HINT AT SPLIT

Manawatu Standard, Volume LIII, Issue 253, 22 September 1933, Page 7

HINT AT SPLIT

PRESIDENT AND SENATOR. THE INFLATION ISSUE. REPERCUSSIONS IN AGRICULTURE. (United Press Association.-—By Electric Telegraph.—Copy light.) Received September 22, 12.15 p.m. WASHINGTON, Sept. 21. President Roosevelt received the delegates to the cotton conference today, but with a definite understanding that the discussions would be on “a specific and immediate plan for cotton relief,” and not inflation. Senator Thomas refrained from going to White House with the delegation, pleading previous engagements, but observers here professed to see a possible break with the President over the inflation problem. President Roosevelt and Mr Henry Wallace’s apparent anti-inflation stand had immediate political repercussions in agricultural sections. The lowa Farmers’ Union, meeting in convention at Des Moines, circulated a petition demanding Mr Wallace’s removal from the Secretaryship of Agriculture. They threatened to revive the farm strike that would “overshadow anything ever seen in this country.” If the recent threats for inflation failed, it would send securities upward. Indications that any such plans would be held in abeyance had a depressing result on all the markets. Stocks eased off one to six points, wheat five cents and other commodities were Sympathetically weak. After a strong rally early in the day the dollar sank sharply, closing approximately at yesterday’s levels. PRESIDENT CLOSETED. SEEKING COMMODITY DOLLAR. WASHINGTON, Sept. 21. Amid the clamour for inflation President Roosevelt to-day gave consideration to the problem in a long talk with Dr. George Warren, of Cornell University, who has made a study of the European monetary situation for the President. No official statement was made at the conclusion of the discussions, but the meeting revived reports that Dr. Warren is working out plans for a commodity dollar, the buying power of which, with relation to commodities, would remain constant in relation to gold. It would rise and fall with the commodity price index. Reliable information received last night indicates that the committee of monetary experts, secretly appointed by President Roosevelt to advise him oil inflation, is opposed to radical inflation, but recommends the immediate stabilisation of the American, British, French, and German currencies by pegging them to each other. THE RECOVERY PLAN. PREVENTING DISRUPTION. NEW YORK, Sept. 20. The chief National Recovery Act development at Washington was the submission of the retailers’ code for public consideration. Price-fixing and control features are included and immediately produced the anticipated storm of protests. It is expected that final action will be deferred at least a week. Disturbed over reports that imports of cheaply-made foreign goods are threatening to disrupt the National Recovery Act programme, Administration officials have drafted a plan by which President Roosevelt can arbitarily impose extra fees in addition to the regular import duties. Futhermore, he could completely exclude such goods as he considered necessary.