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THIS DOCUMENT IS THE PROPERTY OF HIS BRITANNIC MAJESTY'S GOVERNMENT
TO B E
KEPT
UNDER
LOCK
AND
KEY.
It is requested that special care may be taken to
C
ensure the secrecy of this document.
R E T .
144
(53)..
C A B
I
COPY NO .
N E. T
COMMITTEE ON THE MONETARY AND BCONOMIC
iff
C011PERENCE.
REPORT
ON THE
N A T I O N AT
OP THE U N I T E D KINGDOM DELEGA
CONFERENCE.
POLICY
1.
On May
Minister
in
24th
informed
formulating
policy
(Cabinet
on
Monetary
the
the
their
various
headings
draft
3.
rearranged
We
and
that
the
Cabinet
Meeting
the
Agenda
in
of
the
draft
Headings
held
Prime
forwarded
him and
4.
the
Subject
the
it
Cabinet
thereto
when
engaged
Government's
of
the
ready
for
these
approval
to
agreed
in
hoped
to
recommend
absence
that
next,
May
Cabinet
in
at
the
his
the
a
Scotland,
Meeting.
Committee,
receive
the
covering
a d o p t e d "by u s
his
the
'A' )
approved.
form
attend
by
(Appendix
Resolutions
to
on W e d n e s d a y
we
now
the
Owing
is
the
Agenda
reference
form
in
unable
form
of
'B',draft
Agenda
was
in
of
the
26th.
Resolutions,
Meeting
in
prime
Declarations.
Appendix
o n May
Minister
to
or
to
convenience
out
to
Conference,
submitted
set
regard
draft
Resolutions
for
in
the
Committee were
the
the
We a t t a c h ,
the
7)
of
w o u l d he
2,
Conclusion
that
conclusions
conclusions
of
(33)
Cabinet
and E c o n o m i c
form
35
THE
The
draft
h a v e h o w e v e r "been
views
"before
the
31st.
:-
To a p p r o v e t h e R e s o l u t i o n s i n t h e f o r m o f t h e d r a f t
set
out in Appendix ' B
t o t h i s R e p o r t , as the b a s i s of t h e
policsr t o be pursued by the U n i t e d Kingdom D e l e g a t i o n at
t h e M o n e t a r y and E c o n o m i c C o n f e r e n c e i n r e g a r d t o t h e
M o n e t a r y and C o m m e r c i a l H e a d i n g s named on t h e d r a f t
Agenda.
1
Signed
on b e h a l f
NEVILLE
ihitehall
Gardens,
May 2 6 t h ,
1933.
S.W.I.
of
the
Committee
CHAMBERLAIN,
APPENDIX
A.
COMMITTEE ON THE MONETARY AND ECONOMIC
PROPOSED REARRANGEMENT
1.
Money
and
2.
3.
Action
(b)
Relative
(c)
Central
(d)
Reform
4.
5.
Price
*
raise
price
value
of
Banking
of
levels:
principal
currencies:
co-operation:
international
monetary
Lenaing
and E x c h a n g e
standard:
(b)
Problems of external commercial
( b o t h l o n g ana s h o r t t e r m ) :
(c)
Resumption
Restrictions
of
exchange
Restrictions.
Abrogation
of
and
controls:
international
Tariff
Tariff
(b)
Prohibitions
(c)
Balance of trade problems;
agreements e t c :
Levels:
policy
(including
and
Wheat
and
(b)
Raw
(c)
Industrial
other
lending.
M.F.N.):
Quotas:
Co-ordination
(a)
indebtedness
Policy.
(a)
of
clearing
Production
and
Marketing^
foodstuffs:
materials:
Cartels.
subsidies.
(a)
Export
(b)
Transport
Gardens,
27th May,
to
(a)
Government
Whitehall
AGENDA.
Silver.
International
Traae
OF THE DRAFT
Prices.
(a)
(e)
CONFERENCE.
subsiai.es:
(particularly
Shipping).
S.W.1.
1933.
