NO RISE IN PRICES

Poverty Bay Herald, Volume LX, Issue 18256, 27 November 1933, Page 9

NO RISE IN PRICES

THE U.S. EXPERIMENT DISAPPOINTING RESULTS (Elec. Tel. Copyright—United l’ress Assn.) (Received Nov. 27, 3 p.m.) NEW YORK, Nov. 2G. A comprehensive price survey declares that after a'month of the goldbuying experiment, price level, based on an index of 100 commodities, have not increased anywhere in proportion to the increased price of gold, but actually have declined a fraction of 1 per cent, while the value of gold increased by 13,29 per cent. The gold value of the dollar decreased by 11.72 per cent, and the average price of 40 domestic bonds decreased by 4.47 per cent, and Government securities by 2.91 per cent, 'while ](> foreign Government bonds are up 3.18 per cent. A former senator, Air Robert Owen, one of tho framers of the Federal Reserve Act, denounced Mr Roosevelt’s critics. lie 'predicted that if an opposite course were taken, that is continued deflation, recovery would flio halted and the depression renewed. There probably would bo a “violent lunge into communism.”

The American Federation of Labor estimates declare that there wore 10,076,000 unemployed in October, compared with in September, which, it says, indicates that the N.R.A.

is keeping the employment situation under better control than is usual at this time of the year. It is pointed out that unemployment during the depression years usually increased by at least 450,000 from Sepember to October, due to tho seasonal decline in industries.

Tho report points out, however, that the President’s re-employmcnt adminstration put 1,000,000 men in emergency work this month, while 3,000,000 more are. expected to follow.