BETTER DAYS AHEAD IN U.S. BUSINESS

Gisborne Herald, Volume LXXVI, Issue 23042, 5 September 1949, Page 5

BETTER DAYS AHEAD IN U.S. BUSINESS

(N.Z.P.A. —Ileutor—Copyright.) (10 a.m.) Washington, Sept. 4. United States inflation troubles appeared to be cured and better days were ahead, economic experts agreed today. They said that business conditions, which had been below par since January, could make 1040 records in tire coming months, but none suggested they would match the records set last year. toward Trend Mr. Charles Sawyer, Secretary of Commerce, said the United States was on an upward trend which had been in evidence for several weeks. Its extent would depend upon the proper maintenance of fundamental factors in the economy—faith in Americans institutions, determination to yield to no minor difficulties, and willingness to assume business economy was sound and purchasing both by consumers and business could go ahead. Mr. Sawyer has been making a series of fact-finding surveys of business and employment conditions throughout the country in the past month. He said he found in discussions with business, labour and public groups no evidence of belief in the imminence of a depression, but rather firm faith in the soundness of the business structurcand in its ability to achieve new growth and progress. ' “Greatest Good For Greatest Number” Mr. Herman Steinkraus, president of the United States Chamber of Commerce, said the general business situation had improved since the spring. "If common sense is used to avoid unnecessary strife and to recognise what is the greatest good for the greatest number, there is no reason for a further recession,” he said.

Mr. John Snyder, Secretary of the Treasury, said that summer business had made it clear the economy was basically in a good condition.

The national income had been maintained at high levels and economic signs continued encouraging. The generally cautious attitude towards the business situation which prevailed since the end of the war had helped to keep the economy healthy. It had resulted in various corrective adjustments being made, industry by industry, without appreciable effect on the overall business levels.

“During this period we made some progress in satisfying the backlog of demand which accumulated during the war and buyers’ markets have appeared in various products,” he said. “Nevertheless a large volume of demand for both consumer goods and capital goods remains unfilled.

“Many people still need homes, much productive machinery needs replacement after the wear and tear of tire war and much industrial expansion remains to be done. “There is need for thousands of miles of new highways, new schools, hospitals and other public facilities.” Wage Rises and Pensions

The Congress of Industrial Organisation tonight announced it would make repeated drives for general wage increases and pensions. Mr. Philip Murray, president of the C. 1.0., said the union would continue to insist on wage increases, pensions, health and welfare plans where facts justified the demands.

“We must continue to insist that goods and services produced in such abundance by our economic structure be equitably distributed so that all people can share in the material benefits of our democratic way of life,” he said. Mr. Murray said the C. 1.0. must continue to insist on full employment, a Government health programme, civil rights legislation, intensive political action against Communist activities and helping the workers of other nations with the industrial technique of the United States.