TO ASSIST RECOVERY

Manawatu Standard, Volume LIX, Issue 205, 31 July 1939, Page 14

TO ASSIST RECOVERY

LOAN PROGRAMME. WASHINGTON, June 28. President Roosevelt's now lending; programme ot‘ over (1,800,000,000 dollars in order to hasten recovery, which it is proposed would he financed outside the regular Budget and would he devoted exclusively to self-liquidating projects, provides for seven categories of loans as follows: Non-Fcderal public works, such as bridges, hospitals, etc.—300,000,000 dollars for two years. Roads. —750,000,000 dollars for four yea rs. Railway equipment.—soo,ooo,ooo dollars for three years. Rural electrification. - 400,000,000 dollars for seven years. Farm 10an5.—500,000,000 dollars for two years. Loans to foreign Governments to promote United States foreign trade. —500,000,000 dollars, two years. Special provision for the expansion of low cost housing.—Boo,ooo,ooo dollars. STIMULUS TO EMPLOYMENT. The President said: “There is no reason why there should not he adopted, as a permanent policy of Government development and maintenance, a revolving fund, fed from the earnings of these Government investments anti used to finance new projects when there is need for an extra stimulus to employment. Such times will recur in the future, as they have in the past, and there will always- be a need for public facilities and improvements to our natural resources.’’ The President added that the proposed programmes “can he financed through the issue of guaranteed securities by Government agencies, with a good prospect of repayment of both principal and interest through their earnings." OPPOSITION IN C.VOGRESS. The President Inis sent an outline of his proposal to Congress and has expressed his readiness to confer with a committee. In view of the fact that considerable opposition has already developed in Congress on the regular 1,700,0(H),-000-dollar relief Bill, a vigorous light is expected against the new plan, although the President particularly stressed that the programme, in the long run. would not cost the taxpayers a cent.