| Show NATIONAL NA AFFAIRS RS Reviewed by CARTER FIELD Treasury department and the National Defense com com- committee committee committee disagree on amortization amortization amortisation of capital invested in war industries TVA TV A power assistance for na na- national national defense presents problems Bell Dell Syndicate Service WASHINGTON V Preliminary Preliminary dis- dis Missions cessions among members of the i house ways and means committee and the senate finance committee reveal wide differ differences d Yer y j 3 of opinion be be- between between between tween the national s defense commission and the treasury de de- department deI department I in the mat mat- matter matI I 7 4 Y t ter of the amortization c t tf tJ tion of In In- Invested Int invested f I J capital InI I t i vested v sted in war industries indus indus- tries The defense I commission wants r legislation that will I stimulate invest invest- henry ments in new plant and equipment The I treasury wants the most money pos I sible As indicated in a previous dis dis- dispatch dispatch dis- dis dispatch I patch President Roosevelt will have I to get a little tough with Henry if the defense commis commis- commission commission I sion is to have its way General discussion among mem mem- members members bers of ot the committees indicates I that the bill likely to be laid be be- before before before fore congress will raise somewhere between and in revenue from excess profits per year It is realized that no large amount of ot revenue will accrue for I 1940 even if the bill is made retro retro- retroactive retroactive active as seems probable The probability at the moment is that no rate higher than 40 per cent will be fixed for excess profits but I it seems likely that this will be I divided into four brackets rather than the two brackets prescribed in inthe Inthe inthe the amendment proposed by Sen I Robert LaFollette when the new tax law was under consideration Another factor playing on this problem is that many small com com- companies companies companies have not had many good goodyears goodyears goodyears years In the last five some of them even having deficits The effect of 01 ofa a comparison with these In computing computing ing the excess profits they might enjoy next year instance for would be very hard on them indeed HUMOR Ul IN TVA TV A APPROPRIATION There is a bit of humor in this TVA national defense appropriation which the administration had so so much trouble getting started For instance Speaker William B. B Bank- Bank Bankhead Bankhead Bankhead head who went to Chicago hoping passionately that he be would be the vice presidential nominee He knew the left wingers suspected him of 01 being in sympathy with the south south- southern southern ern conservatives so so he tried ap ap- ap- ap I I I We established financed and set sel setup setup firm and foundation up on a enduring founds founds- tion lion he said in his keynote speech the great Tennessee Val Val- Valley Valley ley authority which for all time will furnish a great vehicle ve-hicle for the development and conservation of the commerce and resources of that great geographical area which it served which will be a potential factor in flood control and navigation navigation tion and which OFFERS NOW READY ASSISTANCE IN THE PREPAREDNESS PROGRAM for forthe forthe forthe the manufacture of many of ot the es essential s 's ingredients of national de de- But it so happens that after months of searching the er shortage which the New Dealers have been able to dig up in their arguments for the grid system on the excuse of national defense is in TVA territory Which would seem to make this now ready assistance notion of ot Mr Bankhead the height of something or other SPEED WAS STRESSED Incidentally there is at least the suspicion that the New Dealers pulled a rather fast one in thus con con- convincing convincing the defense commission In his ais report to the President Stettin Stettin- lus ius us uses the words Delay of ot a few weeks in authorizing this undertaking ing tag TVA TV A dam might delay a year In filling the dam for generation ol of power as it is necessary to catch the flood waters next spring Obviously Mr did not mean next spring though as this Is s written there has never been 8 a correction to this effect But previously pre previously in hearings had bad I. I made it clear he be was thinking of ol water storage in th spring of ot 1942 Asked about the prospects a man familiar with TVA TV A operations sine since they started said If It the dam were started tomor tomor- tomorrow tomorrow row construction could not be com corn to the point of storing water for or two years Based on TVA's TV As A's dam building record at Norris a similar project it would be three years aft aft- after after er cr the project is approved before water could be stored Maybe they are going to get work done faster because of the emergency but there thero was no reason for or delay at Norris Moreover Nor Nor- Noris iris ris is dam was built at a time of great unemployment when there was no possibility of ot priority for any other project and when all the labor that could possibly be used was eager for fob jobs |
