MONEY CRISIS

Hokitika Guardian, 26 September 1933, Page 5

MONEY CRISIS

U.S.A. PROPOSAL FOR CREDIT EXPANSION. {United Press Association—By Electric Telegraph—Copyright). WASHINGTON, .(September 24. President Roosevelt and the Government financial leaders have mapped out' 1 a programme for credit, expansion. This was in the conference at White House, which centred on the release of the funds in the closed banks. It .was emphasised, both by the President and the conference, that n o new moves, other t-han the .reinforcing of the country’s credit structure, are in contemplation. ' This is accepted , generally as definitely eliminating at this time, any inflation .of, the■ ! United States currency. It imeans ; that the Government are going to use every power to put into .circulation the money now lying idle in'*the banks’ tills, and the funds locked up in the closed banks. President Roosevelt is primarily intested .in co-ordinating all of the Government financial agencies to assure full, support for agriculture and business in the price-lifting recovery programme;.

.. STARVATION AMID PLENTY. - WASHINGTON, September 24. The U.S, Secretary of Agriculture, I Mr Wallace, said in an address toyiig/hb, that unless ''world tr aide were restored, forty .million acres of United States land must be taken out of cultivation. He added; “President .Roosevelt, Mr George Peak, and all of us in the ■ Agricultural. Adjustment Administration are convinced that this dilemma of bursting warehouses and starving multitudes ihust 1 bo so*veil.”