Show news rev review bew of current events the world ov over er president scraps farm board and combines several bureaus into one agency wins first round with british on debts WHAT the president terms the farm credit administration was created by executive order which if it meets with congressional approval as Is expected will become operative may 27 the farm credit administration replaces the federal farni farm board the federal farm loan board and the farm credit activities that have been scattered through seven different gov lu I 1 ern mental agencies henry mor flen en the administration tha thalji thau Jr will m be headed ded by henry jr with the title of governor and an assistant for the present at least paul destor with the title of commissioner governor said after issuance of the order that the activities of the government in granting loans to farmers and farm organizations will be fully coordinated co in the past with the government making loans through the department of agriculture the R F C the farm board and other agencies varying rates of interest were charged and different purposes and conditions were set up and under the new regime governor ifor said unity of purpose and treatment will be observed strictly he also declared that all employees of the new credit administration will be placed under civil service instead of udder a patronage system as exists in many of the bureaus at present the executive order issued by the president directed the abolishment of the farm stabilization activities of the farm board which have resulted to in losses of 0 three hundred million dollars except that he be provided they should he be continued only to liquidate the left over holdings of the board tills this consists of thirty million bushels of wheat and twenty eight thousand bales ot of cotton in a message to congress accompanying the order president roosevelt said his purpose was to maintain and strengthen a sound and permanent system of operative cooperative co agricultural credit subject to federal supervision and operated on the basis of providing the maximum of security to present and prospective investors in bonds and debentures resting on farm mortgages or other agricultural securities all for the purpose of meeting the credit needs of agriculture at minimum cost the consolidation of these various activities under one head bead Is expected to result in an administrative saving of approximately two million dollars a year T THE HE efforts of european nations to cancel or greatly reduce the war debts owed to the united states are an on and it Is said president roosevelt has won the first skirmish to the extent of considering world economic con editions before any discussion of war debts As a result of mr Roosevel ts insistence it Is reported t the h e B british r I 1 t I 1 a h government has backed down from the position an sir surronald ronald bounced by austen lindsay y chamberlain chancel lor of the exchequer when he said that britain would not swap economic concessions for revision of the debt the british are now willing to discuss economic concessions before the debt question Is taken up by virtue or of this sudden blange of front on the part of 0 the macdonald MacU onald ministry the worm world economic conference Is likely to be held in april or slay may instead of ft next summer er or autumn ns as the european powers were planning ng the british ambassador sir ronald lindsay has bits discussed with secretary of state cordell Cori lell null hull the questions to come before the economic conference before the debt question Is considered si the french are also willing to discuss economic questions before con rang war debts following it white lavare conference between teen be president roosevelt and M jacques stern vice cf chairman airman ot of the finance committee of the french chamber of deputies it II 11 stern said that thai he had not dis cuffed war debts with the president ehst their conversation had bad been confined to the economic conference which the deputy thought it would be very important to hold as soon ns as can be made possible asked about the debt he said it would be very ery important for france to pay the december installment as a mark of respect to president roosevelt clr roosevelt and mr hull have taken the position from the start that he be war debts are Pe condary in importance to the removal of tariff embargo quota exchange and other restrictions on international trade A preparatory commission named for or the purpose of preparing an agenda tor for the economic conference has hag listed the following subjects tor for con olde Ider atlon ration the original and present weight of 0 debt and interest obligations price of 0 primary commodities a and nd price of manufactured goods both wholesale and retail the existing volume of production in different staple commodities entering la in world trade the willingness of creditors to make international loans and their unwillingness to receive payment in goods and jerlees sen ser ices lees the distribution in different countries of the available gold supplies of the world the disharmony between the stable and fluctuating rates of 0 exchange prime minister ramsay macdonald of england will preside at the economic conference and will name the date for its convening P PROGRESS of the farm relief bill in the senate has been slow senatorial dignity would not permit of the speeding up of the ponderous machinery of the upper house regardless of the plea of secretary of agriculture wallace for speed and for the passage of the bill as originally written by the president and his bis advisors there just had to be hearings on the bill and everybody tor for and against must have a chance to talk and they have talked at this writing it seems that a bill will eventually pass but whether it will be the bill that passed the house and Is acceptable to the administration or whether it will be so radically changed as to be unrecognized by its proponents or unacceptable at the white house Is for the future to reveal FARM ARM relief in other directions moved along more rapidly the proposal tor for re financing farm mortgages has taken form and the proposition Is for the selling of farm mortgage bonds to the extent of from nine to ten billion dollars on which the government will guarantee the interest but not the principal it Is expected the governments guarantee of interest will make the bonds marketable at a comparatively low interest rate farm leaders have urged a government guarantee of tha the principal on such a bond issue but such a guarantee would make them a direct obligation of the government and mean simply an increase in the national debt of nine or ten billion dollars guaranteeing an teeing the interest only means that should there be a complete default on the part of the farmers which is never probable the treasury would have from three hundred to four hundred million dollars to pay annually until the bonds had bad matured taug HERE Is a growing crowing belief in washington ton thit flint the budget will not be balanced during the next fiscal year beginning july 1 regardless of the economies made by cutting