The w o r d i n g o f t h i s h e a d i n g w h i c h was r e s e r v e d b y
t h e C a b i n e t o n May 1 7 t h ( C a b i n e t 3 5 ( 3 3 ) C o n c l u s i o n
5 ( b ) ) was s e t t l e d b y t h e C a b i n e t Committee a t t h e
M e e t i n g on May 2 6 t h , t o r e a d a s a b o v e .
A P
P EJ f
D I X
,
MONETARY AND ECONOMIC
POLICY
( )
1.
It
world
level
is
economic
MONETARY
QUESTIONS.
MONEY AND
PRICES.
essential
of
to b r i n g
commodity
return
restore
C o m m i t t e e o n May
Conclusions.)
A C T I O N TO R A I S E
a
to
QUESTIONS
RESOLUTIONS.
approved by the Cabinet
M.E.0.(33) 7th
1.
to
CONFERENCE.
OF U N I T E D KINGDOM D E L E G A T I O N ON M A I N
R A I S E D ON AGENDA.
DRAFT
(As
B.
the
PRICE
LEVELS.
about
a recovery
prices,
producers
equilibrium
between
26th,
1933,
in
the
sufficient
to
of
commodities
costs
primary
yield
and p r i c e s
in
an­
and
production
generally.
2,
Action
without
other
to
action
spheres
financial
in
is
the
also
3.
The
prices
with
fundamental
is
cheap
the r e v i v a l
indispensable
4.
The
to
condition
and
removal
business
Banks
co-operate
should
political
controls
of
effective
action
(war
trade
of
the
with
many
debts),
of
barriers
of
money.
in
and r e s u m p t i o n
trade
condition
of
cheap
though
must
and
therecovery
This,
confidence,
announce
of
be
economic ( c o - o r d i n a t i o n
monetary
background
a policy
-
exchange
and
cannot
sphere,
and p l e n t i f u l
of
Central
undertake
vigorously
of
and m a r k e t i n g , -
reductions).
levels
necessary
lending),
tariff
of
price
monetary
(abrogation
international
production
raise
together
form
the
recovery.
principal
a view
their
to
countries
securing
intention
and p l e n t i f u l
should
this
of
money.
pursuing
of
5.
The
ordinated
that
the
6.
Central
action,
credit
The
upon
the
quality
aimed
by
at
far
have
by
stimulate
each
to
already
of
the
concerted
employment
must
it
it
should
of
The
United
importance
complete
general
await
by
the
of
an
pending
stability
this
end,
currency
countries,
of
low
with
prices
abundant
CENTRAL
greatly
conditions
money
prevention,
so
of
credit,
of
of
gold
the
in
the
of
should
for
be
to
present
far
as
can be
fluctuations
The
in
the
must
satisfactory
the
meanwhile,
by
the
to secure
reasonable
the
principal
countries.
should
undertake
variations
temporary
fundamental
Central
open market
future.
great
rise
matters
counteract
BANKING
and
wide
the
made
of
by
a
the
In
those
caused
both
it
CURRENCIES.
contribute,
standard.
to d e v i s e
the
a view
like
any
method
which
representing
between
the
to
currencies
is desirable
co-operation
and
of
problem,
to
It
can
exchange r a t e s .
would
of
the
(c)
they
of
this
effort
and n o t
the
consider
stability
order
capital
therefore
Delegationrecognise
in
its
objects
expenditure,
OP P R I N C I P A L
resources
of
the
and n a t u r e
promote
countries
value
8.
size
these
the
of
capital
of
its
to which
lines
each
use
depends
self-supporting
on p a r a l l e l
consideration
between
the
should
VALUB
of
prices
every
be
financed.
international
the
also
While
the
ensure
employed.
countries
can w i s e l y
restoration
Conference,
To
of
of
to
expenditure
encouraging
Kingdom
solution
operations,
can
extent
determine
be
co­
actively
pursued.
action
undertake
country,
the
been
traders
level
working
and
to
each
and
(To) R E L A T I V E
7.
is
capital
principal
programme
"by w h i c h
further
which employment
scheme,
Government
further
available
Governmental
the
Governments
how
made
circumstances
of
should
e . g . , "by o p e n m a r k e t
extent
stimulated
Banks
to
in
movements
economic
factors.
