CRITICS AND CHAMPIONS

Hawera Star, Volume LIII, 2 December 1933, Page 9

CRITICS AND CHAMPIONS

AMERICAN RECOVERY PLAN STATE WORKS PROGRAMME. NEW CODES IN INDUSTRY. PRICE OF GOLD RAISED. (United Press Association —By Eeciric Telegraph Copyright.) Received 1 2.30 p.m. to-day. WASHINGTON, Dec. 1. To-day’s important news, of the American recovery plan includes the following: (1) Further criticisms by Mr Alfred Smith of the Government works programme, which he characterised as an attempt to cover up the breakdown of the public works administration and a costly “alibi”; (2) the Federal administrator, Mr Hopkins, reported that nearly two million persons were put on the. civil works payroll during the first weeks of the operation; (3) Mr Ickcs charged Mr Smith with “nourishing a grudge,” asserting that both the public works and civil works administrations were functioning efficiently, and adding that the public work® administration had just allotted 20,543,000 dollars for 71 new non-Federal projects in 25 States; (4) General Johnson- stated that .the N.R.A. codes regulating labour in the telephone and aluminium industries, which are almost monopolies, would be imposed if necessary and also indicated that labour might be given representation on authoritative code boards; (5) to-day a petrol company and two individuals pleaded guilty to violation of the N.R-.A. code of the petrol industry and were fined a total of 400 dollars.

The Government gold price was increased to-day by eight cents to 34/01, The New York foreign exchange and Stock markets again: paid only brief attention to another advance in the price of gold. With the first posting of the new figure the dollar fell 40 points, to 02.88 cents, -but thereafter recovered'. Weakness of the franc was attributed principally to the uncertainty over the French financial outlook and' Canadian sales of sterling in London for profittaking. The dollar was stronger than would otherwise have been the case itoday. The stock market, after a mild display of -strength early in- the day, drifted meaninglessly to the close. United States Government bonds were steady in a dull market. There were moderate gains ini commodities with the exception of wheat, which fell below Wednesday’s close.