THE NEW DEAL

New Zealand Herald, Volume LXXIII, Issue 22405, 29 April 1936, Page 13

THE NEW DEAL

STRONG CRITICISM BUSINESS CRIPPLED CONDITIONS IN AMERICA PRICES OF STOCKS FALL By Telegraph—Press Association—Copyright (Received April 28, 5.5 p.m.) WASHINGTON, April 27 As was the ca'se last year, the United States Chamber of Commerce opened its sessions to-day with a r severe criticism of President Roosevelt and the new deal. In the course of an address the vice-president, Mr. Fay, alleged that all the new deal legislation had crippled and retarded business rather than helped and revived it. This fact was so clear, he said, that it was hard to keep from wondering if that result was not actually intended. A telegram from New York states that heavy selling pressure on the Stock Exchange to-day forced prices down two to nine points. This is attributed to political developments. Tlio financial community has interpreted Mr. Roosevelt's recent utterances as a warning that the experimental features and the free spending programme of the new deal will be continued indefinitely. The taxation programme also has caused nervousness.

STARTLING CHARGE DOG FOOD FOR WORKERS EFFECT OF FXONOMIC STRAITS (Received April 28, 5.5 p.m.) WASHINGTON. April 27 Speaking in the Senate to-day, Mr. L. .T. Dickinson (Republican—lowa) stated that many Americans had been reduced to such economic straits thatthey ate 20 per cent of the "canned dog food" produced in the country. This food was not fit for human consumption. Tt was prepared for the most part in factories not inspected by Federal officials. An interesting fact about the dog food business, said Mr. Dickinson, was its unprecedented prosperity, which had increased by leaps and bounds for no apparent reason. Investigation had led to the inescapable conclusion that this food was being used for human beings. The speaker placed the blame for the situation on the "economy of scarcity" practised by the Agricultural Adjustment Administration and to the new deal measures, which had retarded business recovery and thus deprived the working man of sufficient income to buy proper food.