OCR Text |
Show Economic Highlights (Continued from page 1) plan recently presented by Gerard Swope, General Electric's able, far-j .ighted president. Briefly stated, the. Swope plan proposes the setting up ' of an organization very similar to the i , N'RA with this essential difference i control would be in the hands of .boards of business men instead of I government offilials. Not pleased by I it all were labor leaders who doubted that the boards of big corporation executives would protect workers. President Roosevelt said of the Swope ! plan that the present time is not propitious pro-pitious for a change in plan that "the next few months are expected to bring forth hundreds of other plans." Then he issued a summary of reports ' showing late achievements of the NRA, including: New employment for 2,000,000 people; increase in industrial outlets; a 20 per cent rise in hourly wages and 40 per cent drop in working work-ing hours. To his defense came distinguished dis-tinguished Professor Edwin Seligman, : saying that the depression is actually ending; that for the first time in his-, his-, tory recovery from the bottom is being be-ing speeded consciously and effectively; effective-ly; that there is no basis for fear of uncontrolled inflation; that we are in j the midst of a social revolution within I the framework of capitalism, which ; promises lasting benefits. Another : very important bone of contention is the securities act. Some of the admin-, admin-, istration's best friends, as well as business executives, believe it needs overhauling, it is not only preventing issuance of worthless securities but j r-ccurities entirely legitimate and most j essential to industry. 0O0 I Prohibition repeal means the end of a number of the so-called "nuisance" taxes. These are: The 5 per cent tax paid by stockholders on dividends received; re-ceived; the one-tenth of one per cent tax paid by corporations on declared value of capital stock; the 5 per cent tax paid by corporations on income in excess of 12 Y2 per cent of declared value of capital stock. The iy2-cent ' federal gas tax will be reduced to 1 ' cent. It's likely that other taxes, such ! as that on bank checks, will go. Both j the federal government and the states : are looking forward to liquor as the 'provider of tremendous sums of new revenue, and: are planning what to !do with it. Principal danger is that there will be too many fingers in the flowing bowl, forcing the price of legal stuff to where the bootleggers will stay in business and undersell. I 1 1 |