stabilisation will be treated as an Empire matter firstly, and only subsequently as an international matter.

The continued emphasis, in the statement, on the possibilities of a new measure of internal co-operation within the British Commonwealth, is significant. The agitation for the quota in Britain, and the no less stubborn resistance of the Dominions to any restriction of their capacities, has focussed attention increasingly upon the ,Empire. Mutfh propaganda is being advanced by sectional interests, but at the same time the question is receiving earnest consideration from saner minds.

The outlook, on the whole, is still conducive to optimism, with caution as a necessary qualification. It would appear from the statement of the British Empire delegation that in order to attract the support and co-operation of foreign countries, the Empire itself will first endeavour to establish a co-operative and economically-balanced group ,of nations. If such a result is obtained much _ benefit will accrue to all the members of the Empire.