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LONG STANDING RIFT. RESULTS OF N.R.A. PROGRAMME. (United Press Assn.— Telegraph Copyright). (Rec. 6.30 p.m.) Washington, October 27. A sharp difference of opinion over the interpretation of the results of the recovery programme has developed within the administration. _ The Federal Reserve Board issued a monthly statement declaring that business activity had slowed down during the past two months in industries. Messrs Johnson and Wallace immediately issued a strong protest, the former insisting that “every report received from major industries, excepting steel, show a definite upward trend.” The Secretary of Agriculture insisted that the apparent slowing down of industries, processing farm products, was due to their efforts to “anticipate the processing levies, thereby beating the tax.” Some political observers here interpret the Reserve Board statement as the first open break in a long standing rift between the fiscal branch _ of the Government and the N.R.A. administration.
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Bibliographic details
Southland Times, Issue 22159, 30 October 1933, Page 7
Word Count
147DEFINITE BREAK Southland Times, Issue 22159, 30 October 1933, Page 7
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