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    "label": "Fifth Draft, Wages and Prices Speech",
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    "title": "Fifth Draft, Wages and Prices Speech",
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            "logicalDate": "1945-10-01",
            "month": 10,
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    "seq": 16,
    "pageIndex": 0,
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    "ocrText": "249\nFIFTH DRAFT\n- 16 -\nThe first point has been true all along, but it has not been\ngenerally understood. If management does grant a wage increase, it is\nnot prevented from coming in thereafter and requesting government\napproval to have the wage increase considered for purposes of a price\nceiling increase. Whether such approval is sought before or after\nthe wage increase is given, it receives the same consideration.\nThe second point is new and is very important. It is some-\nthing which I am sure will help industry get over this very difficult\nperiod of readjustment. In cases where no approval of the wage in-\ncrease has been requested by management, or even where a request has been\nmade and denied by the government, industry will not be asked by the\ngovernment to take an unreasonable chance in absorbing such wage\nincreases. After a reasonable test period which, save in exceptional\ncases, will be six months, if the industry has been unable to produce\nat a fair profit, the entire wage increase will be taken into account\nin passing upon application for price increases.\nThat is your Government's wage-price policy. For the time\nbeing, the machinery that administers it will remain the same as during\nthe war. But, as you know, I have called a conference here in Washington\nof the representatives of management and of labor. It will start next\nweek. One of their jobs is to work our machinery for mediating or\narbitrating their differences whenever collective bargaining fails\nto work."
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