ECONOMIC ERRORS

Wanganui Chronicle, Volume 76, Issue 303, 23 December 1933, Page 9

ECONOMIC ERRORS

[ AMERICAN RECOVERY ACT j MR. HOOVER'S ATTITUDE GIVE SCHEMES MORE ROPE (By Telegraph--Press Association—Copyright) WASHINGTON, Dec. 20. At a luncheon to-day of prominent Republican leaders, several of whom recently visited ex-President Hoover, 1 it was learned that Mr Hoover counselled Republican Congressmen to refrain from attacking Administration r policies until “errors of the economic • programme” have accumulated. The Republicans admit that so far they are divided on the positive mone--1 tary policy and other issues. MR. SPRAGUE ATTACKED MR RAINEY’S CRITICISM. NEW YORK, Dec. 20. The Speaker of the House of Representatives (Mr H. T. Rainey), at an Economic Club dinner to-night devoted much of his speech to an attack on Professor O. M. W. Sprague, who recently resigned from the position of private economic adviser to President Roosevelt. Mr Rainey intimated that Professor Sprague had handled Britain’s dropping of the gold standard, and was now trying to prevent America following a policy which had proved beneficial to Britain. *‘The Administration does not propose any longer to surrender its monetary policies to the dictation and control of the Bank of England.” DAIRY PRODUCE PRICES MR WALLACE AND FARMERS NEW YORK, Dee. 20. A story of deflated rather than inflated prices through the operations of the Agricultural Adjustment Administration was told by the Secretary of Agriculture (Mr Henry Wallace) today by representatives of the cheese and butter industries. They complained bitterly that he had failed to support the market as promised through Government purchases of cheese and butter. Mr Wallace issued a sharp answer, indicating that the Government felt the industry had done little to regulate over-production. They could not stabilise profits indefinitely through Government buying.