AMERICAN SLUMP

Hokitika Guardian, 29 December 1931, Page 6

AMERICAN SLUMP

BANKS EXPOSED BY CONCRESS ("United Press Association. —By Electric , Telegraph.—Copyright. J WASHINGTON Dec. 26. The United States Senate Committee to-day reported that there lias been an intensive participation by the Banks in the securities market to exaggerate the business fluctuations and to undermine economic stability. The Senate Committee is headed b.v .Senator Glass a Democrat, of Virginia. It was appointed by the last to survey the National banking and the Federal Reserve banking systems. The report stated that, despite a very significant and mischievious role that had been played by the brokers’ loans for and on account of others, during the stock market inflation, no special steps were reported by the Federal Reserve Board authorities to investigate tliem for the purposes of future control, until the present in-, ves'tigation was ordered by the Senate Committee on Banking and Currency. SLUMP IN EXPORTS. • WASHINGTON, Dec. 26. .. United States exports for the first mue : months of "the past year were 20 per.- cent, less to Asia, 63 per cent less to Oceania, 36 per cent, less to Europe, and 51 per cent, less to South America. Australia took 41 ,- 290,000 dollars less, or 36 per yent. less than for the corresponding period of 1930.