RECONSTRUCTION

Evening Post, Volume CXVI, Issue 145, 16 December 1933, Page 9

RECONSTRUCTION

FINANCE CORPORATION

IMPRESSIVE FIGURES

WASHINGTON, December 14. It is announced that the Reconstruction Finance Corporation made credit advances totalling 648,000,000 dollars in October, compared with 95,000,000 dollars in September. A sum of 36,000,000 dollars went to tho banks, and 253,000,000 dollars to farm products marketing schemes. A United States conference of cityMayors today petitioned the Government to increase the public works outlay by an additional 2,000,000,000 dollars. ■ \ The annual Department of Agiiculturo report states that currency inflation alone cannot restore farm incomes. It is admitted that production control "is obnoxious to every class of our society," Uut that it is necessary. The report advocates the "regulation of profits." It is estimated that in 1933 the total income from production was 6,400,000,000 dollars,, compared with 5,143,000,000 dollars and 9,611,000,000 dollars in 1932 and 1931 respectively. It is announced that, to date, 546,000 ouncek of nowly-mined gold have been purchased by the B.F.C. for 14,885,000 dollars. It is also announced that.26oß banks, have applied to sell their preferred stock or capital notes to ■ the R.F.C. A total of, 530,000,000 dollars' worth of 1942 stock l?as been authorised and tho purchases will total a billion ultimately. Tho Assistant Secretary to the President has announced on behalf of Pre- 1 sident Eoosevelt that gold purchases'! by the United States Till continue in- j definitely. , At a conference today be-i tween the President and his advisers tho question of going back to gold was not discussed, and any predictions of stabilisation, now, or in the near future, or at any time, would be all wrong. "In regard to stories about treaties between the United States and England on the subject of gold, this is worse than a bad guess," said the Assistant Secretary.