The Waterbury Democrat., 1933-10-27
BY HENRY T. RUssHLI

United Press Stan Corrcspoudent)
 London, (UP)-The world is on the mend. The United States would have shared in the improve ment even without the Roosevelt policy. nevertheless that policy at least hastened the dawn of world recovery, according to Sir Walter Layton, economist.
 Layton told the United Press that he believed:
 l. The acute phase of the world depression passed last summer.
 2. Recovery Is likely to continue unless there should be terrific smash in the United States, coupled with a sudden aggravation of the Central European and general European political situation.
 8. Although the presidents program was valuable in showing the determination of the United States to clean house and tackle its problems, world recovery--even though the New Deal may have hastened the process have gone on without it.
 There are clear indications, he added, that industrial production almost everywhere has stopped dropping and that agricultural prices are beginning to climb. or at least have definitely stopped sarging. If the worlds political situation had been more normal during 1883. recovery would have been n good deal more obvious and advanced than 1t is. he con
 IDiscussinsa Roosevelt's efforts to restore economic balance in the Tinted States by means of NRA and other measures, and the ef- feet which success or failure of MIRA might have upon the world situation in general Layton II think 1t Is very difficult and very unwise to be dognatic about these questions. There were signs last summer that the acute phase of the depression had passed. The movement generally has gone on. At least the world has not suffered from worse depression. The, Roose- welt program was among other things general indication or the determination of the United states to deal with the situation. It has undoubtedly helped agricultural prices. If only for that reason it was certainly not unJustified. some extraneous measures were needed in U. s. A. believe that to some extent they have hastened world recovery. But I feel that inc United States would have shared in this recovery even had these measures not been adopted.
 Undoubtedly the best thing that could happen for world re- coyery would be for MIRA to succeed. Tn this respect 1t is an experiment of great importance to the world. But 1t is not all import mt. one should recall in this connection the fact that while there was a great boom in the United States in 1S24-25, Europe was in a shocking condition. Thus the mere fact that the United States were prosperous was not sufficient to relieve the conditions
 Discussing the possibility of in- flation in the United States, Lay- ton--while neither advocating nor condemning inflation-pointed out that in 1929 there was less cur- rency in the hands of people than there Is at this present time. The trouble is,'' he added, "there Is plenty of money to-day but not in circulation"
 Asked If he thought that a country fin the position of the United States should initiate her currency. Layton, again limiting that 1t was not so much a question of getting the printing presses to circulate. said:
 Everything depends upon how you initiate. Say you print three question is how are you going to dispose of the notes? Are you go- ing to distribute them to the un- employed in the form of doles :? Are you going to remit taxation? What section of the community are fn he chosen aa the distribut-