The Daily Alaska empire., 1932-08-17
BANCROFT ON THE RECOVERY.

Four things are essential before any substantial progress can be made on the road to recovery Is the conviction of Hugh Bancroft, President oi Boston News Bureau, Inc, publisher of the Boston News Bureau, of the leading financial daily newspapers of the country Wage scales he con- tends in a recent signed article in that journal, generally must be adjusted to levels not higher than those prevailing in 1917 and the same adjustment for related items such as salaries rents Budgets Federal State and municipal, must be balanced with expenditures and taxes reduced not less than 25 per cent Preparations and debt payments must be completely suspended for considerable term of years Final settlements of these obligations must be made in some other way than by the payment of gold or it's equivalent World tariffs as whole must be revised where they have destroyed inter national trade without creating equivalent trade.
 Lower wages does not necessarily mean less money for labor whole, MT Bancroft pointed out, citing current conditions case directly in point Although in June of this year wage scales had shrunken but l55 per cent below the levels Of September, 1929, the pay envelope of the average industrial worker contained 4O6 per cent less money without taking into account the millions of work CTS, employed in 1929, who get pay envelope at all now.
 Strangely enough, since MT. Bancrofts paper is a conservative Republican publication and support ing that partys ticket, he advocates the same percentage of reduction in Federal expenditures thst is pledged to the country by the Democratic Party that is 25 per cent The total cost of Federal State and municipal government in this country is ap- proxmately s15oO0000000. This goes largely to pay the wages and salaries of 450o000 public employees MT Bancroft would effect 25 per cent saving by reducing their wages and salaries to that extent.
 Arguing that the immediate of the world wide breakdown of credit international inter government payments for separations and war debts he naturally advoctaes suspension of these payments until such a time as the gold of the world is nor maly redistributed. Until then, he is convinced there can be no possible revival of world trade.
 To suspend payments until gold has been nor- maly distributed and economic forces have resumed normal operations. merely to start again the pay ments of reparations and debts in gold woule be useless since it would be but short time before the worlds gold supply would again be concentrated in few hands and the financial system out O order again To avert this he holds that paymen in some form other than gold and its equivalent is absolutely necessary.
 That, of course in barter, the exchang of trade between nations. This. however, is no possible under the high tariff system now in vogu in the leading industrial nations of the world chiefly in those engaged either in the payment 0 collection of reparations and war debts. With in consequential exceptions the tariff policies of tn nations of the world in the past two three year have succeeded in destroying a large volume 0 international trade without creating any domesti business to replace it. Unless throughout the worl domestic trade picks up to fill this void which l hardly likely obviously there be no importan trade revival in business until these trade-destroy ing tariff regulations are modified" he declares
 In this. too. MT Bancroft agrees with the Demo cratic platform which pledges itself, in the cas of national victory, to initiate series of tariff ferences with other world powers with a view Q raging the tariff walls that he decries so force fully.
 The relief measures advanced by President Hoov CT and given to him by Congress this year. h regards as paluatives and not correctiyes. He ex