CO-OPERATION.
means
of
improving
Banks
of
the
the
of
policy
operations,
achieved
in
principal
development
a
the
by
of
the
at
a
cheap
and
the
time
and
the
regulation
purchasing-power
(
9.
d
)
REFORM OF UTTBEWATIQITAL MONETARY STANDARD,
The
aim o f
United
monetary
satisfactory
most
likely
The
gold
could
to
the
Kingdom
at
Imperial
upon
(inter
keeping
10
the
gold
with
the
an
international
important
will
net
to
fluctuations
in
in
so
they
as
possible
between
11.
only
As
should be
for
recommended
proportions
Central
be
of
Banks
lowered.
gold
are
gold
in
(or
in
at
the
-
in
the
adopted
namelj/ t h a t
as
to
to
country
report
Ottawa
to
fall
Government
standard
should be
(a)
a
dependent
a level
that
such
and
power
(b)
of
from monetary
this
is
more
in
re-established,
reached' between
prices
more
re-establishment
that
gold
in
causes,
purpose
the
wide
the
future.,
will
be
permanent
so
far
co-operation
needed.
withdrawn
settlement
seems
Agenda
out,
each
prices
For
is
in
commodity
purchasing
Banks
a
costs.
depress
result
ultimate
a return
pointed
regarded
ensure
prevented.
Central
Gold
used
12.
as
the
of
Annotated
should he
international
operate
the
standard
which
Majesty's
indicated
in
of
to
the
Conference
a rise
countries
far
His
standard
agreements
as
at
authorities
that
1evel
A gold
Commission
of
Economic
alia)
Before
a
remains
restoration
parity
must,
proper
policy
the
that
acceptable.
exchange
made
the
The
United
to
be
recognise
standard,
Preparatory
by
separately.
return
the
safely
by
should he
he g e n e r a l l y
and
determined
the
policy
international
time
prepared
he
Kingdom D e l e g a t i o n
of
internal
international
the
Annotated
gold
required
from
to
and
in
and
balances.
Agenda,
foreign
hold
circulation
the
exchange)
their
legal
minimum
which
reserves
should
Q
s
I1ft
3d
13.
Other
of
hoarding,
of
small
etc.)
methods o f
by
substitution
denominations
should be
2.
1.
The
A
United
Kingdom
resulted
assist'
and
of
in
and
powerfully
in
in
the
process
and
weaker
feasible
abandon
safeguarded
outset
Bank
result
use
for
of
bank-notes
cheques
the
regard
main
the
tasks
RESTRICTIONS.
abolition
before
of
the
prices
of
the
of
in
in
world
trade
of
exchange
exchange
the
required
likely
excessive
and
that
weakening
of
would
the
of
service
the
unless
this
have
credits
to r e g a r d
restrictions
danger
which
for
certain
raw
contribute
controls
But
not
would
short-term
transfers
are
and
difficulties
"unfreezing"
States
an
foodstuffs
exchange
the
against
of
it
as
they
would
their
can
at
the
Central
Reserves.
3.
The
revival
resumption
should
be
required
capital
of
to
4.
Meanwhile,
whereby
the
conditions
countries
to
this
the
been
the
trade
depends
international
the
be
stability
expected
the
every
effort
the
flow
of
present
surmounted.
United
Kingdom
Conference
delegation
should
examine
could
receive
financial
assistance
enable
on
confidence
normal
until
countries
an
and
and
The
weaker
with
largely
lending
possible.
however,
have
that
world
to r e s t o r e
render
cannot,
desirable
of
normal
made
difficulties
order
of
indebtedness.
financially
be
one
increase
external
to
general
Delegation
imposition
debts
other
as
reducing
the
trade
coin
prevention
LENDING AMD EXCHANGE
wholesale
the
to
subsidiary
"by
Conference.
rise
materials
(e.g.
studied.
