Evening star., 1933-07-06

BY the Associated Press
Dreams of an economic Utopia where
in fairly priced goods would move free
ly and there would be few problems OF
debts and unbalanced currencies were
brought to the World Economic Confer
ence just "a days ago by delegates from
all parts of suffering world.
Today these visions of economic
equality, stabilized currencies, higher
prices, controlled production, freer
trade, cooperation, capital movements
and economic equilibrium have largely
vanished-so far as the world as a
whole is concerned.
Most of the &c delegations were ready
to abandon this huge assemblage. which
in the words Of the League Of Nations
Preparatory Commission was called ito
seek a comprehensive program OF world
reconstruction" OF seemingly irrecon-
cilable views on one problem they set
out to solve, stabilization caused them
to throw up their hands.
While the Agenda Commission listed
six major topics and creolt
policy, prices, resumption of movement
Of capital, restrictions on international
trade, tariff and treaty policy, and Or
ganiZation of production and trade
each delegation of statesmen and ex-
perts had formulated its own preScr1p-
tions for the worlds ills.
Gold Stumbling Block.
Broadly, they seemed to agree that
few adjustments would bring back pros
perity-
levels.
q. Lowering of trade barriers.
3. Price and production stability.
But from the start the first point on
the Preparatory Commissions agenda,
the gold standard, was the stumbling
block.
Most Of the suggestions the various
representatives brought, oHtimistically,
to the parley got no farthSr than the
first general explanations offered by
delegation spokesmen at the initial
plenary sessions.
Here is a brief outline of what sew
eral countries hoped-or at least were
said to hope at the staft-would be ac-
complished:
The United States Stabilize the cur
reucleS VI ClIe Wol1o, az Acao" oA.OSe ~
the major countries president Roose-
yelt recently called This impracticable
for the present.; increase the price OF
silver and restore it to something like
its old place in the worlds currency
scheme; start a resumption of the flow
of international capital; reduce tarl1s.
Germany-Lower trade barriers, sta
biliZe currencieS, remove restrictions
upon the exchange OF monies between
countries, thus relieving unemployment;
return to gold, reduce crop acreage.
Brazil-Open markets for coffee, sup
port movements tending to lower trade
walls and release frozen credits"
Spain-Co-operation In tariff reduc-
tions.
Russia-Obtain economic non-agres-
sion pacts, procure credits for imports.
Belgium Suppress all hindrances to
commerce.
Scandinavian countries-LooSen mar
kets for wood, general reduction OF
tariffs.
Significant Remarks.
Rehabilitation of the lira on a
lower basis, reduction of tariffs, re-
turn of other nations to gold, elimina-
ton of exchange restrictions. drastic
scaling down of international debts by
exchanges of goods and services.
France Sterilization of the American
dollar and the British pound, general use
of gold as monetary standard. limit
production of primary commodities.
Great Britain-Raise prices Of raw
products, remove trade restrictions; sta
bilize. prime Minister Macdonald, con-
ference chairman, said: "The all-com-
pretending problem is how to get the
riches of the world enjoyed by the peo-
pie who dwell in it.")
These remarks, made early In the
conference, also are significant now:
Neville Chamberlain, British chancel-
lcr Of the eXchequer-Unless each OF us
is prepared to give something in order
to secure agreement-if, in short, this
conference fails to achieve its purpose
amid the expectations and hopes Of all
the world-then, indeed, it would be well
that the conference never was called.
James M. Cox, American member (as
he sailed for London)-n the world Is
sick enough to have gained any sense
the conference will be success.
Finance Minister Georges Bonnet Of
stabilization is fun
damental problem for an armistice to
end economic wars. Failure Of the con-
ference will threaten civilization itself.
Senator James Couzens, American
delegate-n no agreements are arrived
at . shall then return a rabid
isolationist.
Viscomt IshA. japanese delegate e-l