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The Secretary of the Treasury has recommended a measure which would give us a much better balanced system of taxation and without oppression produce sufficient revenue. It has my complete support. Unforeseen contingencies requiring money are always arising. Our probable surplus for June 30, 1929, is small.
Haifa, Palestine, January 1, 1929. Letter of February 12, 1929. To the beloved of the Lord and the handmaids of the Merciful throughout the West.
The past year has brought us near to completion of settlements of the indebtedness of foreign governments to the United States. The act of Congress approved February 4, 1929, authorized the settlement with the Government of Austria along lines similar to the terms of settlement offered by that Government to its other relief creditors.
No agreement has yet been concluded with that government, but the form of agreement has been settled and its execution only awaits the Government of Austria securing the assent by all the other relief creditors of the terms offered. The act of Congress approved February 14, 1929, authorized the settlement with the Government of Greece, and an agreement was concluded on May 10, 1929.
We cannot report, despite all the progress that we have made in our domestic problems despite the fact that production is back to 1929 levels that all our problems are solved. The fact of unemployment of millions of men and women remains a symptom of a number of difficulties in our economic system not yet adjusted.
I will continue to pray for you, one and all, from the depths of my heart, that the Beloved may deepen your understanding, broaden your vision, remove obstacles from your way, and enable you to become the purest mirrors reflecting the beauty and radiance of the Divine Revelation. Your true brother, Shoghi 3 April 1929
Recognizing the wrong that had been done, the Council of the League unanimously called on the British mandate authority, in March 1929, to press the Iraqi government “with a view to the immediate redress of the injustice suffered by the Petitioners”. Repeated evasions by the Iraqi government, including the violation of a solemn pledge on the part of the monarch himself, resulted in the case dragging on for years through successive sessions of the Mandates Commission, leaving the House in the hands of those who had seized it, a situation that remains to this day uncorrected.
In 1929 they withdrew their troops and concentrated instead on their plans for Manchuria. Until the time of the "Manchurian incident" , the Nanking government steadily grew in strength. It gained the confidence of the western powers, who proposed to make use of it in opposition to Japan's policy of expansion in the Pacific sphere.
"During the same period. . . the prices of many vital products had risen faster than was warranted. . . . In the case of many commodities the price to the consumer was raised well above the inflationary boom prices of 1929. In many lines of goods and materials, prices got so high that buyers and builders ceased to buy or to build.
If we take the right steps in time we can certainly avoid the disastrous excesses of runaway booms and headlong depressions. We must not let a year or two of prosperity lull us into a false feeling of security and a repetition of the mistakes of the 1920's that culminated in the crash of 1929.
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