Control of War Profits

Manawatu Times, Volume 60, Issue 67, 21 March 1935, Page 7

Control of War Profits

U.S. Legislative Programme

Advocated

LIMIT TO ALL WARTIME INCOMES

United Press Association.—By Electric Telegraph.—Copyripffit. Received Wednesday, 7.5 p.m.

WASHINGTON, March 19,

The Senato Munitions Committee, which for months has been investigating domestic and international traffic in armaments, advanced a 12-point legislative programme to-day for “war profits control.” It is understood that the suggestions were advanced by the chairman (Senator Nye) as an alternative to the Bill now before the House of Representatives, which is reported to have administration support and which Senator Nyc and his liberal colleagues believe to be an inadequate remedy for the alleged abuses in private business his hearing revealed. Under the Nyc plans, all wartime incomes would be limited to 10,000 dollars annually, corporate profits in excess of 6 per cent, would bo taken over by the Government, all commodity exchanges closed and the Government would commandeer all essential industries and services.

Describing his plan as one to “pay as you light,” Senator Nye would extend taxation to any degree necessary to meet expenditures from current revenues, without recourse to borrowing. To mako possible strict Government control of the nation’s economic life in time of war, the Government would be empowered to enforce an “industrial management draft.” All general officers of corporations would be registered and, when deemed necessary, inducted into the military forces, and alt private financing would bo regulated by a Government commission.