RECOVERY ON WAY

Dominion, Volume 27, Issue 68, 13 December 1933, Page 9

RECOVERY ON WAY

But Not Yet Out of the Wood ROOSEVELT’S BELIEF Farmers’ Relief Measures CO-OPERATION ASKED By Telegraph.—Press Assn.—Copy right (Received December 12, 7 p.m.) Chicago, December 11. In a message to the annual convention .of the American Farm Bureau Federation, President Roosevelt counselled continued co-operation with the Administration’s programme for “controlled agriculture.” Mr. Roosevelt outlined measures already undertaken for the relief of farmers, and stated: “We seem to be on the way, but we are not yet out of (the wood.” t EXCHANGE MARKET Influence of French Outlook The price of gold still remains at 34 dollars 1 cent an ounce. Dollars increased in gold value against the franc and sterling weakened ostensibly under the cessation of the flight of capital from Paris with an improvement in the French financial outlook. A bull movement on the Stock Exchange continued until late in the day, when a mild reaction set in. Securities were irregular. Bonds moved ahead for the tenth straight market day. Commodities were irregular.. The dollar closed at 64.12 cents in terms of the franc, a slight increase. The day’s range was 63.19 cents to 64.41 cents. Sterling touched 5 dollars 8 cents and closed at 5 dollars 9i cents, off 7} points. The franc closed at 6.11 cents off 6J points. CURRENCY PROBLEM Stabilisation Conference Rumour (Received December 12, 7 p.m.) New York, December 11. Reports from Paris that the Bank of England, the Federal Reserve Bank, and the Bank of France had opened a currency stabilisation conference could not be immediately confirmed in Washington. NEW DEPARTMENT Markets for Farm Products SOLVING A DISPUTE \ (Rec. December 12, 9.10 p.m.) Washington, December 12. The formation of a special Government Foreign Trade Committee, with Mr. George Peek as its head, was announced to-day by President Roosevelt. The appointment necessitates the retirement of Mr. Peek as Agricultural Adjustment Administrator, and Mr. Chester Davis, chief of the Production Division,. has been ‘appointed to succeed him. The new arrangement has solved, the dispute in the Agriculture Department over the policy between Mr. Peek and the group headed by Professor Rexford Tugwell, the Assistant Secretary. The object of the new committee, it is stated, is for the purpose of reopening markets for the surplus of agricultural products with such foreign purchasing power as may be developed by reciprocal tariff barriers and other international arrangements. LIQUOR IMPORTS i Prospects for Australian Wines SOME DIFFICULTIES (Received December 12, 7 p.m.) Washington, December 11. The greatest possible confusion con; tinues to exist in connection with wine ■liquor imports, in the face of the popular demand and the persisting high prices for the domestic as well as the foreign supplies available to the retail liquor stores in the country. It is reported that lower import taxes on French wines and liquors in return for lower tariff rates on American agricultural products was definitely offered to-day to the French Ambassador oy the State Department, and Sir Ronald Lindsay, the British Ambassador, visited the State and Agricultural Departments in reference to British exports of Scotch and Irish whiskies in return for American pork and butter. , Those countries which had no liquor exports before prohibition continue to work in the dark.

It is known that Australia, South Africa, and Argentina are among the countries which, despite persistent application and reference to the authorities, have been able to make only a little headway. It is felt that a variety of considerations impel the authorities. While they obviously are anxious in no way to Impede legitimate importers, it is indicated that the aim of the American Government is to give the greatest present opportunities to domestic producers until such time as Conress after the New Year provides permanent regulations It is understood that the first Australian liquor importers’ application for a permit to bring in 30,000 gallons of wine and a proportionate amount of brandies was allowed only 4000 gallons. When it was pointed out that this would be insufficient for samples, let alone cover the States of Oregon, Washington, and Arizona, which was the applicants’ reserved territory, the authorities increased the allowance to 7000 gallons. It is reported that another application was made for a permit to import 1,050,000 cases of Australian liquors, including beer, but it is indicated that the applicants have Uttle chance to ob-

tain more than a slight percentage of this quantity. A canvass of the situation as.it concerns Australian liquors seems to indicate that only careful and united application to the American market is likely to achieve any success.