U.S.A. BUSINESS CRISIS

Greymouth Evening Star, 30 April 1938, Page 7

U.S.A. BUSINESS CRISIS

j ffiS&s HKB'S SEMIS I ~AKE ML ON W SMT I 34SSN-,—- cm: t‘., : NKW YUKS,. April. iS. So me tiling: q£ a seneation. beett caused: by a statement attributed to iir- lieaatv- Kord. (Inrtug an interview, granted here to-day alter his couterence with Mr- Roosevelt yesterday, Mr Ford said the people ‘‘have a leader who is putting something over them-” Declining further to elaborate his statement, and emphasising later that he never said anything against Mr Roosevelt, the manufacturer declared: "There are a lot of people who are looking for a leader, and they have one who is putting something over them. And they deserve it. The people ought to be their own leaders."

Mr Ford, addressing the American Newspaper Publishers’ Association, made a two-sentence speech: “We are all on the spot- Stick -to your guns, and I will help you all I can. with the assistance of my son.” The Washington correspondent of the “New York Times” says; “Frustrated in its attempts to enlist the goodwill of Mr Henry Ford behind the Administration’s recovery drive, the White House is turning its attention to the co-operative manifesto presented by the Owen D. Young group, and it is understood a conference ol‘ those who signed it will be called. The President further intends to send a message to Congress, asking for anti-monopolistic legislation which, while npt expected to be as drastic as first, contemplated,, nevertheless will be in the nature of a warning to recalcitrant business groups.” TREASURER’S ADMISSION. WASHINGTON, April 28. That the Administration is seriously disturbed over business conditions is seen in an informal statement by the Secretary, of the Treasury (Mr Henry Morgenthau) to the Press. “Of course they are bad, and are still getting worse,” he said. He confessed that he could not see any sign that the bottom had been reached, but he declined to comment further.

“DEFEAT FOR NEW DEAL." (Recd. April 30, 11 a.m.) WASHINGTON, April 29. Mr Roosevelt’s New Deal programme suffered another defeat when the House Rules Committee, disregarding a virtual mandate from the President voted to bottle the new wages hours bill in committee for the remainder of the present session. Pro-Administration leaders immediately began a movement to discharge the committee and to force the measure to the floor of the house, but it is believed the time available is insufficient in the present session, which is expected to terminate on May (>■ Mr Roosevelt sent a message to Congress, asking for an appropriation of 500,000 dollars for a comprehensive study of anti-trust problems, and a special 200,000 dollar, appropriation for the expanded enforcement of the present 'trust laws. He declared that seven specific problems required attention by Congress, the principal of which were the improvement of the present anti-trust procedure, scrutiny of mergers and interlocking relationships, and scrutiny of investment trusts and bank-holding companies.

PROGRESSIVE PARTY FORMED. PRINCIPLES OUTLINED. MADISON (Wisconsin),. April 28. A hiovement of lirst-rdte importance, and having a special significance for Mr Roosevelt’s own political fortunes, was launched to-night by •the La Follette brothers, Senator Robert M. La Follette and the State Governor (Mr Phillip F. La Follette) when they formed the National Progressive Party. The party is pledged to avoid equally old-fashioned Capitalism, Socialism, Fascism, and Communism, and to support so-called American Liberalism. The party, which hopes to have candidates in all States in 1940, is seen to represent a movement of revolt against the New Deal, which the La Follettes 'supported. Governor Philip La Follette, in announcing the formation of the Progressive Party, declared that the President’s good intentions were hamstrung by reactionaries and feudists within the Democratic Party itself, and the new party would be distinct from both Democrats and Republicans. He enunciated five principles which, with the exception of the first—' namely, that, the ownership and control of money and credit without qualification or reservation must be under public and not private control —are merely promises for the economic betterment of the people. The complete, platform will be drafted later. 'fhe Progressives apparently represent a. mid-Western -movement, which is principally agrarian and labour in character, but they will attempt to reassure the safety of capital. This movement, which joined the Roosevelt forces, found itself frustrated on the one hand by strong Southern Conservative groups,, and. on .the other hand by the so-called'-Radical fringe, bo’tli of which are constituent parts of the Democratic Party. . ... ; . z It is not considered that the. Pro-' gressives will be strofig enough in 1.949 to gain important positions, but they may seriously divide ' the strength of the Democrats and open the way to a Republican victory in the Presidential contest.