SLUMP AS CHANCE FOR DICTATORS

Southland Times, Issue 23378, 9 December 1937, Page 5

SLUMP AS CHANCE FOR DICTATORS

AMERICAN BUSINESS MEN’S FOREBODING

COLLAPSE OF DEMOCRACY FEARED (United Press Assn.—Telegraph Copyright) (Received December 8, 10.15 p.m.) NEW YORK, December 8. An extremely pessimistic and foreboding note was struck at a confer-: ence of business and industrial leaders today. Mr Lewis Douglas, who was Director of the Budget in 1933 and 1934, said American democracy should be strengthened against the danger of being overwhelmed by a world-wide wave of authoritarianism. He feared another depression as a result of the economic collapse of all the great democracies, upon which collectivism would triumph.

Mr Virgil Jordan, president of the National Industrial Conference Board, which is a research organization supported by the largest employers, declared that a resumption of inflation was overwhelmingly likely. He predicted a breakdown in the present economic and political system within five years.

Mr Lammot du Pont, chairman of the General Motors Corporation, was responsible for the only cheerful note. He said that although private enterprise would be forced to invest 25 billion dollars in order to absorb 3,000,000 unemployed, industry would welcome the bulk of the responsibility for future betterment if taxes, wages and hours could be stabilized.