It points out that, since 1932, there has been a rise of twelve per cent. in sterling wholesale prices, while the rise in sterling prices on primary. products for the same! period has been about twenty per cent.
The delegations re-affirm their! Jeonviction that the lowering or Femoval of barriers between coun-{ries of the Empire, provided for the Ottawa Agreement, will not only! facilitate the flow of goods between them but will stimulate and increase the trade of the world.
to the. prine! the monetary they now deve te draw attention and financial. policies which have emerged from the work of both Ottawa and the World Economic! Conferences and which are of the! tutinest importance for countries within the British Commonwealth, At the Ottawa Conference, the declaration states, the governments represented declared their view that!
rise throughout the world in the general lev of wholesale prices was in the highest degree des irable and stated that they were, to ce-operate with other nations in any practical measures for raising wholesale prices. They agreed that rise in prices could not be effect:
monetary action alone,—since various other factors, which combi fed to bring about the present depression, must also be modified or Temoved before a remedy is assured, Revival of Trade In the monetary sphere, the mary. Tine of action towards a in prices was stated to be the creation and maintenance of such conditions as would assist in the revival fof enterprise and trade, including] Tow rates of interest and'an_abund-lance of short term money, The i flationary creation of additional means of payment to finance public Jexpenditure was deprecated and an orderly monetary policy was manded, with safeguards to limit the scope of commodities and securities.
Since then, the policy of the Brit. ish Commonwealth has, been directed the raising of prices, and the delegation note with satisfaction that this policy has been attended with an encouraging measure of Therefore, the delegations consider that the Commonwealth should Pursue, within the limits of sound Bnance, a price-raising policy until there is evidence that equilibrium has been re-established, when the po could be stabilized.
"They also consider that the expansion of government programmes capital outlay is a matter for the respective governments in the light of their own circumstances.
Text read from the printed page and cleaned; old type leaves the occasional error.