RECOVERY DRIVE

Otago Daily Times, Issue 22352, 28 August 1934, Page 7

RECOVERY DRIVE

THE AMERICAN PROGRAMME COUNTERACTING CRITICISM (United Press Association ) (By Electric .Telegraph—Copyright.) , WASHINGTON, August 26. Apparently in order to counteract the growing criticism of the Roosevelt recovery programme, Mr Donald Richberg, as secretary of the so-called Executive Council organised to co-ordinate the New Deal activities, has issued the first of a series of reports outlining the economic improvements during the past year. He dealt solely with industrial conditions under the N.R.A., and declared that 3,000,000 persons had been re-employed since June 1, 1933. The weekly pay-rolls had increased by 36.000. dollars, while business bankruptcies had decreased by 40 per cent. It is admitted that a sizeable portion of the re-employment resulted from Government relief expenditures aggregating 3.700.000. dollars,- but insisted. that private industrial activity had been greatly, stimulated as reflected in the increased corporate profits. CONTRAST WITH AUSTRALIA NEW YORK, August 26. (Received August 27, at 8.30 p.m.) Mr Healy, superintendent of the Bank of Australasia, is yisitnig, America, en route to Australia from London. He declined to discuss his observations on the American recovery programme with regard to banking and monetary affairs, except to contrast the methods used in Australia to meet fiscal problems. lie said the methods were directly opposite. The Commonwealth was cutting expenditures to fit: income, while in America the Government was apparently intent on spending its way out of the depression. He declared-that the Australian way had been successful and praised the National Government’s co-operation with the banks in external and internal conversion operations. He said that at the present time the Australian banks had never been in a stronger position.