Evening star., 1933-06-21

essential and Is the next logical problem
to be tackled, but said that If the United
States is not ready. then other lines of
attack on the world depression must be
made at points where an agreement IS
possible.
Neville Chamberlain, British chancel-
lor Of the exchequer. opened q vast
field for conference work in outlining
his country's program for raising price
levels and for easy money at the con-
ference yesterday. these sources said.
His outline included four major points
which British circles said do not con-
fiict with the American domestic pro-
gram Of recovery. but rather are In
harmony with this project.
Chamberlain's points were:
l. High price levels.
g. No more deflation.
g. Cheap, plentiful and active credit.
f. Cooperation with central banks.
Upon the resumption of committee
sessions this morning. opposition quickly
developed in the meeting Of the sub
committee on temporary monetary
measures to Chancellor Chamberlain's
resolution.
M. Backmann, president Of the Swiss
National Bank and Alberto Beneduce.
head of the italian Institute for In
dustrial Reconstruction, urged con-
servative monetary and credit policies,
thus tending to support the French
thesis.
NJ Backmann asserted that tnterna-
tional debt problems should be settled
as soon as possible and q general return
to the gold standard should be accom-
plished to restore confidence and pro-
mote sound recovery.
Signor Beneduce supported q liberal
credit program, but only when the basic
demand for it Is sound"
He said he fully supported the Swiss
stand and viewed open market opera
tions with extreme caution. Temporary
imitation. he asserted. will not give the
purchasing power necessary to carry an
upward movement very far and might
be followed by a crisis more dlmcuit
than the present one.
other delegates interpreted these re-
marks as directed toward the United
States. -,
The japanese delegate agreed in
principle" with the British proposal, but
said it was necessary to remind the
various nations that the policy must be
pursued with caution.
M. Bonnet rose next to say that we
are unanimous in thanking MT Cham-
berlain for starting the exchange OF
views on financial matters at the outset
of the deliberations"
Then he asserted that American ef-
forts to raise prices last year failed be-
cause confidence had been destroyed,
resulting in boarding.
Continuing his indirect criticism OF
the present American policy. the French
financier said it was possible to end
boarding by forcing the people to buy
through depreciating the currency, but
this causes only another form OF hoard
ing.
He maintained that confidence is es-
Sential for any return.
1--WE agree on the necessity Of raising
world prices" NJ Bonnet added, "and /
give the acceptance Of France to any
such policy.
I'VE agree on this, but divergencies
crop out on applications"
Food Committee Formed.
M. Bonnet's forceful address. which
drew frequent applause, reached cli-
max in his declaration that restoration
Of confidence is a prime need for world
recovery.
In the meeting Of the Economic Com
mission, % countries, including the
United States, were named by the
chairman to form a subcommittee OF
the commission to deal with co-ordina-
ton Of production and marketing of
wheat and other foodstuffs, such as
sugar and wine; of raw material. such
as coal, cotton, wool, timber and the
like. and all industrial and agricultural
agreements or cartels.
Countries to be represented are Ar
gentina, Germany, Australia, Brazil,
Britain, Canada, Cuba. Denmark. Egypt.
Spain, the Irish Free State, the United
States, France, Greece, Italy, Japan,