RADICAL CHANGE

Dominion, Volume 27, Issue 36, 6 November 1933, Page 9

RADICAL CHANGE

U.S. Recovery Plans ADMINISTRATIVE SIDE Washington Considering WEEK-END DEVELOPMENTS By Telegraph.—Press Assn.— Copyright. (Received November’S, 7.5 p.m.) Washington, November 4. Tbe financial editor of the “New Tork Times” states: ''W’all Street undoubtedly believes in the National Recovery Act, but it has not oven looked the plain indications within the last few days that a radical change In methods, if not in actual cohtrol, fnay be under consideration in Washington. There is some comment that the Government is, preparing to delegate more Of the responsibHities of the direction of the industrial recovery activities to bus ness and industrial leaders. A variety of interesting developments Occurred to-day on the wid fronts ot the American plan for economic recovery. Probably the most important was the failure of the conference with president Roosevelt of the ‘’overacts Of several farming States. The I resident issued a statement expressing tiravfe doubts concerning the legality or effectiveness of the farmers proposals for price-fixing, quotas, and other remedies, but ipvlted further conferences with the Governors repreLaugar, of North Dakota, stated: “The conference has been a iw pgr cent, failure. lam very disappointed mid disgusted The farmer Is the forgotten man. Everybody el. e has been here before him and got all the money. There is nothing left for the farmer.” The governors proposed a gigantic marketing agreement under the Farm Act, covering the major farm commodities of the Middle West. It was suggested that the new price-lifting scheme would take the form of an agreement under which farmers would be guaranteed a fixed price for their products based on “parity" levels. It is designed to give -products an equivalent to pre-war purchasing power. The fanner would agree to curtail his production in future years as found necessary by the Department of Agriculture to fit the supply and demand situation for each commodity. ■ Tlip Governors have departed to their various homes. Press dispatches from the various States concerned indicate the possibility of a widespread farmers’ strike holiday. Mf. Ford Announcement. The relationship of Mr. Henry Ford With the National Recovery Act administration again came to the fdre when, following upon an announcement that the manufacturer proposed to lay off 9000 men for a week in order to reduce the' average working hours to 35. as provided by the automobile code, General Hugh Johnson issued the following statement: “We will be glad to consider making an exception and permitting him to keep the men employed." The Ford company’s.statement that they “are taking this mandatory step in compliance with the new prohibition against work in this country” plainly angered the National Recovery Act administration. ■ News from Detroit indicates that the tool ahd die makers’ strike has been broken. A thousand strikers lu -4 shops are expected to return on Monday. With the “captive” coal mine strike in the tri-State region apparently in process of compromise, a new threat to the coal-mining industry occurred to-night with h call issued by the United Anthracite Miners’ Union of Pennsylvania for a general strike on Monday in Order to force recogltion of the new. union. Sixty thousand workers are affected. MONETARY PROBLEMS Conflicting Market Trends FOREIGN EXCHANGE (Received'November 5, 7 p.m.) Washington, November 5. Conflicting trends swept over the foreign exchange market yesterday. Sterling rose to 4 dollars B*>t cents, but the franc and other gold standard exchanges weakened slightly, so that the gold value of the dollar rose to 64.60 cents. In face of this advance, the Reconetructlon Finance Corporation further devalued the purchasing power of the dollar against domestic gold to 32 dollars 67 cents an ounce, indicating a valuation of 63.27 cents for the dollar. The spread between the Reconstruction Finance Corporation's gold price and Loudon, continued to widen. The world price, at sterling’s opening rate of 4 dollars S6j cents, was crinal to 82-13 dollars an ounce. The week’s figures covering commodity and stock markets indicated little or no improvement iu prices as a result of the gold purchases. Traders apparently are still unimpressed With the inflationary possibilities of the gold policy. YOUTH TO WORK Leisure for Older People AN AMERICAN PLAN Washington, November 3. A plan whereby youth shall supply the necessities of lite while older persons play or work for luxuries has elicited the Interest of Mrs. Roosevelt and the Sei-rotary of Labour, Miss Frances Perkins. The seventy-one-year-old Mrs. PreStonia Martin, wife of a college professor, has sponsored a plan whereby all able-bodied youth ot both sexes, and Of ages from 18 to 26, shall be conscripted into a class of “commons who shall grow and deal with the process of making food, and run the nation’s transportation and basic Industries. After reaching 26 years.the commoner becomes a member of the ‘capital class." His necessaries are then provided for him, but he must work for luxuries sUcb as automobiles, furs, -caviar, etc. Mrs. Roosevelt considers that the proposal is a “really interesting and new suggestion.” Miss Perkins says such "theories are . Interesting, but highly debatable.”