INTERNATIONAL
Economic
2,
of
gold
and b y more
Exchange r e s t r i c t i o n s
World
economising
available
exchange
surplus
under
of
restrictions
some
it
means
appropriate
from
gold
to
regard
be
the
creditor
reserves,
abolished.
in
as
COMMERCIAL
3
*
TRADE R E S T R I C T I O N S
(a)
Tariff
(i)
1.
the
QUESTIONS.
The
United
temporary
AND T A R I F F
policy
Tariff
Kingdom
extension
the
certain
of
adopt
any new
initiatives
which
difficulties
now
of
commerce.
of
the
Similarly
Conference
they
which
provisions
which w i l l
a means
stereotyping
of
countries
with
increasing
be
forced
2.
moderate
them,
while
to reduce
"The
conditional
might
that
the
countries
would be
adherence
of
the
United
reserve
the
to
is
resolution
subject
not
so
used
to
as
that
prevented
tariffs
Kingdom
from
would
not
Delegation
is
on:­
Recognition
The
not
them.
(b)
3.
under
many
any
ground,
high
I t s a d o p t i o n by the g r e a t m a j o r i t y
important trading
countries.
( i i )
to
Truce
(a)
(i)
the
to
international
position
with
agree
agreed
increase
same
present
tariffs
have
subscribe
the
to
Declaration
arresting
covered
the
prepared
countries
would
secure
are
existing
principal
M.F.N.).
Truce.
Delegation
which
varieties
the
(including
etc.
of
POLICY.
that
it
does
not
of
preclude
the
on
more
their
part
t h e v/orking o u t a c c o r d i n g t o programme o f
measures aimed a t the c o - o r d i n a t i o n of the
production or d i s t r i b u t i o n of
certain
a g r i c u l t u r a l p r o d u c t s , f o r which the United
Kingdom c o n s t i t u t e s p r a c t i c a l l y the s o l e
world market,and of
fish.
the i m p o s i t i o n or increase of c e r t a i n
Import
duties in accordance with e x i s t i n g
obligations
o r g e n e r a l commitments, such a s d u t i e s t o
which they are c o n t i n g e n t l y committed under
the Ottawa A g r e e m e n t s and d u t i e s i n r e s p e c t
o f w h i c h a p p l i c a t i o n s w e r e made t o t h e I m p o r t
D u t i e s A d v i s o r y C o m m i t t e e o r w h i c h ^were u n d e r
r e v i e w b y t h a t C o m m i t t e e p r i o r t o 1 2 t h May,
1933.
United
right
Kingdom
to
apply
Delegation
would
any r e s e r v a t i o n s
also
have
made b y
to
other
­
countries,
from
be
the
they
Tariff
consider
that
Truce
adopted
(ii)
Customs
the
by
provision
the
for
Organising
withdrawal
Committee
should
maintained.
1.
of
and
As
all
the
countries,
facilities
are
for
can
that
is
2.
be
of
revenue,
the
standard
and
(c)
for
production
life
of
3.
economically
require,
there
the
should
may b e
proper
Kingdom
of
the
ail
Delegation
World's
are
countries
economic
increased,
be
a.
imposed
(a)
in
that
every
of
the
purpose
country
country
forms
as
for
has
attained
industry
essential
to
of.
the
and
economic
countries.
excessive
such
carried
which
in
do
not,
tariffs
Subject
interests
of
element
is
justify
unessential
be
to
special
any
i n any
to
to
efficiently
tariff
the
compete w i t h
may
should
efficient
producers
abroad.
4.
out
The
any
tariffs
they
are
United
me ohod
of
w h i c h may
quite
Kingdom
securing
commend
prepared
to
-delegation, have
the r e d u c t i o n
itself
to
examine
the
no
of
wish
to
rule
excessive
Conference
any p r o p o s a l s
and
exceptions
countries
customs
place
the
industries
cannot
individual
required
a position
however,
of
industries
on.
protective
producer
must be
well-being
tariffs.
which
are. r e g a r d e d
the
facilities
in
maintenance
to
to
United
existing
encouragement' of
particular
the
if
customs
the
essential
restoration
there
living
where
exceed t h a t
domestic
full
considerations
by
countries
not
of
particular
the
and
for
which
These
which
exchange
tariffs
the
maintenance
in
that
that
(DJ
is
follows
excessive
Customs
goods
achieved
say,
reduction
of
that the
only
to
it
such
convinced
life
of
exchange
"Tariffs.
