ECONOMIC RECOVERY

Auckland Star, Volume LXV, Issue 70, 23 March 1934, Page 7

ECONOMIC RECOVERY

Experts' Analyse America's Programme. FRANK BRITISH CRITICS. NEW YORK, March 22. At an all-day session the Academy of Political Science thoroughly canvassed President Roosevelt's recovery programme, particularly the monetary aspects. Mr. Ogden Mills, Professor George Warren, Mr. Owen Young, Mr. Russell Leffingwell (one of the senior partners in J. P. Morgan and Company), and Sir Arthur Salter and Sir George Paisli (British economists) led the discussions.

Mr. Mills pleaded for economic freedom as opposed to the regimentation of industry. Professor Warren, who is the author of the gold buying plan, was the principal defender of the Government. Sir Arthur Salter discussed international economics in relation to politics, saying that while he did not believe war was near, economic warfare might lead to clashes. Sir George Paisli criticised both the American and the French gold policies as having brought the world to ruin. He said that if they continued to increase their gold stocks no monetary system would work at all.

"You will reduce the world to such poverty and distress," said Sir George, "that there will not be a system at all— not even a system of Government."

VIGOROUS CRITIC.

BORAH SCARIFIES N.R.A. WASHINGTON, March 22. In the Senate yesterday Mr. W. E. Borah quoted a report of the Federal Trade Commission to the effect that the operation of the N.R.A. code was making the steel industry a monopoly. He attacked the Recovery Act as the creator of monopolies, economically unsound and tantamount to economic feudalism. Mr. Borah said that through the "iron and steel institute" the major steel companies were fixing prices which were rising too rapidly in comparison with others, to the detriment of national recovery.