U.S.A. BANKS RE-OPEN

Greymouth Evening Star, 13 March 1933, Page 5

U.S.A. BANKS RE-OPEN

A BRIGHTER OUTLOOK. [by CABLE —PBESS ASSN.—COPYRIGHT.] WASHINGTON, March 11. President Roosevelt has announced that “technical difficulties which operated to delay the opening of the banks, both State and National, have finally and substantially been overcome, and the banks throughout the country will be opened progressively on Monday, Tuesday and Wednesday molnings.”

The President will address the nation over the radio on Sunday night to “explain in simple language to all of you just what has been achieved.”

To-day (Saturday) developments in banking and rplated matter included the continuation of payments by the banks on a very restricted scale for the most necessary transactions. Twelve central cities of the Federal Reserve district will open banking on Monday on an unrestricted basis under the Roosevelt programme. The re-opening of the financial institutions will be virtually complete on Wednesday, when the new issue of currency will be in circulation at all of the banks officially approved as solvent and stable. There are indications that the farm leaders will ask Mr Roosevelt to become “Farm Dictator” in order to cope with the emergency in agriculture. The other developments to-day were the passage of the Economy Bill by the House, and the continued redeposit of gold by the hoarders in banks of the country. LATER. The Democratic membership of the U.S. House refused, in caucus to be bound to support President Roosevelt’s Economy Bill. Mr Roosevelt, to-day, decided to withhold indefinitely his special message recommending a bond issue and also the enlisting of 500,000 of the unemployed into camps. The House rallied behind President Roosevelt this afternoon, to pass his Economy Bill. The (Republican) support more than made up for Democratic? defections on the legislation empowering the President to slash half a billion dollars off the Federal Government’s spending on account of the War Veterans and the pay rolis. The Senate Finance Committee favourably reported the Bill wiih a few minor changes, but the Senate Democratic Leaders decided to postpone calling the Bill until next week. The Senate prospect is doubtful, in view of apparently increasing opposition promoted by the veterans and the Lab- ‘ our organisations. The House vote was 262/138. The Democratic Caucus failed, by fourteen votes, to bind the party in the House. The decision, followed a two hours sharp debate, in which both Parties split, a stormy fight centring on the proposals to reduce the war-veteran expenditures.

HOLLYWOOD WAGE CUT.

HOLLYWOOD, March 11. The unionised motion picture studio workers to-day, rejected the genera!, pay reduction proposal, and they served an ultimatum on the producers that unless their plan was abandoned, approximately 15,000 workers will quit. work. A time limit for the acceptance of this ultimatum was set for one p.m. to-day. It was advanced hour by hour as the delegates from 24 Labour Union and producers continued the conference. There was no indication to-, night that the conference was near an end. The walk-out proposed will probably result in a complete shut-down of ton studios. LATER— Hollywood producers declared a studio holiday on Monday, to permit a conference with the non-union employees, in an effort to get them to accent for eight weeks a fifty per . cent, wage cut, while the union workers continue on full salary, until the question is settled by arbitration. CANADIAN BANKS. OTTAWA, March 11. A complete investigation of the Canadian banking, currency and credit facilities may be carried out by a commission similar to the MacMillan Commission in England, and a report be made to the House of Commons before next session. This is the impression that is gleaned from reports about Parliament Hill. STOCK EXCHANGE NERVOUS. RUGBY, March 11. There was little business passing on the London Stock Exchange this morning, the American crisis and the uncertainties of the political outlook in Central Europe having restrictive effects. Money, however, w r as again steady. British funds, generally, were well maintained. The war loan 3i per cent, was unaltered at