“PAY AS YOU FIGHT”

Evening Star, Issue 21991, 29 March 1935, Page 9

“PAY AS YOU FIGHT”

AMERICAN SCHEME OUTLINED RESULT OF MUNITIONS INQUIRY Press Association—By Telegraph—Copyright WASHINGTON, March. 27. Mr B. M. Baruch, a former chairman of the War industries Board, before the Senate Munitions Investigating Committee to-day, made an urgent demand that the committee should “ put an end to insinuations and innuendos ” or “ find mo guilty of violation of the trust and confidence imposed in me during the period of the war.” He insisted that when he was called to war-time Government service he sold “ at heavy cost to my fortune all my holdings that even remotely touched my official duties.” During the wartime period this personal fortune totalled 9,800,000 dollars. He paid income tax of 261,000 dollars in 1916, but in 1918 and 1919 reported losses, having resigned virtually all his business connections. , , Mr Baruch, who has recently been appointed chairman of a committee to devise ways of taking excess profits out of ■war, thereafter outlined for the comraittee’a plan in war time of “ paying a 9 you fight,” involving taxation and price fixing. Individual profits would not exceed 10,000 dollars a year,-and the President would be authorised to “ clamp the ceiling down over the whole price structure.”