PROGRESS UNDER CODES

Hawera Star, Volume LIII, 9 March 1934, Page 5

PROGRESS UNDER CODES

AMERICAN RECOVERY ACT REVIEW BOARD SET UP. NEW WORKING METHODS DIVISIONS OF INDUSTRY (United Cross Association —By Electric Telegraph Copyright.) WASHINGTON, March 7. President Rioosevelt to-day created a National Recovery' Act review board to indicate wherever the codes “are designed to promote monopolies or eliminate or oppress small enterprises.” The board, which will consist of six, including the famous criminal lawyer Mr Clarence Darrow, will receive 25 dollars a day each compensation. General Hugh Johnson, N.R..A. administrator, in a speech -to-night to the assembled industrialists proposed a new method of working toward a solution of the nation’s economic problems. He would divide industry into, two groups—those producing consumers’ goods and the heavy industries manufacturing producers’ goods. Both groujie would be .asked to. appoint a committee and begin meetings to-morrow with N. R.A. officials to attack the present industrial crisis. While such was being done he requested the nation’s labourers and consumers- to be patient. General Johnson indicated that- the Government through legislation or otherwise would not immediately' press for shorter working hours, but hoped that such industries as could do so would immediately effect a IQ per cent, reduction in hours.

Reports from London of a de facto stabilisation of the dollar and the pound effected through private conversations tended to Re substantiated b v the Treasury Department announcement to-dav that Professor Jacob Viner, economist of the University of Chicago, would be a special adviser to Mr Morgentlian, Secretary of the Treasury, assuming his duties about April 1. For some time, however, Mr Viner has been in London, and it is thought possible he may have arranged an unofficial truce. It. was revealed to-day that the recent steadiness of the dollar, pound and franc parities had made unnecessary thus far the use of the two billion dollar stabilisation fund created from gold profits following the dollar devaluation. The Recovery Act spending lias m-m-oased the United States’ public debt by over five billion dollars during the first- year of President Roosevelt’s administration. the public debt now being 000,000 a year ago. The cash balance, however, this- year is 4,3/4,000,000, including 2,810,000,000 dollars profit on the dollar devaluation, whereas last year the ea-sli balance was less than 200.000,000 dollars.