In the course of his announcement, the President said that he-had engaged in numerous conferences with important business Leaders and officials daring the past. week.
As a result of the laying of this ground-work, he is calling,*for the middle of next week, a preliminary conference of representatives of the [various industries, of agriculture and of labour, to meet with: the Secretaries of the Treasury, Agriculture, Commerce and Labour and with the chairman of the Federal Farm Board in order "to develop} certain definite steps" which may] be taken, ""For instance," the President continued, "one of the results of the speculative: period through which we have passed in recent months has been the diversion of capital into the security market, with a con quent lagging of construction work throughout the country.
"The postponement of const tion, during the past month, not lonly in connection with buildings, railways, merchant marine and public utilities but also. federal, state and municipal public works, provides a substantial reserve for Prompt expanded action."
Mr. Hoover said that the strong] ash position of the manufacturing industries is assured.
"The magnificent. working of the Federal Reserve System, together with the inherently sound condit the banks, has already brought about an increase in interest: rates fand an assurance of abundant] capital," he went on.
"This is the frst time this result has been so swiftly achieved under} similar circumstances."
The market boom and ite results were caused both by over-optimism Jand. over-pessimism, which were equally. unjustified, inthe opinion of the Chief Executive, Tragic Loss of Savings "The sad thing," he pointed out, "ig the fact that many unfortunate people were-drawn into the vortex lof the these movements, with a tragic loss of saving and reserves.
Any lack of confidence in the! economic future and basic strength fof business in the United States is simply foolish. Our national capacity for hard work and intelligent ce-operation is an ample guarantee for the futare."
President Hoover said that words Jare not important during a period economic disturbance, but action establishment of credit and stability with ample capital through the operations of the Federal Reserve system -and also. the Government's move in_undertaking tax reduetioa speaks more Joudly than words, in his view.
The: next" practical step;" shid he, His-the organizing aiid coordinazothe: forward "mévénient Dasiness through the revival of cdnstruction activities, the stimulation! lof exports, and all other legitimate!
London, Nov. 18, Questions were put in the House Gonkmons to-day regarding Tus: Britain, propaganda against Great, was asked whether he had any formation regarding a manifesto dressed by the executive _committee of the Communist International to the peoples of India urging them to rise and throw off British rule, etc, and, if so, what steps he proposed to take to prevent the circulation of this manifesto in that he had no information beyond what had appeared in the press.
The Foreign Secretary, was asked Sir Austen Chamberlain, the Conservative ex-Foreign Minis whether his attention had been cal ed to an article published in the "Iavestia", the oficial organ of the Soviet Government, on November 5 and, in particular, to a statement contained theroir that the Agreement of 1924 and the Protocol of October 3, 1929, did not contain and could not contain a single word relating te the Komintern, and whether he would assure him se! that the-Soviet Government unde stood and accepted his interpreta tion of the agreement before effect was given to it by the exchange of Ambassadors.
The Soviet's Undertaking Mx. Arthur Henderson replied: "I have seen various articles in the "Iavestia" and other newspapers, the general purport of which is described. in' the. question, Under paragraph 7 of the Protocol of October 3, which was approved by the House of-Commons on the 5th fon the day on which their Amba
ledge, with regard to propaganda events ie credential, th Fontained in Article 16 of the 1024 In accordance with state-monts made by the Premier and Imyselt on various occasions, it is the intention of the Government to insist that that pledge, which is thas Provided or in the Protocol and Which they regard as clearly applied ble 12. the propagandist. activities of the Komintern, shall be observed Doth in the letter and spirit.
"With regard to the lust part of the question, the necessary formal ties have already been completed and two Ambassadors—appointed, ind His Majesty's Government have asinost expansion, especially if take such'action in concert with the rise of our new powers to assist "Fortunately the soundness, ity and readiness for ce-operation fof our business leaders and Gover mental agencies gives assurance of action."—United Pres
Text read from the printed page and cleaned; old type leaves the occasional error.