CREDIT TO BE GIVEN.

Star (Christchurch), Volume LXIV, Issue 853, 29 August 1933, Page 1

CREDIT TO BE GIVEN.

Roosevelt’s Plan to Aid Needy Firms. MEETING INCREASED COSTS. United Press Assn.—-By Eiectne Telegraph—Copyright. (Received August 29, 12.30 p.m.) HYDE PARK (U.S.), August 28. President Roosevelt to-day directed the Reconstruction Finance Corporation to establish a medium for quick and temporary credit to member firms of the National Industrial Recovery Association to span them over the period between increased overhead and later returns. PROFESSOR RESIGNS. Chief of U.S. “ Brain Trust ” Departs. NEW YORK, August 27. The resignation of Professor Raymond Moley, the intimate adviser of President Roosevelt, from his position of Assistant-Secretary of State, has been accepted. This first break in the official family of the United States President was presaged by an undersurface split in the Department of State between Professor Moley and the Secretary of State (Senator Cordell Professor Moley was the chief of the'President’s “Brain Trust.” Professor Moley explained that his resignation was prompted by a desire to return to his work of writing and teaching politics. Nevertheless, well-in-formed sources assert that irreconcilable differences over policy with Senator Hull have caused the resignation. Professor Moley is recognised as an adherent of the Nationalist doctrine of economic recovery, whereas Senator Hull believes that recovery is possible only through international action.