U.S. INDUSTRIALISTS ARE PESSIMISTIC

Northern Advocate, 9 December 1937, Page 7

U.S. INDUSTRIALISTS ARE PESSIMISTIC

(Received 10 a.m.) NEW YORK, December 7. An extremely pessimistic and foreboding note was struck at a conference of business and industrial leaders. Mr. Lewis Douglas, former member of Congress, issued a warning that American Democracy should be strengthened against the dagger of being overwhelmed by a worldwide wave of authoritarianism. He said he feared that another depression would result in the economic collapse of all the great Democracies, upon which collectivism would triumph, Mr. Virgil Jordan, president of the National Industrial Conference Board, which is a research organisation supported by the largest employers, said a resumption of inflation was overwhelmingly likely. He predicted a breakdown in the present economic and political system within five years. The only cheerful note was struck by Mr. Lammot du Pont, noted industrialist. Ho said that, although private enterprise would be forced to invest 25.000,000,000 dollars in order absorb 2,000.000 unemployed, industry would welcome the bulk of responsibility for future social betterment of conditions, wages, taxes and hours could he stabilised.