Newspapers / The Chowan Herald (Edenton, … / July 10, 1952, edition 1 / Page 5
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Cash Circulation Is S4OO Per Worker 3 ' ; ' - * ■ fi An Abnormal Amount; Os Money Accumulat ed and Held | An intereating phenomenon that has ] prevailed in this country since the end of the last war is the abnormal amount of cash that has been aooumu lated and held by the people at large, , contrary to prudence and to sound individual money practices. The total of currency now outside ' the banking system figures out to ; the equivalent of around S4OO for every member of the working popu lation, including the armed forces. The Comparable figure in 1039 was 1 only slls, while throughout the pros- 1 perous period of the Twenties the i total currency in circulation outside 1 banks was never more than the equiv- ■ alent of SIOO for every person in the ' working population. What makes this expansion all the 1 more unusual is that an increasingly large part of the money in circula tion consists of bills of denominations that most people would not ordinarily use in every-day transactions. For ex ample, bills of S2O and more, con sidered together, now make up more than three-fifths of all the cash out- ■ standing, as against less than half be fore World War 11. And SIOO bills alone, pf which there are more than $5 billions now outstanding, repre- ; sent nearly one-fifth of the total • money in circulation. Figures compiled by the Federal i Reserve- System show that money in < circulation outside the banking sys tem reached a peak of $26.7 billions • at the end of 1946, more than four times the 1939 total. In the next fours, 1947 through 1950, the total dropped more than a billion dollars. * This, downtrend was reversed last year, and the cuAent figure for cash outside the banking system is in the neighborhood of $26 billions. About four-fifths of this cash belongs to in dividuals. The whole economy, of course, has grown greatly in the past decade, and the general price level has nearly doubled as well. These and other fac tors would help to explain the need for a very much larger amount of cash for personal and business reasons tham existed previously. Nonetheless, the amount of cash now in the hands of the public has grown substantially more than can be attributed to economic factors alone, as indicated in the following compari sons between 1939 and 1951: Gross national product—up from $91.3 billions to $327.8 billions, a rise of 250 per cent. Total wage and salary income—up from $45.7 billions to $169.7 billions, a gain of 271 per cent. Consumer expenditures—up from $67.5 billions to $205.5 billions, of 204 per cent. Currency outside banks—up from $6.4 billions to $26.3 billions, an in crease of 311 per cent. Cash in circulation has also in creased considerably more proportion ately than have bank deposits. The total of currency outside banks is now the equivalent of around one-seventh of all bank deposits in the nation, in cluding sayings accounts and Postal Savings, a ratio nearly half again as great as prevailed before World War 11. It is natural for a situation like this to arouse widespread specula tion as to its causes. There can be little doubt, for one, that the savings element has been a significant expan- Wjtttesz W. M. RHOADES SHOE REPAIR SHOP 429 S. Broad St. Phone S7B EDENTON, N. C I CREST I OAK H - L eTJ D t ’ gg •• vV H! S\ L > ■mi. j'Wtfauwrjl* am»» Sion factor, even though stashing away cash is hardly a sensible or economi cally productive way for an individual to save. In this connection, it should be noted that the growth of money in circulation over the past year coin cided with a marked increase in per sona] savings in general. ' Nonetheless, considerable suspicion exists that tax evasion and hoarding have played an important role as well. This suspicion is strengthened by the Federal Reserve figures showing the extent that the bills of large denomi nations have exceeded the rate of gain of the smaller bills that the average person is accustomed to using. Right now the total of S2O bills outstanding, by far the largest amount of any single denomination, is nearly six times greater than in 1939, and the SSO and SIOO bills are not far be hind in their rate of growth. By contrast, there are three and one half times the amount of $lO bills outstanding now as in 1939, and only twice the amount of $1 and $5 bills. Corn Yield Method Outlined In Folder A simple procedure for making rough estimates of com yields is out lined in a new folder just published by the State College Extension Service. The system involves stepping off a 50-foot row length and counting -the number of ears of corn found. The yield can then be read off a chart included in the folder. No moisture correction is necessary. The publication also includes a form for making a permanent record of the kind of com grown, yield, and other details of production, or for apply ing for membership in the State 100- Bushel Com Club. Single copies of ‘“Rough Estimates on Your Com Yields,” issued as Ex tension Folder No. 87, may be obtain ed from the local county agent or by writing the Publications Department, N. C. State College, Raleigh. Southern Pine Story Now Available Free The woods, the mill, the men who work with the product of the Southern forests—all of these are a part of THE SOUTHERN PINE STORY, a new booklet published by Southern Pine Association, New Orleans. With vivid text and colorful illustra- Chowan County Budget for Fiscal Year 1952-1953 ADOPTED BY BOARD OF COUNTY COMMISSIONERS JULY 7, 1952 FUND Appropriated For Anticipated From Sources Amount Rate Requirements Other Than Ad Valorem Taxation