Show NA NATIONAL I AFFAIRS i Reviewed by CARTER FIELD I I Treasury department and anti I the National Defense ense committee com corn disagree on amortization M o oj of f ca capital itol invested in iu I tt tear nr industries cs c's IIA TV 11 A I power poker s assistance for lor or national na I defense ens presents In t I problems melt Dell S Syndicate Service WASHINGTON Preliminary Preliminary discussions dis dis- among members of the house ways and means committee and the senate finance committee reveal wide differences differ differ- caves of opinion between be be- between tween the national defense commission and the treasury department de in the mat matter ter of the amortization lion tion of capital Invested In 11 vested in war indus Indus- y tries The defense commission wants legislation that will stimulate Invest Invest- Henry merits ments in new plant 1 and equipment The treasury wants the most money pos pos- sible As indicated in a previous dis i patch President Roosevelt will have to get a little tough with Henry I if the defense commission commission commis commis- sion slon is to have Its way I General discussion among members mom memo bers of the committees indicates that the bill likely to be laid before be fore congress will raise somewhere between and in revenue from excess profits per year It Is realized that no large larg amount of revenue will accrue for 1940 even if Jf the bill is made retroactive retroactive retro retro- active as seems probable The probability at the moment Is ii that no rate higher than 40 per cent will be fixed for excess profits but it seems likely that this will be divided into four brackets rather than the two brackets prescribed Inthe in inthe inthe the amendment proposed by Sen Rob Robert rt LaFollette when the new tax law was under consideration Another factor playing on this problem is that many small com panics have not had many good goodyears goodyears goodyears years in the last five some of them even having deficits The effect ola ofa of ol a comparison with these in n computing ing tog the excess profits they might enjoy next year for Instance would be very hard on them indeed HUMOR IN TVA APPROPRIATION There is a bit of humor in this TV TVA A national defense appropriation which the administration had so 0 much trouble getting started For Instance Speaker William B B. Bankhead Bankhead Bank Dank head who went to Chicago hoping passionately that he would be the vice presidential nominee He lie knew the left wingers suspected him ol of being in sympathy with the southern south southern ern conservatives so so he tried ap ar appeasement We established financed and set act setup up on a firm and enduring foundation tion lion he said in his keynote speech the great Tennessee Valley Val Valley Valley ley authority which for all time will furnish a great groat vehicle for the development and conservation of the commerce and resources of that thaI great geographical area which It served which will be a potential factor in flood control and navigation tion lion and which OFFERS NOW READY ASSISTANCE IN Till THI PREPAREDNESS PROGRAM for forthe forthe forthe the manufacture of many of the essential es IS ingredients of national de dl defense But Dut it so happens that aUel months of searching the ONLY pow power er cr shortage which the New Dealer have been able to dig up in their thell arguments for the grid system or orr orthe the excuse of national defense is I. in TVA territory Which would seem to make this now ready assistance of Mr Bankhead the heigh of something or other SPEED WAS STRESSED Incidentally there Is at least the tru suspicion that the New Dealers Dealer pulled a rather fast one in thus con convincing convincing the defense commission In II his report to the President Stettin ius sus uses the words Delay of a feu fe weeks in authorizing this undertaking ing TVA dam might delay a ai in dam for generation ol of power as liS it is necessary to calel the flood waters nex next spring pring Obviously Mr did n no ne mean next spring though as thil is written n there has never been bew i correction to this effect But ut in hea hearings hue hat made it clear he was thinking o 0 o water storage in the spring of 1942 Asked about the prospects a mar mat familiar with TV TVA A operations sine slOe they started said If U the dam were started tomor tomorrow row nw construction could not be com corn completed completed to the point of storing for two years Based on TVA's dam darn building record at Norris a similar project it would be three years aft after after after er the project is approved befort water could be stored Maybe they are going to gei work done faster because of the emergency but there W was wag l no reason for tor delay at Norris Moreover Norris Nor ris ria dam was built at a time of great greal unemployment when there was no possibility of priority for any other project and when all the labor that could possibly be used was eager fo to Jobs lobs |