DEPRESSION IN U.S.A. OR NOT?

Grey River Argus, 18 June 1949, Page 5

DEPRESSION IN U.S.A. OR NOT?

Opinions Differ, But Truman Hopeful

WASHINGTON, June 16

President Truman said to-day that he did not believe the United States was going through an unemployment or economic crisis. The President added that the Government viewpoint would be expressed in his mid-year economic report to Congress shorTy.

Mr Truman hinted that his recommendations would not include very drastic measures for dealing with what had been called a crisis Dy some labour unions.

Mr Walter’ Reuther, president of the United Automobile Workers, who yesterday discussed the unemployment . problem with President Truman, has called for an immediate national conference to halt what he believes to be a looming depression. Addressing the National Conference of Social Work in Cleveland, Mr Reuther gave statistics showing that 3,500,000 are now jobless in the United States, and said that labour management, agriculture and Government leaders should meet to study the rising unemployment figures. “We have got to face up to the simple fact that if we have a depression now we might lose not only our homes and farms, but our freedom, too”, he added. Another depression would be a triumph for M. Stalin. Two of the nation’s loading industrialists said there was no real reason for a lengthy depression. General Motors Corporation chairman, Mr Alfred Sloan said: “So far as I can see, w r e are dropping to a lower level, but in a very orderly way”. He added that the recent stock market slump was probably due to the public’s uncertainty about what Washington was doing to the .nation's economy.

General Motors president, Mr Charles Wilson, agreed with Mr Sloan that there was no reason for a depression, but added: “There are some storm signals flying. The next 60 to 90 days will be very interesting in the history of our country”.

Britain’s Exports

LONDON. June IG.

Britain’s total exports including reexports in 1948 amounted to practically £1.650,000,000, the highest value figure in any year of Britain’s history said Mr Harold Wilson President of the Board of Trade, speaking at a luncheon given by the Institute of Export in London to-day. “In the first five 'months of this year they have risen still further,” he added. “The figure is £775,000,000 which is 22 per cent, more than in the first five months of 1948.” Mr Wilson said that growing difficulties with import restrictions in certain markets and with competition in the buyers’ market in other areas showed how right Britain was to maintain 155 per cent, of the pre-war volume as her target for the end of the year. In 1948 Britain exported to the United States at the average monthly rate of £5,500,000 and in the first three months of 1949 at the rate of .£5,300,000. The May exports to the United States, however, were down to £3,i600,000.

The exports to Canada, which averaged £6,000,000 monthly in 1948 'and £6,600,000 in the first three imonth of 1949, have increased in May to £7,500,000, which was nearly an all-time record fcir exports to Canada.

Tobacco Workers Not ■ For Nationalisation , LONDON, June 16. The annual conference of 26,000 strong Tobacco VZorkers’ Union today defeated a resolution calling for nationalisation of the industry by 15,000 votes to 7000. One delegate said his branch was “not very impressed with the state of nationalised industry in Britain”. He added that no one could say that either the coal or railway industry was in the hands of the workers.