RECOVERY PLAN

Manawatu Standard, Volume LIII, Issue 313, 2 December 1933, Page 8

RECOVERY PLAN

3.15 P.M. EDITION

UNITED STATES HIGHLIGHTS. THE BROAD ASPECT. (United Press Association—By Electric 'Telegraph —Copyright.) Received December 2, 1.15 p.m. WASHINGTON, Dec. 1. To-day’s important news of the American recovery plan includes the following: (1) Further A 1 Smith criticisms of the Government works programme, which he characterised as an attempt to cover up a break-down of public works administration and a costly “alibi.” (2) Federal Administrator Hopkins reported that nearly two million persons were put on the civil works pay roll during the first week’s operation. (3) Mr Ickes charged Mr Smith with “nourishing a grudge,” asserting that both tho public works and civil works administrations were forthcoming efficiently. He added that the public works administrator had just allotted 26,543,000 dollars for seventy-one new non-Federal projects in 25 States. (4) General Hugh Johnson stated that the N.R.A. codes regulating labour in the telephone and aluminium industries, which are almost monopolies, will be imposed if necessary, also indicating that Labour might bo given representation on the authoritative code boards. (5) To-day a petrol company and two individuals pleaded guilty to violation of the N.R.A. code for the petrol industry and were fined a total of 400 dollars. STOCKS AND SHARES.

Received December 2, 1.10 p.m. NEW YORK, Dec. 1. The 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 62.88 cents, but thereafter recovered.

The weakness of the franc is attributed principally to uncertainty over the French financial outlook and Canadian sales of sterling in London for the profit taking department The dollar was stronger than would otherwise have been the case. To-day 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 in commodities, _ with the exception of wheat, which fell below Wednesday’s close.