Evening star., 1933-06-18
BY SIR ARTHUR SALTER.
(Mcmber Of British Economic Advisory


Councn)
Y ONDON.-The World Economi
Conference opened in a mood o
deep anxiety. The war deb
IL controversy clouded the prospect
Dollar exchange was fiuctuatin!
Wildly. A tariff truce" under suci
conditions had little meaning ant
teened likely to have no continuous
HE or additional adhesions
There were deeper causes for skepti-
CdSm and doubt. The prospects Of the
Disarmament Conference. after some
greater promise. seemed poorer again
New tariffs and quotas, even those i'm
posed for temporary reasons suci as to
improve a country'S balance of trade
ana 70 prevent drain on its currency
reserves, had lasted long enough to be
buttressed by important interests
moreover, their very complexity was
such as to make the difficulties Of
negotiation seem almost insuperable
Worst of all, the fall and fluctuations
q the dollar had introduced a COM
licating factor Of the utmost impor-
Ance in every sphere CT the problems
efore the cCnfercnce-tariffs, indebt-
adness and the restoration OF credit
Many Favored Postponement.
The delegates remembered that it
vas many months before the roper
cussions from the fall of sterling could
even be measured, and they asked what
chance the conference would have had
fwo months after the pound left the
Rpld standard in September, 1881 Many
Of the most experienced delegates
would therefore have preferred a post
ponement of the conference for sew
efal months so some of the results of
me depreciation Of the dollar could be
eeen more clearly and in some measure
eealt with before so necessarily cum
0Tcus an instrument of negotiation as
the World Conference assembled.
Known Emergencies of views among
the delegations. deepened the anxiety.
secretary Hull of the American group
was passionately anxious to establish
conditions necessary to the restoration
OF world system. But 1t was known
there were other forces at work in
America. and it was feared these forces
were increasing.
There had been much and appar-
emily increasing consideration of all
alternative policy to be followed if the
conference failed, and nothing en-
dangers the fate of a conference SO
much as simultaneous preoccupation
with the question of what shall be done
II the conference fails
Pessinistic inferences were drawn
nom the absence from London of Raw
mond Moley. Assistant Secretary of
state and close adviser of President
Roosevelt. The delegate with the most
international outlook. Prime Minister
Macdonald, was president of the con-
Terence, and disability, as well as privi-
kges, attach to that office The Brit
1sh delegation as whole seemed more
national or nationalistic than the coun-
ny as . whole.
French and U. S. Views Conflict.
OF other delegations, France was
Known to differ seriously with America
concerning devaluation and increase OF
prices through monetary action and to
differ with Britain as to conditions of
return to the gold standard, and 9TH
ers share her views. It Is necessary to
have these causes of anxiety defined
clearly to appreciate the extent to
which the first week has relieved
anxiety.
During this week the most important
negotiations rejecting the work of the
conference have been outside its own
sessions. The war debt arrangement of
June Is had a psychological atmosphere
which will facilitate the solution of
other problems; it has restored conf
dence that an ultimate settlement will
be such as to prevent war debts from
shattering the new structure for world
trade. which the conference is trying
to establish. 1t has also given assurance
that President Roosevelt is determined
TO press on with the international policy
he has announced, and not to turn back
to an alternative. Thus, fears that the
work Of the American delegation may
be undermined at home have been re-
duced. though not removed.
Only less important have been the
efforts Of central bankers for tempo