PROGRESS CLAIMED

Poverty Bay Herald, Volume LX, Issue 18236, 3 November 1933, Page 7

PROGRESS CLAIMED

U.S. RECOVERY PLAN PRESIDENT’S REVIEW (Elec. Tel. Copyright—United Press Assn.) WASHINGTON, Nov. Z. Mr. Roosevelt, in the midst of developing criticism of the N.R.A. to-day, made it clear that he felt that the recovery programme was progressing in both its price-raising and re-employment phases, the Secretary of Labor, Miss Frances Perkins, having reported to him that the average hourly wages had risen from 43 cents to 51 cents, while the average hourly week had declined from 42 Hours to 36.. The latest charts indicated that the prices the farmers had received for their products had increased from the index figure of 40 in the spring to 52 on October 11, while the prices paid by the farmers had increased from 68 to 77. The index figures were based on the level of 1926, with 100 for parity. The current issue of the Review oi the National City Bank of New York points out one major fault in the recovery programme up to date. By raising industrial costs it has made it more difficult for industries to make profits, and it is industries, rather than individuals, who are purchasers of capital goods. This is an awkward difficulty to overcome. But this bank’s Review, in spite ,of emphasising the difficulties, is not unhopeful of tho outcome.