ATTACK ON PAGAN ETHICS

Timaru Herald, Volume CXXXVII, Issue 19667, 8 December 1933, Page 9

ATTACK ON PAGAN ETHICS

BOLD CHALLENGE BY PRESIDENT SCOPE OF INDIVIDUAL LIBERTY United Press Association—By Electric Tel egrapb —Copyrlgb t (Received December 7, 8.30 p.m.) WASHINGTON, December 6. In addressing the anniversary meeting of the Federal Council of the Churches of Christ, President Roosevelt challenged the “Pagan ethics" of modern civilisation. He said the object of the Government's new philosophy was to recognise the right of. the individual to make a profit, as long as he does not push down, nor hold down, his own neighbour. He denounced the recent lynchings as "collective murder,” without mentioning Governor Rolph’s attitude, or the stand taken by others. The President said: “We will not excuse those in high places or low places, who condone lynch law.”

AGRICULTURAL POLICY IN U.S.A.

FIERCE DISPUTE ON PLANS FOR READJUSTMENT. United Press Association—By Electric Telegraph—Copyright (Received December 7, 8.30 p.m.) NEW YORK, December 8. The Washington correspondent ol the "New York Times" states that the long smouldering dispute between the so-called Right and Left Wing forces of the Agricultural Adjustment Administration came to a head to-night, as Mr George Peek, head of the administration, declared he would resign unless given a freer hand in managing the administration. On the other hand, Mr Wallace believes there should be a subsidiary organisation operating under the regular Department of Agriculture.

Mr Peek, uncompromisingly, opposed the restricting of business profits, while his opponents, who included some members of the "Brain Trust,” seek to place the processors and exchange markets, such as the Chicago Board of Trade under rigid Government supervision. It is now revealed that this difference of opinion has been holding up the N.R.A. grain and other codes. President Intervenes. President Roosevelt offered a compromise in an effort to retain both Mr Wallace and Mr Peek, in their respective positions. He ordered that hereafter the codes involving agricultural products, be transferred from the Agricultural Administration to the regular N.R.A. administration for negotiation. Whether such an arrangement will be satisfactory to Mr Peek or the "Brain Trust," Is not known. Super Cabinet Created. President Roosevelt superimposed upon the widespread Federal relief structure, a new co-ordinating organisation, known as the "National Emergency Council,” and central information bureaux have been established throughout the country “for the purpose of consolidating, making more efficient and productive, the emergency activities of the Government." This organisation, which some observers are inclined to call a “Super Cabinet," include Mr Ickes, Mr Wallace, Mrs Roper, Mrs Perkins, all members of the Cabinet, General Johnson, and the Administrators or Governors of various other recovery agencies. “ Brain Trust ” Opposed. Another report states that Mr Peek told the Secretary of Agriculture (Mr Wallace) that he would resign unless the radical members of the “Brain Trust” in the Agriculture Department, were asked to leave. Following an interview with President Roosevelt, newspapermen asked Mr Peek if he told the President he intended to resign. "Nothing was said about that,” Mr Peek replied. AMERICA’S GOLD POLICY PRICE SHOWS NO CHANGE United Press Association—By Electric Telegraph—Copyright NEW YORK, December 6. The price of gold is unchanged. Bar gold, on the basis of the opening sterling quotation, 5.174, was 32.84. The dollar wavered and the exchange markets, moved apparently by diverse influences, but keeping within a comparatively narrow range. Sterling weakened as the day progressed, but the stock market maintained an undertone strength and finished steady, with prices Irregular. Commodities declined generally on profit taking. The early advances in wheat were largely erased in later dealings. That the Government’s credit expansion plan is continuing on various lines. Is indicated by the Comtroller of Currency's announcement '.hat 61 per cent of all national banks, which remained unlicensed after the bonk holiday, have now been "lioensed, chartered, absorbed or placed in a receivership." Strength of Dollar. The dollar closed 63 91. In terms of the franc, a gain of about one-third of a cent. Sterling was off 41 to 6.12!. Francs at 6.13 were off five, despite losing the early gains through profittaking. Wheat closed unchanged, to up oneeighth of a cent. Open rates lor sterling have been

reported as follows: Dollars to £1 December 2 5.164 December 1 5.22* November 30 5.184 November 29 5.204 November 28 5.084 November 27 5.222 November 24 5.30* November 23 5.38* November 22 5.44 J November 21 5.36* November 20 5.294 November 18 5.284 November 17 5.33 November 16 5.50 November 15 5.35 November 14 ........ 5.20* November 13 5.132 November 11 5.03* November 10 5.134 November 9 5.13 November 1 4 784 October 2 4.78 September 5 460 August 2 443 July 19 4 822 The par value of the United States dollar with sterling is 4 80 2-3 dollars