RETARDING RECOVERY

Poverty Bay Herald, Volume LX, Issue 18255, 25 November 1933, Page 5

RETARDING RECOVERY

PARADOX OF U.S. PLAN WORDY BATTLE PROCEEDS GROWING OPPOSITION (Elec, Tel. Copyright—Dnited Press Assn) WASHINGTON, Nov. 22. The shifting pattern of Government finance assumed now forms to-day The price of gold remained unchang ed, but the dollar rallied sharply or. foreign exchange markers, reaching fil.6!* cents against the franc, which fell 15 points. Sterling dropped to 5.27 dollars. The break of both is attributed to foreign reaction to American criticism of Mr. Roosevelt’s policy. ’Among other things, Mr. Douglas, in an address to-day, said he hoped that the revenues- of the 1935 fiscal year would be £710,000,000 with an ordinary Budget of £520,000,000, enabling the allocation of approximately £200,000,000 to help meet accumulating extraordinary charges. He gave warning, however, that if the Reconstruction Finance Corporation undertook additional emergency obligations further taxes would have to be imposed. A New England message states that a council composed of business executives ami leaders of industry, adopted a resolution that the uncertainties about currency are retarding the normal recovery of the country, threatening governmental credit and hampering private enterprises. “THE ORIGINAL N.R.A.” It is announced that a.s the result of- the Government’s campaign against gold hoarders, £39,000,000 in metal lias been returned, nine persons have been indicted, and 12 complaints against hoarders are expected to result in indictments. From Warm Springs came an intimation that the President felt that, Messrs .Sprague and Warlnng were long ago repudiated, while severe criticism was to be expected in view of the ultra-Conservative nature of the group.

Senator Thomas telegraphed the President reiterating his proposal that the gold price should be fixed at 41.34 dollars, reducing the gold content of the dollar to 50 cents, and then proceed to work out an international agreement and stabilise it at _ that figure. Senator Hatfield attacked Mr Roosevelt’s Tory remarks, comparing him to George 111 of England, who “ran the original N.R.A.” Mr. Wallace, Minister of Agriculture, declared that the United States must either reverse its present commercial policy and begin to import much more merchandise, or be prepared to forgo the collection of debts owed by foreign Governments, which require'about £200,000,000 a year for servicing. “KEEP OUT OF THE WAY” The Farm Administrator, Mr. Peek, declared that American agriculture would surely stagnate unless the United States “shoots holes in the tariff,” arranging for foreign outlets through trade agreements. General Hugh Johnson, in the course of a speech to-dav, said that the country was 25 per cent out of the depression, and warned partisans and critics to keep out of the way or they might lie trampled under. It was reported to-night that General Hammond, executive director of the Blue Eagle division of the N.R.A., will shortly resign a.s the result of differences of opinion with General Johnson over the Government’s cnoneroaehment upon industry. The San Francisco Chamber of Commerce telegraphed Mr. Roosevelt u rcring the restoration- and continuance of the gold standard, with the gold value of the dollar fixed at some determined point. Some members of Congress, opposed to nepotism, say they plan to attack one economy act which requires departments to dismiss women whose husbands are employed by the Govern* ment. They claim that this Act discriminates against small wage-earners. dumping duty CANADA TAKES ACTION OTTAWA, Nov. 23. Action to impose an exchange dumping duty on imports from the United States of the class or kind made in Canada was taken by the Canadian Government to-day. , , The Government declared the United States dollar to possess a value of 100 cents Canadian currency for duty purposes.