U.S.A. PRICE FLUCTUATIONS

Greymouth Evening Star, 12 October 1934, Page 7

U.S.A. PRICE FLUCTUATIONS

PRESIDENT’S POLICY.

[BY CABLE —PEERS ASSN. —COPYRIGHT.] WASHINGTON, October 10. No hope for the stabilisation so urgently demanded by business and industry can bo held by the Roosevelt Administration until the disastrous price fluctuations which have been characteristic of the last fifteen yeais of American economic development,

can be first confined within reasonable bounds. President Roosevelt made the above declaration to-day. He explained the economic necessity which compels the Administration to seek a further advance in prices in order to bring the national assets well above the level of the existing liabilities of the nation. _ , . The President pointed particularly to a survey showing that there have been fluctuations of from five hundred to one thousand per cent, in many instances, in the price movements since 1920. Henceforth, Mr Roosevelt added, the Administration will direct all of its efforts towards the raising of prices and of wages to reasonable levels, where they will be stabilised. The President indicated that dollai manipulation might now be a factoi in the controlling of the price level. NO WHEAT EXPORTS. (Received October 12, 1 p.m.) WASHINGTON. October 11. Officials of the United States Farm Administration announced to-day that no plans were being made for exporting wheat, this year, in view of. the short crop forecast of 496 million bushels. The officials declared that the total supply of wheat, in the United States at the close of the present harvest would be 786 million bushels, including 290 million carry over from 1933. About 625 million bushels are required foi’ domestic consumption, and a carry over into 1935/36 crop year, of 125 million bushels is planned, leaving 3,600,000 surplus. Officials estimated this would probably be reduced by increased feeding of livestock due to shortage of other feeds.