PRESIDENT ROOSEVELT’S POLICY

Evening Star, Issue 21636, 3 February 1934, Page 13

PRESIDENT ROOSEVELT’S POLICY

NOT DIRECTED AT OTHER NATIONS WORLD PROSPERITY THE AIM Press Association —By Telegraph—Copyright. NEW YORK, February 1. The Washington correspondent of the • New York Times ’ says that Administration quarters emphasise that the devaluation of the dollar and other features of the Roosevelt gold policy are not intended to punish other nations. The viewpoint is expressed that if the United States is to enjoy prosperity the rest of the world also must be prosperous. It is now believed that before any conversations are undertaken, even unofficially through Bank representatives, America will first await the immediate British reaction to the dollar devaluation. In some quarters it is felt that developments will shortly demonstrate whether the British Equalisation Fund will be employed to drive down the pound in relationship to American currency. Such readjustment of the pound’s value is considered very possible, and will perhaps eventually force France and other gold standard nations to a'bandon that base’. If this occurs experts believe that the resultant chaos m international exchange conditions would force the nations of the world to meet and devise some basis of understanding. OPINION IN LONDON LONDON, February 2. President Roosevelt’s proclamation provided the main topic of discussion in the City to-day. It is realised that the full implications of the new policy are not yet known. The opinion is expressed that a solution of many of the present puzzles depends on the nature and severity of the restrictions on gold movements which, it is understood, are pending. Otherwise the proclamation is .welcomed,, inasmuch, as' it restores the. dollar to a more clearly defined positiqn. LAND SCHEMES WASHINGTON, February 2. A measure to carry out land policies which contemplate the permanent removal of millions of acres from cultivation has been prepared by the Farm Administration, and will be presented to President Roosevelt within a few days. If President Roosevelt approves, as officials expect, the proposal will set in motion a long-time plan which ultimately would result in one of the greatest migrations of modern times. Acquisitions are to bo made by purchase or sonie other arrangement to persoils living now on submarginal tracts. This might include the exchange of more fertile tracts of homestead sites near factories for unproductive areas. The estimates .of submarginal land which might be retired vary, conservative figures being from 124,000,000 to 140,000,000 acres, though not all this is in actual cultivation. Mr .Harry Hopkins, Federal Director of Relief, has estimated that 1,000,000 families might have to be moved. Both city workers and farmers could be transferred from city and country slums to the combination of rural and ur*ban atmosphere that is hoped for through the decentralisation of industry. WHEAT PRODUCTION WASHINGTON, February 1. Mr Chester Davis, the farm administrator, announced to-day that the removal of an additional 5,523,000 acres of wheat land from production would be undertaken in order to bring the United i States output within the terms of the international wheat agreement within the next ten days. Mr Davis declared that plans for making a reduction in addition to that already made last autumn will be presented to wheat producers. He indicated that they would probably call for an additional reduction by the present signers of the campaign for new contracts. Officials also indicated that the proposed additional steps for reducing production and stimulating consumption among countries signatory to the international agreement might necessitate the calling of another general conference.