U.S.A. WAGE CUTS

Grey River Argus, 25 September 1931, Page 5

U.S.A. WAGE CUTS

AN ECONOMIC CRISIS War Time Rule SUGGESTED BY EX-SOLDIERS. (Aus. & N.Z. Cable Assn.) (Received September 24 at 7 p.m.) DETROIT, September 23. The Resolutions Committee of the American Legion has approved of proposals urging President Hoover ( to declare a national emergency and to appoint a non-partisan Council of National Defence, with war-time powers, in order to end 4 4 the unrest, the indecision, and the the pre ent economic crisis.”

OVER 900 BANKS FAIL. IN PAST NINE MONTHS. WASHINGTON, September 24. Tho United States, Federal Reserve Bank has announced hat during the month of August there were 154 bank failures in the United States, of which twenty-six were national institutions, ! with to,tal deposits of 226 million dollars. The report s ates that 932 banks have failed during the past nine months’ period in 1931. with total deposits of 698 million dollars. SHORT-SIGHTED POLICY. LABOUR AND GOVERNMENT HOSTILITY NEW YORK, September 23. The announcement of the impending wage cuts in steel, motor, rubber and copper industries, was subjected to a variety of interpretations. Organised la,hour has proclaimed resistance.

Financial writers aittributed to unnamed business leaders a belief that tli;e step would hasten the revival of business.

Tho corporations announcing the cuts included the United States Steel, General Motors, United States RubAn*driea|n and Refining aud Utah Copper Company. WASHINGTON, September 23. Mr Hoover’s anxiety to maintain the present standard of living is said at White House, to be unaltered, despite the wage cujts, which were regretted in Administration quarters, though fhiere is no official! statement ■ forthcoming. ' In sf>me high official quarter.-? there is a, deposition to feel that the steel and automotive industries have taken a lead towards a retrenchment pohey. just at the time when a recovery from the depression is in f/.ght. The officials pointed out that as the depression htas gone forward, a steadily increasing amount <‘f savings has accumulated in the banks*. The opinion is expressed that the time is about to come when the wage earners and small salaried people would beg;in to spend with the inevitable favourable trade effect. HOOVER’S PLEDGE TO LABOUR. NOW BEING BROKEN. WASHINGTON, September 23. Mr Green, President of the American Federation of Labour, in a state-1 ment, says: <4 lt is morally wrong and economically unsound for the United States Steel Corporation and other concerns to make a reduction in wages. ’ ’ He declared that no greater blow' had been struck against the effort than is being made for a return

to prosperity. Mr Green alleges that the solemn pledge that was given by President Hoover, as cabled on December sth, 1929, has been broken.