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Show King George Approves Canada-U.S. Pact in Historic Rite at Ottawa By WEBB MILLER OTTAWA. May It (UP) With a alight nod of his head. King George VI today gave- royal assent as-sent to a treaty with the United States first tims a British sovereign sov-ereign ever personally has approved ap-proved a bill passed by the Canadian Cana-dian parliament. The ancient ceremony of royal assent lasted half an hour in ths red-carpeted senate chamber, and the first bill signed with the royal "George R." was ths Canadian-American Canadian-American trade treaty. Sitting in front of ths dais was Daniel C W , 1 Roper, former secretary of commerce, com-merce, whose credentials as American minister to Canada were handed to the king today. Roper brought ths king assurances assur-ances of friendship from President Presi-dent Roosevelt and "genuine good wishes for the continued hsppi-ness hsppi-ness and well-being of the Canadian Cana-dian people." In reply. King George said hs and the queen were looking forward for-ward with "particular pleasure" to their visit to ths United States. The king and queen arrived in ths dominion capital this morn ing for a two-day visit that win include ths historic trooping of the colors. An age-old ritual was followed throughout the ceremony of royal assent to the bill The king, upon entering the senate chamber, requested re-quested the presence of the commoners, com-moners, who then assembled behind be-hind She bar of the senate chamber. cham-ber. - Clare L. Moyer. clerk of the senste. carried the bills, bound together by wide red ribbon. Then, etarting with the trade tCeetlniMMf on Feee Two trniiMan Tore of NEW SPENDING PLAIIJUERIEO ' 1 tCwiHiiuto' from Fare One - cmphai'i oa advances to smell firms. Liberalisation of social security benefits, with discussion centering on old age pensions of 10 monthly for single persona and $80 monthly for married persons. Government insurance ef loans for utility construction. Reduction of the per cant Interest In-terest rats on construction loans Insured by tha federal housing administration. ad-ministration. Government purchase of new railroad equipment and its rental to tha carriers. Among those working on the program, pro-gram, it waa reported, are Senators Wagner (D., N. Y. and Pepper D Fla.). Chairman Marriner 8. Ecclea of tha federal reserve board and Leon Henderson, newly appointed member of tha securities commission. commis-sion. Change Likely Well Informed persona said that tha tentative program imght be substantially changed before It is presented to the White House, and that government Insurance of utility loans and tha purchase of railroad equipment might be omitted. They added, however, that soma new government gov-ernment effort to stimulate business was extremely likely to emerge before be-fore congress adjourns. Secretary Ickea told reportera yesterday that he doubted whether conditions would Improve enough to warrant abandonment of P W A. "There will be need for mora re- lief spending," he said, "and I always al-ways have contended that there is no better way to do it than through public works." The proposed program. It was reported, re-ported, would call for tha creation of a new agency to take over the $1,500,000,000 from tha stabilisation fund and land it at low Interest rates to persons of low and medium income for home construction. The stabilisation fund waa created cre-ated out of the profit accruing to the government in 1934 when it devalued de-valued the gold dollar. The profit, $2,000,000,000, was put in a fund which can buy and aell dollars In international exchange markets in an attempt to keep stable the value of the dollar in relation to foreign currencies. One problem remaining to be worked out, it was said, was how to prevent the lending plan from up-setting up-setting the general level of interest rates too violently or from interfering inter-fering with the building-insurance activltiea of FH A. A reduction ef interest rates on FHA-insured loana might meet this problem In part It waa said. Preliminary discussions have been pointed toward devising a lendlng-spending lendlng-spending program which would not affect ths regular government budget Tbe release ef $1,500,000,000 from the stabilisation fund would not create new debt, but soms treasury authorities were said to oppose It on the ground that the remaining $500,-000.000 $500,-000.000 in the fund would not be adequate to cops with posstbls fluctuations fluc-tuations in international exchange. Those working en the program said, however, that thus -far the treasury has used only $200,000,000 of the fund as a "working balance" and that $500,000,000 should be adequate ade-quate to meet any International monetary emergency. |