and
that
may b e
put
forward
reduction
by
which
such
any
v i e w the
for
multilateral
-
in securing
excessive
tariffs;
enough
area;
country
of
of
support
third,
it
or
and
must
it
fourth,it
lead
to
in
their
likely
to
be
reductions
command
must
not
tariff
to
a
upon
wide
this
demanded
have
or
of
sufficiently
those
not
wars
a
cover
impose
must
to
are
tangible
must
such
conditions
conform
disproportionate
countries;
repercussions
really
of
The
must be
second, i t
sacrifices
other
should
first,it
effective
measure
achievement
action.
proposals
following
general
the
injurious
other
economic
hostilities.
5.
The
impressed
in
U n i t e d Kingdom
by
the
different
into
account
In
to
which
in
application,
disposed
diversity
countries
considerations
they
advocate
view
in
reduction
should
would
rather
some
6.
at
The
to
a
of
to
to
take d e t a i l e d
urge
of
the
that
the
countries
customs
future
course
which
account
Conference
a view
to
of
would be
general
negotiations
term
uncertain,
valid
do
bilateral
the
short
trade
the
should
of
unduly
of
countries,
The
of
taken
negotiations
duties.
arrangements
be
ta.riffs
negotiation
with
special
themselves
negotiating
the
of
universal
therefore,
series
promote
agreements
years
accordance
to
at
the
not,
have
bilateral
by
excessive
aim not
leave
this
Convention
relations
between
of
are
possible
power
agreements
a
undoubtedly
runiber
of
accordingly
its
large
customs
is
all
the
of
it
they
and b y
prevailing
the r e d u c t i o n
in
and
conditions
approach.
achieved
trade
the
of
be
particular
however,
method
can b e s t
which
are
of
would
framing
and
their
Delegation
for
at
which
but
luast
come.
United
with
the
Kingdom
above
D i
e
aim,
e
g
a
tion
consider
commercial
that
treaties
in
should
not
be
terminated
and
then
only
agreement
before
after
by
every
Reductions
agreements
be
of
the
concessions
countries
8,
be
effort
tariffs
given
obtained
the
maintained
to
such t r e a t m e n t
granted
to
Kingdom
new
to
one
in
secure
clause
in
their
10.
Accordingly,
ts
agreements
of
British
the
to
(falling
to
limited
to
prejudicial
commit
are
enjoy
their
under
shared
the
to
tariffs
by
all
treatments
cannot,
willing
the
however,
"benefit
adopt
a
and
in
of
and most
exports
Treaties
United
any
treatment
short
on h i s t o r i c a l
of
the
United
unconditional
of
the
with
Kingdom
formula
in
most-favoured-nation
foreign
are
not
derogations
from
or
in
respect
of
full
Customs
Unions)
associations
countries.
Delegation
allowing
interpre­
such
regional
as
group
except
those
already
recognised.
Apart
entitled
are
widest
commercial
agree
based
generally
and
which
framing
most-favoured-nation
prepared
they
the
favour
disposed
reach
agreements.
in
11.
by
clause
country
treatment
countries
tation
those
effect
i s t h e p o l i c y o f H i s Ma j e 3 t y ' s O o v e r n m e n t
to
to
bilateral
most-favoured-nation
unless
policy
negotiating
It
undertaken
treatment.
by
fullest
Most-favoured-nation
9.
are
b e e n made
most-favoured-nation
entitled
reasonable
has
Moat-favoured-nation
of
will
application
which
negotiations
negotiation.­
( i i i )
7,
tariff
from
this
examine
the
United
on m e r i t s
exceptions
which
Kingdom
specific
are
proposals
accepted
most-favoured-nation
treatment
to
but
British
themselves
to
interests
accepting
such
delegation
they
by
will
for
other
temporary
countries
and w h i c h
are
proposals
not
in
be
are
no."j:
prepared
advance.
to
PROHIBITIONS
1.
