DOWNHILL DRIFT.

Auckland Star, Volume LXIV, Issue 202, 28 August 1933, Page 7

DOWNHILL DRIFT.

CHECKED IN AMERICA. Roosevelt Proclaims Success of Recovery Drive. REORGANISING INDUSTRY. (United P.A.—Electric Telegraph-Copyright) (Received 2 p.m.) NEW YORK, August 27. President Roosevelt yesterday declared his national recovery drive to be a success. In the course of an address to the people of his home county, at Poughkeepsie, New York, he asserted that the downhill drift had definitely turned and become an upward surge. The President gave a full explanation of his policy for the industrial reorganisation of the nation. He said he was determined to end monopolies and announced a new principle of "home community," namely that no individual and no family has the right to do things which hurt their neighbours. "The Government hopes that the building up of wages that are starvation wages and the shortening of hours of work in every part of the United States will result in a greater distribution of wages and an increase in the number of persons employed," said Mr. Roosevelt. "We seek definitely also to increase the purchasing power of the American people. It is not fair to our neighbours if we allow cattle to roam on their lands or maintain a pig-sty in a street. It would be unfair to our neighbours if. we sought to make an unreasonable profit from a monopoly in services such as electricity, gas, or railway tickets, which they have to use." Mr. Roosevelt yesterday arranged for a visit to New York next week by Mr. Montagu Norman, Governor of the Bank of England, upon the request of Mr. George Harrison, Governor of the Federal Reserve Bank of New York. Professor Raymond Holey, intimate adviser to President Roosevelt, resigned on Sunday as Assistant-Secretary of State.