U.S.A. CAPITALISTS

Hokitika Guardian, 20 November 1929, Page 5

U.S.A. CAPITALISTS

START A BIG DRIVE

[United Press Association—By Electric Telegraph.—Copyright.]

WASHINGTON, November 19

r l ho response to President Hoover’s programme for .stimulating business activity lias been so enthusiastic that the scope of his plans was enlarged today. To-morrow the first conference will he held at the White House between President Hoover, Mr Mellon (U.S.A. Treasurer), Mr Lament (financier), and fifteen of the heads of the main lines of railroad. To-day’s developments were:—

first, that President Hoover cancelled all his other engagements for this week t o devote himself to the business situation.

Secondly, the U.S.A. Treasury announced that it would suggest an increase in the, public building authorisation money to a total of 423 million dollars.

Thirdly, the Postmaster-General announced that action would lie taken in connection with an application filed by six large steamship lines for ocean mail contracts, upon which they were depending for revenue to reconstruct 2o large liners.

fourthly, Mr Laniont announced that lie was rushing investigations into the utilisation of construction work for the current programme. Fifthly, the Federal Reserve Advisory Council met the Federal Reserve Board to discuss finance, Sixthly, White House announced that President Hoover would confer separateiy with the railroad executives, chambers of commerce, the members of the farm lenders, the Federal Reserve Advisory Council, building trade representatives, and the heads of large industrial enterprises. Seventhly, the Senate and House members have discussed with President Hoover a proposal for a nation-wide system of high speed “express motorways ” for motor traffic, in order to solve the unemployment problem, and provide for additional transport facilities.