MUCH DISCUSSED.

Auckland Star, Volume LXIII, Issue 121, 24 May 1932, Page 7

MUCH DISCUSSED.

AMERICA'S RECOVERY. Hoover Opposes Bond Issues For Relief Schemes. CO-OPERATION NEEDED. (United P.A.—Electric Telegraph—Copyright) WASHINGTON, May 23. In a lengthy letter addressed to Mr. Charles Parker, president of the American Society of Civic Engineers, answering a letter urging a bond issue to finance public works construction, the President, Mr. vigorously reiterated his opposition to such measures to relieve the depression. Political circles regard the letter as a direct answer to recent agitation in the Congress, for example, Mr. J. N. Garner's proposal for a 2,100,000,000 dollar loan for unemployment relief. At the same time, the President urged the adoption of a relief credit programme of 12 points to solve unemployment, including the early balancing of the Budget and the <>> pansion of credit through existing machinery. "The back of the depression cannot be broken by any single Government! undertaking," said Mr. Hoover. "It can only be done with the co-operation of banks, industry and agriculture in conjunction with the Government." Mr. Hoover stressed the difference between "non-productive works," such as the public construction of buildings, etc., compared with "income producing works" to be financed by the Reconstruction Finance Corporation. He expressed the opinion that the expenditure of great sums of money for public works would place tcjo heavy a burden on taxpayers in proportion to the number of men employed, which it is estimated would be relatively few.