PROFITS OF WAR

Taranaki Daily News, 21 March 1935, Page 5

PROFITS OF WAR

UNITED STATES CONTROL

legislative programme SENATE COMMITTEE PLAN ALLEGED PRIVATE ABUSES By Assn — Copyright, Rec. 7,5 p.m. Washington, March W, The .Senate munitions committee, which for months has been investigating the domestic and international traffic in armunwHts, advanced h 12«pointa Ive programme to-day for p war pronto control.” It is understood the suggestions nave been advanced by the chairman, Senator Gerald P. Nya, as an alternative to the Bill now before the House of Representatives, which is reported to have the Administration’s support and which .Senator Nye and his Liberal colleagues believe to he an inadequate remedy for the alleged abuses in private business, Tiie hearing of the programme revealed that under Senator Nye’s plans it contained the following provisiont::All wartime incomes would he limited to £2OOO a yeefCorporate profits in excess of 5 per eent, would be taken over hy the Government, All commodity exchanges would he closed. The Government v/ould commandeer all essential industries and services, Describing the plan os one to “pay as you fight,” Senator Nye eaid be would extend the taxation to any degree necessary to meet expenditures from current revenues without recourse to borrowing to make possible strict Government control of the nation’s economic life in time of war. , The Government would be empowered to enforce an “industrial msnAgement draft,” all general officers of corporalions would be registered and when deemed necessary would be inducted into the military forces, and all private financing would be regulated by a Government commission.