Levied Bonds $53,104.60 $53,104.60 . $ .51 General County 58,600.00 $52,850.00* 15,750.00 j .15 Charity: General Assistance $ 3,384.00 Hospitalization 10,000.00 4,384.00 Health: * ■ District _ $ 8,419.00 County 1,465.00 — 9,884.00 9,884.00 .10 Schools: County $25,991.13 Edenton 65,230.00 91,221.13 20,000.00*** 71,221.13 69 % , , Social Security: Old Age Assistance $56,160.00 Aid to Dependent Children 9,504.00 Administration 6,670.80 $72,334.80 Less State-Federal Funds 58,971.00 County-wide tax rate per SIOO.OO valuation, based upon a valuation of $10,500,000.00 ' $1.53 REVENUE DERIVED FROM SOURCES OTHER THAN AD VALOREM TAXATION: * General County: $52,850.00 from ABC Store earnings. ** Charity: $4,384.00 from ABC Store earnings. * ** Charity: $9,000.00 unexpended cash balance. *** Schools: **** Social Security: Fines, Forfeitures and Penalties $10,000.00 Unexpended Cash Balance (OAA) $3,000.00 Dog Taxes 500.00 Unexpended Cash Balance (ADC) 2,000.00 Intangible Tax 4,000.00 Poll Tax 1,500.00 Unexpended Balance (County) 3,000.00 Unexpended Balance (Edenton) 1,000.00 $20,000.00 Prepared by E. W. Spires, County Accountant * i # THE CHOWAN HERALD, EDENTON, N. C„ THURSDAY, JULY l(fc 1962. gutton quiz 1 is cotton 1 JSSENTtAL lOBASEBALL **"when THE UMPSHOUTS, ' •play BALL*...THE bau-thats I “THROWN IN PBOBABH CON TAINS SOME. ISO YARDS OF STRONG,FINE CCmONTWEADi tions, the booklet begins with the tree, explaining what Squthem Pine is, where it grow and what its charac teristics are. Following this is a history of South ern Pine, a story that goes back to the time when Captain John Smith made his first report to the Vir ginia Company in 1608. He indicated hat “the countrey is most over growne with pynes.” Other chapters of the booklet tell of the wide range of uses of South ern Pine lumber, describe its manu facturing methods and tell of how it is being grown as a crop. " This is the first time the complete insurance'" V 200 YEARS OLD... 7 founded by the pioneers of our country. Today, hundreds of thousands of careful ' property owners enjoy all the advantages of Mutual insurance through the NORTHWESTERN and have ~ received millions of dollars in dividends—a saving | ’ * on their insurance costs. rREOUcTI Twiddy’s Insurance &j in / YOUR h Estate Co. ) INSURANCE / costs too a Northwestern story of the Southern Pine industry has been summed up in one publica tion, according to SPA officials. Free copies of the boooklet may be obtain ed by writing Southern Pine Asso ciation, Box 1170, New Orleans, Lou isiana. Lieut. J. 8. Jones On Vice Admiral’s Staff Lieutenant Joseph B. Jones, UiSN, recently reported to the staff of Vice Admiral John J. Ballentine, USN, Commander Air Force, U. S. Atlantic Fleet. Lt. Jones, who reported to the staff from the heavy aircraft car rier Franklin D. Roosevelt, will re lieve LCDR (Margaret W. Mayes, USN (w), as Assistant Comptroller at the U. S. Naval Air Station, Nor folk, Va. Lt. Jones graduated from the Unit ed States Naval Academy in 1946, after which he changed his designa tion to Supply Corps, USN, and at tended school at Bayonne, N. J. In 1947, he reported for disbursing offi cer at the Naval Air Station, Kwaja lein, Mariannas Islands, and later Sup ywwww>^a/vwwwws/s/s/wws/\a/v/w\/» NOW IS THE TIME TO SEE- Harrell & Leary —for GLIBDEN PAINTS A COMPLETE STOCK Phone 459 ply Officer of Submarine Group ONE of the Atlantic Fleet Reserve until 1949. For the next year, he was As sistant Supply Officer at the Marine Corps Air Station, Cherry Point, N. C., before reporting to the ÜBS FDR where he was Stores Officer. Lt. Jones is the husband of the for mer Miss Marguerite Hollowell of Edenton. The Jones’ have one child, j Deadline Set For Veterans’ Training Veterans of World War II with ser vice-connected disabilities who may need four years to complete vocation al rehabilitation training under Public Law 16 will have to start that train ing before July 25, 1952, Veterans Administration said. The original law for vocational re habilitation of veterans of World War II stipulates that no training may be given after July 25, 1956. Veterans with service-connected dis abilities, of course, may begin train ing after July 25 of this year, VA said, but their courses would have to be completed before the 1956 dead line. Such training is furnished as Gov- Th. a.ql Vole. A of America nn is talking to Louise—Fred is call- I ing Joe —Jones is telephoning Smith A ... Americans freely talking about busi -1 “Css, politics, social affairs without dWHjOh• I fear. This is the real "Voice of M America.” Record these conversations % and ship them behind the Iron Curtain A —what away for people there to hear tj the real sound of freedom. Norfolk & Carolina Tel. & Tel. Co. Elizabeth City Edenton Hertford Manteo Sunbury emment expense where a veteran has received a disability as a result of his active military service which requires special training to overcome his handi cap and restore him to employability. The deadline of July 25, 1956, does not apply to veterans of Korean ser vice and those now on active duty any where. No deadline has been set as j yet for this class of veterans. Under /present law, their eligibility for voca tional rehabilitation training will ex tend for nine years after the end of the present emergency, the date to be determined either by the president or by Congress. FLOWERS Choice of Freshly Cut Bouquets Carefully Ensembted Corsages o Deco-Right Potted Plants. PHONE 342 Lula White’s Flower Shop 203 WEST CHURCH STREET PAGE FIVE
The Chowan Herald (Edenton, N.C.)
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July 10, 1952, edition 1
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