CREDIT EXPANSION

Poverty Bay Herald, Volume LX, Issue 18203, 26 September 1933, Page 5

CREDIT EXPANSION

BUT NOT INFLATION F.S. POLICY DEFINED RELEASE OF IDLE FUNDS (Elec. Tel. Copyright—United Press Assn.) WASHINGTON, Sept, 24. Mr. Franklin Roosevelt and the Government financial leaders mapped out a programme' for credit expansion in a conference at White House that centred on the release of lands in the closed banks.

It was emphasised both by the President and Ins eonferes that no new move. other than reinforcing the, country’s credit structure is in contemplation. This is accepted generally as definitely eliminating at this time any inflation of United States currency. M means that the Government is, going to use every power to put into circulation the money now lying idle in the banks' tills, and the funds locked up m the closed banks.

Air. Roosevelt is primarily interested in co-ordinating all Government and financial agencies to assure full support for agriculture and business price-lifting iii the recovery programme. The Secretary of Agriculture, Mr. Wallace, said in an address to-night that, unless world trade is restored. 4Q.000.0C0 acres of United States land must be taken out of cultivation. “Air. Roosevelt, Air. George Peek and all ot us in the agricultural adjustment administration are convinced that tins dilemma of bursting warehouses and starving multitudes must, be solved,'' he said.