SURPLUS POSSIBLE

Hokitika Guardian, 18 September 1933, Page 5

SURPLUS POSSIBLE

IN TT.3. STJEG-ET MORE FEATURES OF THE N.R.A. (’United Press Association—By Electric Telegraph—Copyright.) NEW YORK, September' 16. Advertising a special issue of Treasury notes against one hundred million dollars of weekly bond purchases by the Treasury, the 'Secretary of the Treasury, Mr Woodin, announced to-day that “the' Government receipts are larger than were expected. This will go a long way towards balancing the budget. A budget surplus is a possibility if the Eighteenth Amendment is repealed, as. seems probable.”

Peace in the two-months-old soft | coal mining dispute was assured to- ! night when the United Mine Workers j cf America and the operators of the j Appalachian Field agreed to the basis ■of a contract covering the wages, hours and working conditions- The I ultimate signature of it by all the 1 parties concerned,' including Presi- [ dent Roosevelt, is now assured, | though it is possible this will be delayed for a day. This means bringing the last of the nation’s ten basic industries into the Recovery programme. The accomplishment is hailed as assuring peace in warring industry, also higher wages fpv 400 thousand men, This was "virtually the most troublesome N.R.A. problem. The N.R.A. code to protect convicts against excessive hours of work and at the same time to neutralise their competition with private industries, will be formally considered by the Administration, after the provisions have been .agreed to by all of j the States as suitable to the indus- j trial conditions of their penal sys- ( terns. The tentative code states i

; that the prisoners should work the same number of hours as other workers in like industries, and in no case over forty hours a. week. The United States Commissioner of Education announces that the abolition of child' labour lifts thrown on scores of communities throughout the country, an increased education burden, which they will be unable to 'meet unless outside assistance is forthcoming. Reports from Detroit state Mr Henry Ford’s personnel director has announced that the company would employ five thousand war veterans at the rate of three hundred men per

day, starting on Monday. He denied that this had anything to do with the N.R;A., and indicated that it was merely the desire to help with employment.

According to dispatches . From Balboa, employers at the Panama' Canal mre ’forbidden ‘to purchase .Ford’s parts for their existing motor equipment until Air Ford signs the N.R.A.

Mr Perkins, referring to payroll increases, .said: “This is where purchasing power lies, It indicates that the push is on. It is not a time to throw our hats - too high ’in the air. The' factory employment is still 28.4 per cent, below the 1926 average. The' payrolls are still 48 per cent below. We still have a good way to go to reach that goal.”

SOVIET CREDIT INCREASE. NEW YORK, September 16. It is understood the Reconstruction Finance Corporation is completing arrangements to extend the Soviets fifty million to seventy-five million dollars of credits for the purchase of American commodities, including cotton, copper, and aluminium. Both the Corporation officials and the Amtorg Trading Company representatives arerreadv to close the deal as soon as the rates of interest and the maturity are* decided upon.