U.S.A. WAGE CUTS

Hokitika Guardian, 25 September 1931, Page 5

U.S.A. WAGE CUTS

AN ECONOMIC CR(SIS. rUnited Press Association.—By Electric Telegraph.—Copyright. ] DETROIT, September 23. The Resolutions Committee, of, the American Legion has approved of proposals urging President Hoover to declare a national emergency and to appoint a non-partisan Council of National Defence, with war-time powers, in order to end ‘The unrest, the indecision, and the. dissatisfaction of the present economic crisis.” OVER 900 BANKS FAIL. WASHINGTON, September 24. The United States Federal Reserve Rank has announced that during the month of August there were 154 bank failures in the United States, of which twenty-six were national institutions, with total deposits of 226 million dollars. The report states that 932 banks have failed during the past, nine months’ period in 1931, with total deposits of 698 million dollars. LABOUR AND GOVERNMENT HOSTILITY. NEW YORK, Stptember 23. The announcement of The impending wage cuts in steel, motor, rubber and copper industries, was subjected : to a variety of interpretations. Orgfu ' nised labour lias -proclaimed resistanco Financial writers attributed to unnamed busiuess leaders a belief that the step would hasten the revival of ( business. . The corporations announcing the cuts included the United States Steel, General Motor, United States Rubber, American Smelting and Refining Company and Utah Copper Comp»»y- ( WASHINGTON, September 23. r Air Hoover's anxiety to maintain ] the present standard of living is said at White House, to be unaltered, despite the wage cuts, which were regretted in Administration quarters, though there is no official statement forthcoming. In some high official quarters there is a disposition to feel that the steel and automotive industries have taken a had towards a retrenchment policy, just as the time when a recovery from the depression is in sight. The officials pointed out that as the depression has gone forward, a steadily increasing amount of savings has accumulated in the banks. The opinion is expressed that the time is about to come when the wage earners and small salaried people would beg : n to , spend with the .inevitablefavourable, trade effect. Hoover's fledge to labour. Washington, September 24. Mr Green, President of the American Federation of. Labour,- in a statsmerit, says : ‘‘lt is morally wrong and economically unsound for the United states Steel Corporation and other concerns to make a reduction in wages.” He declared that no greater blow* had been struck against the effort than is being made for a return , to prosperity. | Mr Green alleges that the solemn pledge that was given by President , Hoover, as cabled on December sth, 1929, has been broken. ,