TARIFF WALL

Hokitika Guardian, 27 January 1933, Page 5

TARIFF WALL

IN UNITED STATES . action against inflation. (United Press Association—By Electric Telegraph— Copyright) WASHINGTON, January 25. President Hoover feels that the United States is faced vyitli the necessity either of increasing ..the. -tariff walls., or taking action to gain; stal.fi!ity in foreign currencies.. It is considered possible that,niches will be made for speeding up the approach to tlie World Economic Conference. It was stated by a high Administration source that the President desires to avoid major increases in the tariff, but feels this way be necessary unless the World Conference can act quickly to bring greater stabilisation to foreign currencies. It i s stated be believes that only in the past four or live months lias the United States felt the full reaction from the departure of various European countries from the gold standard. Figures have been placed before him designed t 0 show that goods from countries of depreciated currencies are flowing into the United States with increasing intensity.

Unanimous advocacy of immediate legislation to restore normal tariff pro. tection against tht foreign countries with depreciated currencies was voted on Wednesday night by the U.S.A. House of Representatives. Tlie Republican, who acted in a closed conference, only a few hours after it learned that President Hoover felt that tariff increases might be the only recourse, if currency stabilisation were not obtained abroad.

LABOURS ATTITUDE.

WASHINGTON, January 25,

“Organised labour has reached the end of its patience and we shall use our might to compel the plain remedies that are withheld by those whose misfeasance has caused out woe,” President W. Green, of the American Federation of Labour declared to-day in an interview that is published in “The Nation’s Business,” the official magazine of the United States Chamber of Commerce.

Pointing out that American labour has not suddenly become revolutionary, Mr Green declared ; “Necessity dictates that now is the time to light the battle for the restoration of those safeguards which have been confiscated by 1 ‘pillaging bands of exploiters.”

Mr Green lias been advocating Congressional measures for a six-hours’ day and a five-day week as a means of stabilizing employment. The pasage of the measures during the present session is highly doubtful.

, WARNING OF REVOLUTION. WASHINGTON, January 20. Warning of a revolution in the farm belt, unless Congress enacts aid for agriculture was served on the Senate Committee, to-day, as the hearing opened ori the domestic allotment price-boosting measure. Mr Edward O’Neill (President of the American Farm Bureau Feneration) said; ‘‘Unless something is done for the American farmer, we will have a revolution in the countryside in less than twelve months.” Mr Jolm Simpson (President of the Farmers’ Union) said: “The biggest and finest crop of revolutions you ever saw are sprouting all over tiiis country, right 'now.

BANK REFORM. WASHINGTON, January 25. The United States Senate, by 54 to 9 to-night passed the Glass Bank Bill. The inflationists led by Senators Long and Wheeler, were completely routed. However they expressed the opinion that the Biil would bo defeated in the House.

The measure is intended generally to strengthen the national banking system, and to remedy these conditions under which over ten thousand banks failed during recent years. It gives the Central Federal Reserve Board greater control over the members’ banks. It divorces the banks and securities affiliation, and limits the reserve funds aval able for speculate operations.