THE DOLLAR’S VALUE

Manawatu Standard, Volume LIII, Issue 254, 23 September 1933, Page 7

THE DOLLAR’S VALUE

“CONSTANT PURCHASING POWER.” AMERICAN ADVISERS’ STUDY. PRESIDENT STILL SILENT. (United Press Association—By Electric Telegraph.—Copyright.) Received September 23, 10.50 a.m. WASHINGTON, Sept. 22. It is reported that the economic advisers of the Government are giving close study to the methods of controlling the dollar fluctuations to the end that “constant purchasing power” and stabilised price levels may be achieved. The subject has been under consideration for weeks with Sweden’s managed currency system as a practical guide, but how President Roosevelt feels toward such an experiment has not yet been disclosed. MR FORD’S STAND. BUT CONFORMING TO CODE. Received September 23. 10.50 a.m. DETROIT, Sept. 22. It is understood that Mr Henry Ford’s employees will work a 32-hour week from next Monday, conforming with the automobile code which, however, permits 35 hours. Mr Ford’s schedules have hitherto' been 40 hours with a minimum wage of 60 cents an hour. There has been no move on Mr Ford’s part to sign the code. He intimated that he will conform strictly to its requirements, but register a silent protest against the features distasteful to his economic theories. INCREASED EARNINGS. HELP FOR UNEMPLOYED. WASHINGTON, Sept. 21. What is described as a highly favourable analysis of wage rate increases and work week reductions, indicating the success of the National Recovery Act, officially show that the average hourly earnings have increased- from 42.7 cents an hour in June 15-July 15 period to 58.5 cents in the July 15-August 15 period, while the average hours of work per week have dropped from 42.3 to 38.6 in 89 industries. Codified industries showed a striking contrast, the most outstanding being the cotton textiles, wages in which increased from 23.2 cents to 36.1 cents and the hours decreased from 49 to 36.5. President Roosevelt has authorised the Agricultural Adjustment Administration to buy upward of 75,000,000 dollars’ worth of surplus food and clothing supplies for distribution among the unemployed. His action is a direct reply to critics of the American system, who noted the paradox of a wealthy country with huge surpluses of basic commodities while millions go hungry and ill-clad.' The policy affords adequate assistance for 3,500,000 families on relief rolls. The Northern Coal Control Association and the Smokeless Appalachian group, representing more than 70 per cent, of the United States soft coal tonnage, to-night signed a labour contract with the United Mine Workers of America. THE LABOUR CLAUSES REPLY TO CRITICISM. WASHINGTON, Sept. 21. _ Mr W. Green, president of the American Federation of Labour, has issued a statement denouncing the critics of the labour clauses of the National Recovery Act. He says the Act does not prevent the closed union shop—that is, a shop which is union by agreement between the workers and the employers. The Act gives the workers their freedom to organise. Critics are dismayed, because wage earners no longer are under the necessity of paying tribute to a company.