TIMELY WARNING TO CRITICS

Timaru Herald, Volume CXXXVII, Issue 19668, 9 December 1933, Page 17

TIMELY WARNING TO CRITICS

AMERICA OPPOSED TO INFLATION

HENRY FORD’S SUPPORT OF PRESIDENT United Press Association—By Electric Telegraph—Copyright (Received December 8, 10.30 p.m.) NEW YORK, December 7. General Johnson (Administrator of the Recovery Plan), addressing the National Association of Manufacturers, warned the critics of President Roosevelt's monetary policy that they may goad Congress into fiat money. He denied the N.R.A. policy In any way indicated “uncontrollable inflation." Mr Ford Supports President. What is considered a complete healing of the breach between Mr Henry Ford and the Roosevelt Administration was seen in a speech to-day by the manufacturer to the district salesmen on the occasion of the announcement of a new model. “We have all got to pitch into all the business we can to help the President pull the country out of the hole.” “Brain Trust” Uneasy. The Washington correspondent of “The New York Times” states that Mr Peek is preparing to-night to submit his resignation to the President as Agricultural Adjustment Administrator following the President’s refusal to support him in the dispute reported yesterday. It is understood that Mr Chester Davis, chief of the Crop Production Section of the American Agricultural Association, will succeed Mr Peek. It is also reported that Mr Peek is considering 'an offer from the President to assume a high post in a State Department, but will decline it. It is known that Mr Peek holds himself In readiness to testify before Congressional committees, which are regarded as certain to investigate the activities of the American Agricultural Association. Codes Approved. It is announced that to date 1200 codes have been filed with the N.R.A., and 382 have made progress through public hearings, and 143 have been signed by the President. Purchases from Banks. The Reconstruction Finance Corporation announces that it has authorised the purchase of preferred stock on capital notes in 1293 banks, totalling 420,000,000 dollars.