Excerpts: The purpose of this statement is to call attention to several basic facts which seem to us highly important in a discussion of price policies aimed at furthering industrial recovery. These facts deal chiefly with the lack of balance between the low industrial production level and the relatively stable high output of agriculture, which lack of balance tends to perpetuate an unbalanced relation between industrial and agricultural prices. They indicate rather clearly that from the standpoint of both agriculture and industry the great need is a direct effort at increased industrial output accompanied by reemployment and the avoidance in at the expense of volume. In this direction lie the broad interests of farmers, workers and business men. Our facts indicate that increased industrial activity basic to a restoration of the farmers former standard of living; it is the real way to reemployment, and greater incomes for industrial workers; and it is at the same time the most important single factor in restoring profits to industry. Industrial price policies that tend to prevent downward price adjustments with increased volume tend to retard further recovery for these major economic groups. From the standpoint of agriculture, we have reached a point in the recovery phase of the present business cycle where further progress depends very largely upon an expansion in domestic and foreign demand. In so far as NRA policies affect domestic demand for farm products, they should be such as to increase the purchasing power of farm products and farm income for industrial goods, and thus clear the way for increased production and exchange of both farm and industrial products alike. Policies which aim at clearing away obstacles to increased volume of industrial production rather than policies which aim directly or indirectly at price rigidities are called for if the farmers income is to exchange for a larger volume of industrial goods and if there is to be substantial reemployment, a freer use of goods and services and a rising national income.