LIMIT TO SALARIES

Gisborne Times, Volume LXXIII, Issue 12080, 20 October 1933, Page 5

LIMIT TO SALARIES

ROOSEVELT’S- LATEST DRIVE

RESTRICTIONS ON LOANS TO RAILROADS. MAXIMUM PAY OF OFFICIALS SET AT £12,060 A YEAR. THREE MEN “CUT” FROM £20,000 AND OYER. (U.P.A. tm Elec. Tel Copyright) i Roc. Oct. 19, 7.45 P.m.) WASHINGTON, Oct. 18 Action to limit the high salaries °f big business loaders piivat-ely " aS forecast in official circles to-dav, after the Federal Trade Commission announced that it was asking 2000 companies to furnish data on tno salai ios of executives and directors. The inquiry, which was authorised by a Senate resolution, is immediately concerned with gathering facts lor Con gross. What is to bo done with them will remain for congress to decide. There have been demands from some members of congress for a distribution of wealth but how far the President is inclined to go in this direction has never been definitely disclo s_ ed. The ruling by the Reconstruction Corporation that no public money "ill be loaned to railroads whose executives arc receiving £20,000 and over a year, unless they cut their pa>, soon brought the compensation of throe men, all wol| known in the railroad field, down to the minimum allowed, £12,000 a year.

UPWARD TRcND

FARM AND WHOLESALE PRICES IN AMERICA. PLANS for punishment of VIOLATORS. PROMINENT MOTOR OFFICIALS CALLED. COAL STRIKE EXTENDS. (U.P.A. by Elec. TeL Copyright) WASHINGTON, Oct. 18. Although farm prices increased 32 per cent against the average for the year ended March, it is understood that Mr. Roosevelt feels that they are not yet high enough. Figures also submitted show that factory employment in September, compared with 1929, had recovered 40 per cent of its decline, and that the income of factory workers had regained one-quarter of the los s , "bite living costs rose 0 per cent, from Alarcli to September, 1943. The Labor Department also announced that the upward trend wholesale prices, which had begun hi March, had continued unbroken through September, with a 2 per co l, t advance in the weighted index of 784 commodities.

The N.R..A. offices were to-day advancing plans for the enforcement of Mr. Roosevelt’s order regarding violators.

High officials of the automobile industry failed to appear at the .hearing to-day before, the National Labo 1 ' Board on the tool and die makers’ strike. It is understood that they declined to come, declaring that no N.R.A. code question was involved. Mr. Alvin Macaulay, head of the National Automobile Chamber of Commerce, as well a.s Packard Motors, and Mr. "William Knudscn, executive vice-president of General Motors, have been called. Both arc understood to have sent refusals by telegram.

The employing groups contended that no question of‘arbitration arose, since the workers at Flint and ' Detroit. had returned to their jobs. The opposing group stated that If,OQO were still striking.

The strike in the collories of the Hudson Coal Company, in the Pennsylvania. anthracite area, called some weeks ago, to-day spread to include 20,000 workers in the whole field.