AMERICAN CODES

Northern Advocate, 23 March 1934, Page 7

AMERICAN CODES

BORAH CRITICISM FIXATION OF STEEL PRICES AID POE AGRICULTURE. PROCESSING TAXES. (United Press Association —By Electric Telegraph.—Copyright.) (Received 9 a.m.) WASHINGTON, March 21. In the Senate today, Mr W. E. Bor ah quoted a report of the Federal Trade Commission io the effect that the operation of the N.R.A. codes was making the steel industry a monopoly. He attacked the Recovery Act as the creator of monopolies, economically unsound, and tantamount to economic feudalism. Mr Borah said that, through tin' “Iron and stool industry,” the major companies Avere fixing prices Avhich were rising too rapidly in comparison <Avith others, to the detriment of nat- ■ ienal recovery. The Agricultural Adjustment Administration today projected the last of a series of processing taxes on basic farm products. It proposes to raise Km,ooo- - to .100,000,000 dollars annually i through taxes of one to 0 per cent, per lOOlhs of bnttorfat. The proceeds are to ho distributed ns benefits to dairy farmers, in return for agreements to reduce their production 10 per cent, to 20 per cent. Lolgav last year’s aA r erage. There are many complaints that milk producers arc suffering because of nr.der-consnmption, not over-produc-tion, Increased prices have further dislocated distribution. American delegates are preparing to leave for Rome to attend the International Wheat Pact Advisory Committee’s meeting on April Li. It is believed they will demand compliance with the existing agreement before they enter upon further negotiations. It is pointed out that, Avhorcas most of the AA'hoat producing centres have taken steps to comply Avith the export restriction and increased domestic con- j sumption clauses, only the United 1 States and Canada have undertaken to reduce their production. No mention is j made of what Argentina has done, but, it is bclieA T ed she is not enthusiastic | over complying with the terms of the : pact.