Milford chronicle., 1933-12-01

low, discouraging Britain's foreign
trade. Matters are at a deadlock.
J It's going to be a monetary battle
of the giants, with the two greatest
financial powers of the world op-
posed.
Critism of Administration poll
cies, which was practically non-ex-
istent few months ago, has been
gradually appearing, becoming more
widespread. There is definite
feeling of nervousness, mostly on
the part of large-scale business
men. Their theme song is "Indivi-
dualism, Where Art Thou?" and the
william in the piece is the fact that
the government is steadily assum-
ing more stringent control over all
phases of business, showing no signs
that it will relax this policy.
These business men cheered the
recovery plan recently presented by
Gerard. Swope, General Electric's
fable, far-sighted president. Briefly
stated, the Swope Plan proposes the
setting up of an organization very
similar to the NRA with this es-
sential difference-control would be
in the hands of boards of business
men instead of government officials.
Not pleased by it at all were labor
leaders who doubted that the boards
of big corporation executives would
protect workers.
President Roosevelt said of the
Swope proposal that the present
time is not propitious for change
in plan-that "the next few months
are expected to bring forth hundreds
of othef plans" Then he issued a
summary of reports showing late
achievements of the NRA, includ-
ing: New employment for 2,000,-
900 people; increase in industrial
outlets; a 20 per cent rise in hourly |
wages and 40 per cent drop in work. |
ing hours. To his defense came dis |
tinguished Professor Edwin Selig- |
man, saying that the depression is |
actually ending; that for the first |
time in history recovery from the
bottom is being speeded consciously
and effectively; that there is no |
basis for fear of uncontrolled infla-
tion; that we are in the midst of
social revolution within the frame !
work of capitalism, which promises
lasting benefits.
Another very important bone of
contention is the securities act.
Some of the Administrations best
friends, as well as business execu-
tives, believe it needs overhauling,
is not only preventing issuance of
worthless securities, but securities
entirely legitimate and most essen
tial to industry.
MMx
Prohibition repeal means the end
of number of the so-called "nuis-
ance" taxes. These are: The per
cent tax paid by stockholders on
dividends receive a; the one-tenth
of one per cent tax paid by corpor-
ations on declared value of capital
stock; the per cent tax paid by
on income in excess of J
II 1-2 per cent of declared value of | !
capital stock. The IL cent federal
gas tax will be reduced to 1 cent. $
It's likely that other taxes, such as
that in bank checks, will go.
Both the Federal Government and
LHef SldtSS dIS lOOhlL6 lOTWdIu " |
liquor as the provider of tremend-
)us. sums of new revenue, are plan
ming what to do with it. Principal I
langer is that there will be too I
many fingers in the flowing bowl,
forcing the price of legal stuff to 7
where the bootleggers will stay in
business and undersell.
&M*
A not wholly unjustified tradition =
has grown up both here and abroad, =
that European diplomats are pretty >
smooth stuff, and that American
public men are so many babes in the q
woods when it comes to dealing with 8
Lhem. It's possible that that thought +
was in the mind of Russia's shrewd, /,
Litvinoff when he climb +,
sd' the steps of the White House to e
confer with President Roosevelt ov- n
sr American-Russia recognition, 2
If so, Mr.. Litvinoff soon became Il
sadder and wiser. He found himself e
confronted by an excellent horse n
rader-a. suaye, polite horse-trader d
With Harvard accent to be sure, e.
tut a horse-trader nevertheless. h
Where Mr.. Litvinoff had announced il
hat so far as he was concerned, a