UNO Recommends Measures To Counter Recession

Greymouth Evening Star, 26 April 1949, Page 8

UNO Recommends Measures To Counter Recession

NEW YORK, April 23.

The United Nations Sub-Commis-sion on Employment, and Economic Stability has recommended that all countries should prepare active measures to counter a recession.

In,.'a statement issued tonight the sub-commission noted that employment prices and production had fallen off in the United States during the last six months. It. recommended “a first line of defence against unemployment.” This should include: ' . •

(1) Increased governmental expenditures on public works and developments, and investment in. publicly owned enterprises. (2) Stimulation o£ buying power through increased governmental allowances and pensions, subsidies to reduce prices or raise wages, reduced taxation, and reduced profit margins in governmental enterprises. ; (3) Encouragement of private domestic investment through adjustment ancial stability was inadequate. It reduction, of interest rates. ' The sub-commission found that in-

ternational machinery to ensure financial stability as inadequate. It recommended the re-establishment of multilateral and freely convertible currencies, and suggested a review ot the charters of the international Monetary Fund and the International Bank. It recommended a-conference to consider whether- the dollar is likely to cease to be scarce within the period of the Marshall Plan, and what should be done to solve any dollar problem when the European aid programme is finished.