International
all
import
policy
are
in
and R e s t r i c t i o n s
The
United
distinction
the
on
be
protection
for
the
in
home
remunerative
admitted
country
producer
or
level
of
of
of
of
on
import
quotas
Prohibitions
a
production
to
prices
measure
or
of
market
agreements
restore
for
clear
arbitrarily
an a d d i t i o n a l
as
which
1927.
that
and
wholesale
commercial,
consider
as
so
abolish
exceptions
international
marketing
to
Convention
and E x p o r t s
pursuance
production
sought
grounds
drawn b e t w e e n
importing
a
the
Imports
the
regulate
to
on
Kingdom D e l e g a t i o n
should
imposed
should he
International
imposed b y
quotas
QUOTAS.
adopted
prejudice
enumerated
2.
agreement
prohibitions
without
AND
and
to
maintain
producers
in
all
countries.
3.
The
United
Kingdom D e l e g a t i o n
progressive
abolition
their
the
view,,
primary
raises
found
of
in
problems
concerned.
for
slump
in
which
agreements
and marketing
in
arbitrary
by
the
favour
import
the
and p a r t i c u l a r l y
international
production
all
disastrous
commodities,
special
of
are
of
prices
the
quotas.
of
solution
the b e t t e r
countries
In
certain
agricultural
the b e s t
for
of
is
products,
to
be
regulation
principally
(c)
Balance
1.
In
This
to
is
of
visible
In
fact
to
.. f o r
its
on
prepared
it
the
to
be
a
claims
to
on
a
In
cases
trade
its
imports
means
the
of
flow
its
of
exports
trade
trade
will
if
it
diverted, from
a direct
3.
balance
Clearing
have
the
effect
greatly
between
of
each
arrangements,
are
clearly
inconsistent
the
present
tendency
this
will
to
country
of
in
trade
exchange
depends
the
exchange
In
its
i.e.
country
some
volume
into
channels
naturally
with
these
principles,
other
reduced
arrangements
not
compel
course
to
secure
countries.
would
such
by
cases
order
it
adopt
one
The
in
of
precisely
second
channels
trade
be
prosper
complicated..
barter
will
principle.
being
a
it
these
countries
of
of
wishes
countries
triangular-,
pair
and
diverting
appropriate
country.
normal
surplus
Is
cannot
and
a
trade
this
from
hampered
agreements
for
checked,
more
its
but
be
such
a third
even
of
is
be
is
to
(i.e.
many
prosperity.
countries
is
in
the
of
of
to
of
sign
basis
balanced.
for-
two
belief
takes
trade
each
pay
it
must
questions
settlement
effect
between
will
conform
trade
creditor
commodities
country
policy
on f o r e i g n
revival
international
reorganised
in
creditor
in
which
practical
many
of
imports
The
extent
give
If
a
reasonable
be e d u c a t e d
to
of
is
balance
the
a
a wide-spread
services
exports.
to
is
and
regard
imports)
its
above
Moreover,
2.
if
and
own
largely
of
to
that
balance
country.
goods
over
over
has
which
in
is
a favourable
payment
accept
claims
There
a favourable
a debtor
obtain
with
Agreements, e t c .
may p u r s u e
opinion
necessary
exports
Clearing
Governments
public
trade.
such
problems,
principles
that
of
must
policy,
the
countries
to
that
peculiarly
balance
only
trade
order
commercial
regard
of
arrangements
countries
which
in
which,
flow
and
if
cannot
which
have
hitherto
United
avoided
will
abandonment
4.
to
lo
3)
the
commodities
marketing
a
level
the
by
which
producers.
Annotated
normally
cerned
but
necessary
position
several
in
the
countries
able
the
level
regard
them
the
to
(page
to
the
of
concerned
at
and
the
that
of
primary
of
to
their
initiative
the
regulate
They
wheat
in
the'
should
producers
are
not
con­
may
in
production
in
of
to
but
scheme
a large
contain
interests
are
in
of
United
be
a
and
Kingdom
regulation
be
of
prepared
and
food
of
in
case
each
should
be
adequate
consumers
to
it
forward
of
the
the
reason­
consider
seems
provisions
in
a
regulation
put
proportion
other
exporting
prepared
schemes
in
to
with
producers
for
safe­
importing
c o u n t r i e s.