the pay of government employees reorganization of bureaus and departments and re dictions duct ions tn in payments to veterans amounting to an expected total of some seven hundred millions and regardless gard less of an added revenue from the tax on beer estimated at about one hundred and fifty million the relief grant of five hundred millions provided for in a bill now before congress and the file two hundred millions for the reforestation plans will alone offset off set the economies it Is probable that the more ambitious plans of the president will be financed Danced fl through new bond issues but there will be increased interest charges and a sinking fund to provide for which will run into hundreds arl As of millions annually along with these things tax yields are falling failing short of estimates because of the continued prostration of business IVE hundred million dollars to be F FIVE provided by the federal government and distributed as unemployment relief relict by the states Is for in a bill introduced in the senate by senators wagner of new york costigan of colorado and la follette Fol etc of wisconsin the hill bill provides t that the huge sum shall be given out right to sucu such tales states as shall apply for or aid A k and places the responsibility for seeing sen tor that the money la follette ts Is given wisely in the hands bands of a federal relief admi administrator dis this official would be appointed by the president with the consent of the senate and carry on his duties independent of any other department the reconstruction finance corporation po ration Is given authority under the bill to borrow the five fire hundred million dollars but will have no powers beyond turning the money over to the relief administrator ten days after the appointment of the relief executive the reconstruction finance corporation po ration would cease to have any c control on over the granting of loans loana to states or municipalities tor for relief purposes and thus all of the governments relief financing would be under the one jurisdiction A nationwide NATION WIDE boycott on all jewish business and professional men in germany hat has been clamped down by chancellor bitters Hit lers national socialist party the announcement states that it will last until jewish life in germany Is paralyzed nit hit lers governments government while not officially countenancing the boycotts boycott to Is not expected to intervene at nazi headquarters it was waa said that the boycott Is a purely defensive measure solely directed against german jewry as retaliation for the antl anti german campaign in foreign countries all over germany jewish owned shops chops and department stores closed their doors and were picketed by storm troopers THE HE presidents bill providing for the employment of men for the purpose of reforestation and other work in government forest reserves and along the rivers passed congress with some amendments made by the senate one of these amendments removes the state quota restrictions strict ions on the sixty eight million dollars remaining of the relief funds in the hands of the reconstruction finance corporation tills this makes it possible for states that have borrowed up to the quota previously provided to continue to borrow until the sixty eight million Is ex exhausted bausted in the house the bill was adopted without a roll call but with the republican members in opposition tills this opposition was not directed at the bill but at the methods of ruling the house by the democratic majority it was the first of the administration bills that had not received nonpartisan non partisan support the bill was strongly opposed by president green of the american federation of labor DIRECTOR ddouglas RECTOR of the budget lewis NV douglas has completed the task of revising the payment to veterans under the terms of the economy bill giving the president dictatorial powers tor for such revision this revision eliminates from the pension rolls all veterans with non service disabilities and reduces the payments to those with service disabilities by approximately 15 per cent the same percentage ot of reduction as that made in the wages of government employees the economies that either have been or are expected to be effected cover the reduction of 15 per cent in the wages of all government employees made by the president reduction in veterans benefits and administration now made reorganization of the departments part ments and bureaus in the administrative istra tive branch of the governments government for which the president has authority and on which he Is now working postal service economies now being considered when all have been completed the follo following savings will hare bare been effected veterans benefits and administration 4 reorganization of 0 adminta tive branch of the government including abolition of functions reduction in the pay of government employees postal service economies total 9 30 among the new expenditures that will offset these savings Is the appropriation pria tion of five hundred million dollars as a gift to the states to be used for employment non relief and the reforestation plan of the president which congress has authorized and which involves an expenditure of not less than two hundred million dollars M communists object to ia josephus daniels as american ambassador at mexico city posters captioned out with daniels have appeared on walls in the capital they call him the murderer of azueta and these men were mexicans who were killed in the fighting when united states forces landed at vera cruz in 1914 at that time mr daniels was secretary of the navy U UNDER the authority granted him by congress the president has ordered a 15 per cent cut in the pay of all federal employees effective april 1 the order affects the employees in all departments including officers and enlisted men in the army and navy post office department and all others on the government pay rolls a total of approximately the authority given by congress provided for such cut as reduced expenses might warrant up in a total of 15 per cent an invests investigation gation of living costs made by the department of labor showed a decrease from june 30 of last year to the present time of 17 per cent on the strength of that report the president ordered the cut in pay to the limit of that allowed by the terms of the economy law it Is estimated the saving to the government will be approximately annually DERAL regulation of 0 new stock fand FEDERAL and bond issues la Is proposed by the president nc he asks the passage of 0 legislation that will require the organizers promoters and sellers seller of the issues to submit for public information a complete financial statement concerning the stocks and bonds offered the proposed law would provide that full information be given on every prospectus offering securities for public sale and similar information be made available at other sources bonuses and commissions paid to sellers fellers would also pe be reve revealed to the public no serious objection to the terms of the bill Is expected la either the th house bouse or the senate 6 0 ril 2933 |