WARDING OFF DEPRESSION

Nelson Evening Mail, Volume LXXI, 16 December 1937, Page 11

WARDING OFF DEPRESSION

POLICY OF U.S. BUSINESS MEN j NEW YORK. Bth December. Three of the foremost business: leaders in the United States have urged j closer co-operation between the Government and industry to combat un- : employment and business recession. j Addressing the National Association of Manufacturers, Mr Lammot Du Pont, j president of E. I. Du Pont de Nemours j and Co., said that the future was a gig- 1 antic question mark. He asked the j Government to "lift the fog and let us see the road we must travel.” Mr du Pont declared that it would require £6.250,000.000 to be invested I years in advance of any hope of return ( to provide jobs for 3,000,000 men. Such a programme, according to Mr du Pont, would not be impossible if the Government would stabilise taxation and clear the way for industry.

PROSPERITY AT HAND Mr W. B. Warner, president of the • association, said:—“The elements of ■ prosperity ai*e at hand if we have the common sense to grab them.” He pro- i posed that the Government, labour, j capital, and management should all co- j operate. Mr Gerard Swope, president of the General Electric Company, in a newspaper interview, said that lack of confidence was the primary cause of recession, and pleaded that the Government and industry should work to- | gether.

“There is no time for reprisals, and retaliation by either,” he said. He recommended a revision and modification of the taxation laws as a first necessity.

At the daily conference with journal- | ists to-day. President Roosevelt describ- j ed recession as “just an assumption.”