Evening star., 1933-05-05
"SELF-REGU[AT|ON"
Of INDUSTRY URGED.
Chamber of Commerce Also
Asks Reciprocal Tariff
Plan.

Adopting a platform for business
which included the expected recon-
mendation for new measure Of SELF
regulation" for industry under Govern
ment supervision to aid economic re-
covery, the Chamber of Commerce oi
the United States today wound up its
twenty-frst annual meeting here.
Another recommendation adopted
proposed reciprocal tariff arrangements
with foreign countries where such bar
gaining would be clearly in the national
interest.
Initiation Opposed.
The chamber opposed imitation, was
non-committal on the basic principles
of the Administrations agricultural pro-
gram and called for a banking policy
that would entail extension of branch
bank into the Federal Reserve System.
In this connection, regulation of the
security affiliates of banks was recon-
mended and it was added "after a rea-
sonable period of necessary readjust-
ment, commercial banks should be re-
CURED to divest themselves of such
afiliates." The resolution opposed guar
anteeing bank deposits on the ground
that it would tend to promote careless
banking" Insurance for bank deposits
now is contemplated in the Glass bill,
which was outlined to the chamber yes
terday morning by Senator Bulkley,
Democrat of Ohio.
At the concluding session the cham
Der heard Secretary of Agriculture Wal
lace assert that the administration did
not propose to apply dictatorial meth
ods in administering the new farm bill,
and from Secretary of Commerce Roper
heard a discussion of the Government
plans for reorganizing its agencies.
"Self Rule" Stand.
On the subject of self rule" for in
dustry, which is now being agitated
strongly by business interests as an al
tentative to the Black 30-hour bill and
the proposal of Secretary of Labor
Perkins for regulation through govern
mental boards, the chamber adopted the
following: Each trade association rep
resentative of its industry or branch in
accordance with its conditions and in
conference with the appropriate agency
OF the Government should be permitted
to promulgate fair rules for industrial
production and distribution, to improve
the status of labor. the industries of
the Nation and the public welfare"
tunity for this form of self-regulaticn
under Government supervision would
produce conditions which would assure
fair competitive opportunity for each
enterprise and permit immediate in
crease in employment, raise earnings
and free the public from the burdens
and detrimentS it inevitably suffers
from the results CT destructive compe-
tltlon on the part of the least RESPONSE
Bile industrial elements All enterprise
could be held to standard fair compe-
tition properly determined"
Supported by President.
This IS along the line of legislation
now being studied by Senator Wagner,
Democrat, of New York. and a commit
tee. 1t is the principle to which last
night President Roosevelt pledged the
support OF the Government. The cham
Der today did not, however, make any
reference in its resolutions to that por-
tion OF the Presidents speech dealing
with wages.
Ihe chamber recommended that pro-
posed Federal regulation of security
offerings be deferred until later date
pending study. 1t said in this respect
IN view OF the very grave questions
eAioS nave Dceu raised concerning the
successive drafts of the bills now pend
ing in Congress the public interest
could undoubtedly be better prompted
and the protection of individuals made
more secure If legislation of this kind
were to be postponed until the next
session OF Congress in order that a
Federal statute might be devised which
would reach the evils which should be
suppressed without unduly hampering
honest and legitimate enterprise"
Another resolution reiterated the
chambers stand for a balanced budget
through reduction in expenditures
rather than increased taxation
Another resolution called for increas-