VAST PROGRAMME

Wanganui Chronicle, Volume 76, Issue 288, 6 December 1933, Page 7

VAST PROGRAMME

BILLIONS FOR BUILDING AMERICAN RECOVERY ACT. WASHINGTON, Dec. 4. A vast building programme is being contemplated with the expenditure o. 14,000,000,000 dollars in a two years period for stimulating re-employment is understood to have been outlined in an exhaustive N.R.A. survey. One section summarised the possible outlets of construction under Government financing; the other is an in ven tory of real property ad a programme for the maintenance of the balance between real property and construction. The new construction contemplated includes the following: Housing, 4,532,000,000 dollars; recreation facilities 450,000,000 dollars; health sanatoriums 136.000,000 dollars; level crossing and highways, 2,400„000,000 dollars; express highways 1,800,000,000 dollars, railway improvement 1,500,000,000 dol lars; industrial and commercial ini provement 1,800,000.000 dollars; cduca tion facilities 300,000,000 dollars; modernisation of existing structures, 650,000,000 dollars. Concerning a Loan. The records of the Reconstruction Finance Corporation icvealcd that a loan of 90,000000 dollars from the Corporation to the Central Republic Bank Trust Company, Chicago, which is now in liquidation and of which former Vice-President Dawes was the head, matured on December 23, 1932. and had not been renewed. The unpaid balance of 62,158,000 dollais was remaining on loan. It was considered that the technical default was originallv made in the lat ter part of .Tune. 1932. about two weeks after Mr. Dawes resigned the presi dency of the Re -onslnietion (Vmm tion in order M take the affni s of the bank, which was then known to be in a shakv cond tion. DOLLAR IMPROVES FOSEIG’. ZLICIIANG_i3 EIYZAK. NEW YORK, Dec. 4 Foreign exchanges wc.c su.,, r ..d u a sharp break t j-i.ay lokuwing the uii changed price of gold, ibe i.aic .ch to the lowest s.nce the bcg.n.img m the month, and the dollar rca. ned i< new high level since October 31. Sterl ing also lost heavLy. This was followed around noun by a inode.ate rally, w.ridi however, was far from sufficient to re cover all the losses. Dealers attributed the break to for eign currencies and the rise of the dol lar to the return flow of capital t> the United States. The Reconstruction Finance Cor poration figures published at Washing ton gave its advances to the nation’s industries in the form of credit to date of 3,544,000,000 dollars.