3
0
The
United
Kingdom
11c
Delegation
share
of
co-operate
of
and m a i n t a i n i n g
also
are
supplies
to
supplies
principal
restoring
commodities
of
the
would
the
They
the
the
supplies
co-operation
should
efficient
Governments
the
promoting
part
least
to
at
products.
in
that
the
and
prices
expressed
producers
of
production
agreements
of
of
Government
of
view
such
intervention
a view
other
support
guarding
the
the
Quotas,
prices
regulation
32)
prices.
essential
in
with
on t h e
question
fall
AND M A R K E T I N G .
favour
agree
products.
of
of
in
They
with
the
are
return
regulation
for
and
an e c o n o m i c
engaged
food-stuffs
Prohibitions
yield
cases where
food
the
OP PRODUCTION
will
of
The
movement
wholesale
Majesty's
themselves
the
maintaining
themselves
His
2'
limit
to
that
distribution
that
agreement
Kingdom D e l e g a t i o n
a view
left
in
(see
disastrous
Agenda
be
stated
co-ordinated
with
them.
channels.
United
with
which
adopt
trust
international
CO-ORDINATION
already
to
therefore
arrangements
LEVELS:
-
As
dealing
of
secure
unnatural
PRICE
para.
arrangements
Kingdom D e l e g a t i o n
Conference
trade
such
the
views
stated
in
the
Annotated
certain
cases,
temporarily,
have
to
and
The
this
view
NOTE:
of
to
the
of
the
formulated
case
avoidance
of
tariff
of
policy
by
The
no
Kingdom
doubt
has
been
expedient
the
long
run
on
the
budgets
to
the
export
Conference
the
abolition
2.
Shipping
be
on
of
conflict
increases",
commend
the
of
precise
terms
in
the
should
settled
in
due
after
which
course
the
be
Report
of
SUBSIDIES.
subsidies
be
such
one
to
and
tends
other
any
such
Officials
question
to
the
force
subsidies
secure
export
the
of
general
this
World.
a
securing
One o f
nf
same
the
involve
without
nation.
to
adoption
Governments
Governments
of
and D o m i n i o n
whole
competition
Subsidies.
force
prevention
the
Government
the
should
of
They
received.
therefore
of
on
Governments
trade
the
least
certain
confidently
Kingdom
GOVERNMENT
unfair
certain
In
United
supplies.
Subsidies.
involve
of
in
Conference.
!
United
trades
at
prices...,
the
data
will
Export
particular
the
tended,
to
collecting
Committee
unsound
have
stabilise
in
"Undoubtedly,
countries,
the
5.
1.
that
U n i t e d Kingd3m D e l e g a t i o n
Regulation
this
and
present
policy
and
contributed,
A Committee
at
32)
agreements
maintain
certain
and r e p r i s a l s
(page
economic
effectively
products
is
Agenda
burden
advantage
t h e aims
agreement
of
for
subsidies.
The
te ^shipping
same
principles
subsidies
apply
whether
in
with
the
form
of
subsidies
the
for
operation
payments
not
of
this
policy,
burden
on
to
welfare.
its
consider
the
by
2,
the
that
the
shipping
The
and
the
charges
in
economy
competitive
directly
Annotated
has
United
on
many
1933.
or
for
services
in
countries
instead
of
a
eventual
contract
rendered.
consequence
become
be
made
abolition
of
such
to
secure
subsidies
agreement.
S.W.I.,
a
therefore
should
was
the
the
for
contribution
Kingdom D e l e g a t i o n
effort
routes
as m a i l
Agenda,
The wording of t h i s paragraph
by the S e c r e t a r y o f S t a t e f o r
w i t h the Board o f Trade a f t e r
of the Committee.
Gardens,
26th May,
in
a determined
international
Whitehall
on normal
out
or
whether
national
reduction
MOTS.
ships
based
As p o i n t e d
of
shipbuilding
settled ­
Colonies
Meeting