AMERICAN METHODS

Waikato Times, Volume 114, Issue 19112, 24 November 1933, Page 8

AMERICAN METHODS

FURTHER REVELATIONS.

FOX BEFORE BENATE INQUIRY. POLITICIANS IMPLICATED. United Pres? Assn.—Elec. Tel. Copyright. (Received Nov. 24, 2.30 p.m.) WASHINGTON, Nov. 23In a story as gripping as his own cinematlo productions, Mr William Fox declared before the Senate investigating committee that he was 41 forced under duress ” to sell the control of his vast theatre ohain, which he had built up from “ nickelodeon." Powerful political figures in the Hoover administration were drawn into the scene, when Fox testified that the Federal Department of Justice records were altered in an alleged conspiracy by bankers to seize control of his enterprises in 1929. Fox related his negotiations with noted Republicans including Mr Hoover, to prevent his prosecution under the anti-trust laws, and stated that at a luncheon Air Hoover told him he would not need intermediaries to obtain justice.

The Senate Investigations have created evidence that the present interests whioh bought out Fox not only paid him 15,000,000 dollars but paid legal fees of 1,000,000 dollars to Mr Samuel Untermyer, a noted attorney and 520,000 dollars to a law firm of which Mr Charles Evans Hughes was 4 member.

AMERICAN BANKS’ BTAND. “SOUND MONEY” ADVOCATED. EXPERIMENTATION DENOUNCED. United press Assn. —Elec. Tel. Copyright. (Tteoelved Nov. 24, 2,30 p.m.) NEW YORK, Nov. 23. Tha Herald Tribune to-day said: iThe Federal Advisory Council •which advises the Federal Reserve Board, has decided, to prepare a document to distribute among the member banks setting out the .council’s opposition to present monetary and fiscal bolides, WASHINGTON, Nov. 23. The Government’s Advisory Council. with countrywide representation, Is said to be overwhelmingly in favour of sound money as opposed to currency experimentation. The resolution said: “While the council Is sympathetic to the general purposes of the administration, it believes these cannot be accomplished by a currency of fluctuating values."

THE DANCINQ DOLLAR. BRITAIN ALERT. ACTION NOT YET CALLED FOR ■■ ' (Official Wireless.) (Received Nov. 24, 2.30 p.m.) RUGBY, Nov. 23. Answering Parliamentary questions Mr. Neville Chamberlain, Chancellor of the Exchequer, said according to such information as had yet reached him the depreciation of the American dollar had not up to the present seriously affected British trade. From time to time attention %vould he given to the question as to whether action was necessary in the interest of Britain. The Chancellor said he had every reason to suppose that the policy of maintaining the Independence of sterling was approved by the British manufacturers and exporters.