SUPPORT FOR PRESIDENT

Wairarapa Times-Age, 21 September 1942, Page 2

SUPPORT FOR PRESIDENT

FROM BANKING COMMITTEES

OF CONGRESS.

STABILISATION OF WAGES & PRICES.

(Sv Telegraph—Press Association —Copyright) WASHINGTON. September 19.

According to the United Press of America. President Roosevelt won a preliminary victory on the anti-infla-tion legislation when Banking Committees of the Senate and the House of Representatives approved measures containing practically all the powers he requested in his Labour Day message. including authority to stabilise wages and farm prices. The committees directed the President to issue a general order on or before November 1. stabilising prices and wages and salaries as far as practicable at rhe levels operating on September 15. President Roosevelt, in a letter to the chairman of the Banking Committee, expressed his unalterable opposition to any recomputation of the parity formula for farm prices at this time. He contended that the present parity is fair because it incorporates labour costs in the prices of things which the farmers must buy. thus bringing the farmers into fair relationship with other groups. The President said the parity principle had stood since 1933. It was a good standard for peace lime and likewise for war. To recalculate a new and higher parity would offer stabilisation, yet destroy the possibility of achieving it.