Evening star., 1925-06-28
Economic.

An administration program by which
| it is hoped to cut taxes by $500. 900 900
has been completed, 1t was learned
here last week for presentation to
Congress in December. Chairman
| Green and Secretary Mellon conferred
on the program last week, and were
/ said to be in accord with the excep-
! ton of some details.
! This announcement followed closely
| the addresses of President Coolidge
and Director of the Budget Lord be
| fore the heads of the Government or.
| ganiZationS last week, in which the
! former predicted a surplus for the
| fiscal year ending June 80, 1925. of
| 5000, 900 900. and declared this would
be increased by $50. 900, 900 the follow
| ing year. Both the President and
| Gen, Lord urged upon the heads of the
| Government establishments savings
wherever possible.
| In the meantime, Chairman Green
| announced last week that his ways
and means committee would start
work on a tax revision bill October 19
| The United States Shipping Board
| which finds it hard to make the
| American merchant marine compete
with foreign vessels because of the
! higher wages dema nded on American
!
ing situation through the revelation
last week that Henry Ford. who now
operates some ships bought from the
| Government, pays wages which are in
! some cases 100 per cent higher than
| those paid by the other American ship
ping concerns. One hundred dollars a
month is the lowest wage paid by Ford
on his ships.
Recent dispatches from England in
dic1e labor crisis which daily comes
| nearer, hastened, 1t is said by pro-
longed trade depression and rapidly
increasing unemployment. The Labor
party puts the blame on the govern
ment for doing nothing, the employers
declare that high wages and short
working hours cause the trouble, while
the government ministers say that
nothing can be done until the govern.
ment is formally petitioned by both
| sides to take some action. special
trades union congress has been called
for July "a to discuss the unemploy-
| ment problem. The Labor party de-
| clares it will press the government to
do something. and has given notice of
a formal vote of censure for it's fail
ure to relieve the industrial situation
The Dawes reparations payment
plan may become imperative after
two more years. and the problem of
Germany'S Indebtedness to the allies
would become an American problem
according to an analysis of the repara.
tions problem given before the Inter
national Chamber of Commerce last
week in Brussels by Sir Josiah Stamp,
who helped to draft the reparations
plan. America would be directly af-
feCted, he showed because nations
which pay their debts to this country
are doing so with receipts from the
Dawes plan. If the German payments
would cease, this would have it's direct
effect on payments to the United
States.
Negotiations were formally opened
here last week toward the funding of
the Italian war debt. A three. hour
conference was held between the Ital.
ian delegation and four members of
the American Debt Funding Commits
sion. the details of which were not
made public. although it was after
ward stated that Ambassador de Mar.
tino told the American commissioners
that Italy desired settlement of her
debt, and that her ability to pay should
form the basis for the negotiations
Another meeting between the delega
tions is to be held this week.
The French cabinet has approved
the plan of Finance Minister Callaux
to restore the treasury by placing in
circulation a special issue Of franc
notes and to sell another bond issue
to meet maturing bond payments The
finance minister said his scheme was
neither imitation" nor a moratorium
and purchasers will be guarded against