BANKING AND INDUSTRY

Otago Daily Times, Issue 21980, 15 June 1933, Page 7

BANKING AND INDUSTRY

IMPORTANT MEASURES ADOPTED BY CONGRESS* (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, June 13. (Received June 14, at 8 p.m.) Congress has adopted the GlassSteagall Banking Bill, providing for fundamental changes in the national banking system, including insurance deposits by all banks. Mr Steagall, commenting on the Bill, said: “There won’t be any more banking failures. The measure will divorce the banks from theif security affiliations and will sanction branch banking within States whose local laws permit it.” Congress also approved the Industrial Recovery Bill. A previous message stated: The most far-reaching piece of legislation since the war to lift the United States out of the depression was made ready for submission to the House of Representatives to-night. It is known as the National Industry Recovery Bill, and will combine a gigantic plan for Federal control of industry, a 3,300,000,000 dollar public works programme, and a manufacturers’ sales tax in order to provide the funds necessary for certain aspects of the scheme. President Roosevelt will be given virtually complete control over the public improvements policy of the Government, and, through a board of five, complete powers in the supervision over industrial production, prices, wages, hours and work.