The Guardian And Evening Star, with which is incorporated the West Coast Times. WEDNESDAY, NOVEMBER 29, 1933 THE ECONOMIC ROAD.

Hokitika Guardian, 29 November 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. WEDNESDAY, NOVEMBER 29, 1933 THE ECONOMIC ROAD.

The experiences and criticisms of America's effort to bring about a planned recovery are daily before the newspaper reader, and the average man must b,& growing rather bewildered by the varying changes and striking opinions pro and con, continually cropping up. The world war worked more changes than on the battlefields, and more countries were involved in the results than were engaged in the sanguinary conflict. The whole trend of world trade was disorganised. The great out pouring of money to keep up the speed of modern warfare had its •exhausing effect. ‘The belligerents incurred large debts, and in the conflict, nad their trading markets disorganised. Nations at peace were able to reap a harvest in 'consequence, and expand trading and production. Then for a period the fighting nations turned to trade, and endeavoured to work as feverishly in general manufacturing as they did in mar material. There assembled surplus stocks, which it was found trading nations could not pay for, and a slump began. Currencies were not the face value of former times lacking the gold support. A great difficulty loomed ahead, and the nations endeavoured to manipulate their finance. More paper money was issued, '"depreciating’ the current value of the whole. A world conference was suggested in the endeavour to stabilise currency values as they bad been before in relation to a definite standard— gold. But America would not come in to a gold standard compact—and the nations drifted apart to work out their own destiny. Now the United States is trying to live m trade and finance largely within itself, A vast country of varied resources, there are possibilities to that end, and planning is going on. A degree of success is being achieved but a pile of debt is accumulating as first one industry and then another is assisted. It is sought to create a managed price level with minimum wages and shorter hours. Vast public works' schemes are afoot, and there are new methods put forward from day to day. Industries are under codes, but it is not clear that the nation can purchase all that is produced, and under the codes production has grown greatly. The United States is making history in its great planned scheme, but the end is not yet. Opposition is now more artriculate, and it is coming from moneyed sources which do. not see a satisfactory ending to the plans. The President, holds to his planned system with tenacious courage in the force of signs of a toppling ■edifice. Just how far moneyed interests are seeking to sprag the wheels of the vast machine, is not clear, but hanking interests are charged ‘with flooding the market with bonds and national securites. For the time being the President enjoys supreme power. Soon Congress will assemble, and from that quarter is sure to come a blast of strictures. Yet, withal, there is an economic road to travel. Some distance must be gone to. seek for the national itcoVery required for the country's welfare. America seems to he taking a spectacular route, but that does not mean failure. The British way is less showy and. less noisy, and as far as the solid leadership of the country has gene, it gives more and more evidence of success. There is a decree of quiet national confidence which bodes well for the immediate future. Finance in particular is strong at Home, for Britain at present seems to be very hugely tie world’s banker. That is the soundest sign of confidence on the horizon.