FACING SITUATION

Wanganui Chronicle, Volume 86, Issue 60, 12 March 1942, Page 5

FACING SITUATION

AMERICA ON INFLATION DANGER RECOGNISED COMPLACENCY REFUTED [By Telegraph—Press Association—Copyright.) Washington, March 9. President Roosevelt in a radio address to-night to a series of community dinners observing the anniversary of th* farm programme, said: “A very significant fact in recent American history is the ability of the American people to face a tough situation. “There has been a considerable Press discussion lately a'leging that the American people are complacent and apathetic,” he said. ‘‘l think I . know the American people pretty J well. If there is one single thing of which I am certain, it is that the 1 American people are not, and have J not been, complacent. On the contrary. they are keenly aware of the K situation to which thev are commit- c ted and are whole-heartedly determin- c cd to see the job done. “The members of the various ! groups know what they them- , selves are doing, but don’t always s know what is being done by others. That gives the oppor- x tunity to the enemy to get in * some deadly blows by spreading c malicious words. “Evil whispers say labour is sabotaging the war programme with strikes, slow-downs, and demands for higher wages. Business, they say, is t gouging the country of unconscionable J profits, and the same treacherous ? voice accuses the farmer of grabbing ( all he can. “It happens that in all three groups . some are demanding and getting r more than they ought, but in general ‘ the increase has been fairly well kept ‘ in balance.” Mr. Roosevelt added: “If all nrices \ keep going up we shall have inflation j of a verv dangerous kind and such a steep rise in prices and cost of living . that the nation would be hurt by it. J greatly increasing the cost of the war ' and the national debt. It would ' hamper the drive for victory and in- 1 evitably plunge everyone into ruin- 1 cus deflation later on. This fight f against inflation is not fought with ' bullets or bombs but it is equally J vital. It calls for co-operation and re- J strain) from every group. It calls for mutual goodwill and good faith. It 1 calls for unflagging vigilance to pre- ' vent profiteering and unfair returns, ( alike for services and goods. We can ( all re-dedicate otirselves to the spirit : with which this common effort of J the farmers came to be born. “Hard, trying, difficult days ( are ahead. How hard and how ( bitter they will be depends on how ( well we can keep our thoughts and efforts toward the only thing that matters now—the United Na- • tions winning the war.” problems outlined ■ 1 INFLATIONARY TRENDS < (Recd. 9.5.) Washingion, March 10. I Mr. Leon Henderson, Price Adminis- ( trator, warned against inflationary I trends and suggested as preventives the purchase of Government securi- . l ties, the retirement of private debts, ( corporate debts and mortgages. Mr. ( Henderson said the country was faced < with the certainty of 9 000 000,000 < dollars more purchasing power than ? last year, but 6,000,000,000 dollars less of purchasable goods was obtainable. 1 < ’CHANGE IN DOLDRUMS ( 1 (Reed. 7.5 p.m.) Ne\ York. March 10. * Stocks on ’Change continue then - ' desultory passage by doldrums, with Australian issues weakening still further in face of the approaching Jap- . anese menace.