Will Play No Part in U.S. Recovery

Manawatu Times, Volume LIV, Issue 7243, 24 August 1933, Page 7

Will Play No Part in U.S. Recovery

English Economist On Mr. Roosevelt's Plan H’oo MUCH BEING ATTEMPTED AT ONCE .United Press Association. —By Electric Telegraph—Copyright. Received Wednesday, 8.30 p.m. BANFF, Aug. 22. Professor Gregory, of tho University of London, discussing the United States National Recovery Act, said tho attempt to increase wages and shorten hours might bo successful if coniinod to one industry at a time, but if every industry did tho samo thing, tho not result would mean that no chango had been effected. Further, ho contended that success of tho sehemo would narrow tho margin of profit in industries. If it did not, it would bo no advantage to the consumer; thcrciye, purchasing power would not be increased. In his opinion, the Act would play no part in the long run in United States recovery. Equilibrium of Prices DANGERS INDICATED. BANFF, Aug. 22. During a discussion at tho conference of tho Institute of Pacific Relations, tho case for tho United States and tho National Recovery Act was stated as an effort to try to establish a better equilibrium between agricultural prices and manufacturing prices. It was desirable to return to pre-1929 levels, otherwise the capital structure of the country could not survive. It was pointed out during tho discussion that there was a danger that manufacturing prices might riso more rapidly in tho United States than in other countries. To overcomo this, resort could be had to higher tariffs to prevent further competition and further depreciation of tho dollar, or else the National Recovery Act might bo replaced by something else restoring high prices. A United States spokesman said it would be easier if other nations would ■work in the same direction.