RECOVERY OPERATION.

Manawatu Standard, Volume LIII, Issue 249, 18 September 1933, Page 7

RECOVERY OPERATION.

EXTENSION OF CODES

SPECIAL TREASURY ISSUE

WASHINGTON, Sept. 16. Referring to the recent payroll increases of 12,000,000 dollars in 89 of the principal manufacturing industries, the Secretary of Miss Francis Perkins, said: —“That is where the purchasing power lies. It indicates that the push is on. It is not time to throw our hats too high in the air. Factory employment is still 28.4 per cent, below 1926 and average payrolls are still 48 per cent, below. We still have a good way to go to reach that goal.” The National Recovery Act code to protect convicts against excessive hours of work and at thq same time neutralise competition with private industries will be formally considered by the Administration after the. provisions have been agreed to by all the States as suitable to the industrial conditions of their penal systems. The tentative code states that prisoners should work the same number of hours as other workers in like industries, and in no case over 40 hours weekly. The United States Commissioner ol Education announces that the abolition of child labour lias thrown on scores of communities throughout the country an increased education burden which they will be unable to meet unless outside assistance is forthcoming. Advertising a special issue of Treasury notes against 1C0,000,000 weekly bond purchases by the Treasury, the Secretary, Mr William Woodin, announced to-day: “The Government receipts are larger than were expected. This will go a long way toward balancing the Budget. A surplus is a possibility if the Eighteenth Amendment be repealed, as seems probable.” Reports from Detroit state that MiHenry Ford’s personnel director has announced that the company would employ 5000 war veterans at the rate of 300 a day, starting on Monday. He denied that this had anything to do with the N.R.A., and indicated that it was merely a desire to help employment.

According to dispatches from Balboa, employers in tlie Panama Canal zone are forbidden to purchase Ford parts for existing motor equipment until Mr Ford signs tlie N.R.A.

MINING AGREEMENT.

END OF DISPUTE,

WASHINGTON, Sept. 16. Peace in the two-month-old soft-coal mining dispute was assured to-night when the United Mine Workers of America and the operators of the Appalachian field agreed to a basis contract covering wages, hours, and working conditions. Ultimate signature by all parties concerned, including President Roosevelt, is now assured, though it will be possibly delayed for a day, thus bringing the last of the nation’s 10 basic industries into the recovery programme. The accomplishment is hailed as assuring peace in a warring industry, higher wages for 400,000 men, and the virtual end of the most troublesome N.R.A. problem.

SOVIET PURCHASES

INCREASE OF CREDIT.

NEW YORK, Sept. 16. It is understood that the Reconstruction Finance Corporation is completing arrangements to extend the Soviet’s 50.000,000 dollars’ to 75,C00,000 dollars’ worth of credits for the purchase of American commodities, including cotton, copper and aluminium. Both Corporation officials and the Amtorg Trading Company representatives are ready to close the deal as soon as the rates of interest and the maturity date are decided upon.