ECE ‘Report (Continued from Page 1) countries, the report said, additional internal austerity ures also necessary. would be although meas- Unless European currencies are revalued now, the report warned, the present Spiral of rising. prices and incumes -will “very. probably continue to deveiop.” “The impact of even a modest appreciation of European currencies would help to break this. spiral,” it said. “A more drastic revision might well undo some of the past damage.” A sudden collapse of world raw material prices “would, of course, completely a:ter the outlook,” the report said, but such a collapse was called highly unlikely in view of growing shortages and: world-wide rearmament. The report was | commission’s prepared leading by the economists | under the direction of Hal B. Lary, | of Weatherford, Tex., head of the commission’s research and pianning division. It is to be submitted to the annual seSsion of the commis- sion, opening delegates and here Tuesday, with| the United States from every European country ex: cept Spain taking part. The experts said that a simulta | neous revaluation by Western European countries would result in an) immediate | by drop Western in the Europe prices for |Taw material imports | dollar: area, including its paid | major from the cotton, to- |bacco, grain, timber, . sugar and imanufactured products. The prices of these. imports would fail “by almost the full amount” of the revaluation, the report predicted. Raw Material imports from the overseas areas of. sterling anda other West European. currencies, would. also register substantial price declines in terms of European currencies, the their dollar report prices said, wouid. because remain static or rise “only moderately.” The these report said products,. rubber, present which wool, tin. conner. cocoa and ‘Aqiaqd ABU prices of inciude TTI ‘UOTIIDSI2 941 ULM UO 4aq B VoUeDp.I0N|