RECOVERY PLAN

Timaru Herald, Volume CXXXVII, Issue 19624, 19 October 1933, Page 9

RECOVERY PLAN

THOUSANDS OF MEN RETURN TO WORK United Press Association—By Electric Tel egraph—Copyrtgh t (Received October 18, 5.5 p.m.) WASHINGTON, October 17. The Labour Department reported today that over 620,000 workers had returned to jobs during September in seventeen industrial and business groups. OUTBURSTS OF VIOLENCE THE OTHER SIDE OF THE PICTURE United Press Association—By Electric Telegraph—Copyright (Received October 18, 5.5 p.m.) NEW YORK, October 17. Further outbursts of violence along the N.R.A. strike front to-day were at Los Angeles, where pickets and workers clashed in the garment strike. At Wilkesbarre dynamite damaged the homes of two miners. At Brockton (Massachusetts) the police guarded the Douglass Shoe Company against invasion from strikers. The strikes continuing were at San Juaquin Valley, where 12,000 cotton pickers are idle; the coal mines at Indiana; the silk and rayon workers in Rhode Island, Pennsylvania and New Jersey; sardine fishermen at Monterey (California). REDUCING PRODUCTION BY TAXATION CORN AND HOG FARMS AFFECTED United Press Association—By Electric Telegraph—Copyright (Received October 18, 5.5 p.m.) WASHINGTON, October 17. A two-year programme for the sharp curtailment of the production on com and hog farms was started to-day by Mr Wallace, Secretary to the Agricultural Department, in the latest and most extensive effort to improve agricultural prices. The programme involves potential Governmental expenditure of 500,000,000 dollars, and aims at decreasing hog production by 25 per cent., and corn acreage by 20 per cent. A processing tax will be levied on hogs for a two-year period. The rate will be 50 cents per 1001 b at the start, increasing gradually until February 1, after which the tax will be 2 dollars per 1001 b live weight for the remainder of the period. A tax of about 30 cents on corn used in the making of food products, but not fed to animals, will also go into effect. AMERICA’S BIG EFFORT. PLANS TO FINANCE PRODUCERS United Press Association—By ElectnTelegraph—Copyright WASHINGTON, October 17. It was announced that the Government had purchased to-day in excess of 1,000,000 bushels of wheat for human relief, and that the Reconstruction Finance Corporation allocation of 250,000,000 dollars for 8 to 10 cents per lb loans on cotton has produced a generally optimistic effect on the American markets. Stocks and commodities rallied sharply, the former recovering one to three points on yesterday's losses, and wheat jumping four cents, and later becoming relatively steady, the general gain being two cents. Cotton is up two dollars a bale. The latter commodity was further particularly stimulated by the announcement of the Agricultural Adjustment Administration of the purchase of about 40,000 bales of cotton for May-July contracts, in connection with its own routine market operations. An advance of 80 cents an ounce on the price of gold and the moderate recession in the price of the dollar in foreign exchanges dealing, also helped to stimulate the markets generally.