SECTION ONE
PAGE TWO
HBUC DEBT Os HE WOULD EHHDS
K4SD HUON-St FBI CENT IS IN ILS.
If War and inflation, and their uni
versal impact on the cost of Gov
»mment, have boosted the public
debt of the world outside the Iron
Curtain, to a total that now ex •
seeds $450 billions, based on the
Current official valuation of for
eign Currencies in U. S. dollars.
The figure is not all-inclusive, since
data for some countries are not
Available.
The comparable aggregate for
these countries before the outbreak
of World War II was less than
$l3O billions at the then prevail
ing exchange rates. Thus the pub
lic debt of the free world has in
creased by approximately $325 bil
lions, or three and one-half times,
in a period of less than two dec
ades. These figures are derived
from a compilation of the United
Nations Organization.
U. S. the Pacemaker
The outstanding growth in public
debt over the last two decades has
occurred in the United States, pri
marily due to the costs of war,
"hot” and “cold”, combined with
our military and economic assist
ance to the free world. Back in
1939, the U S. public debt added
Up to just under sl6 billions or
approximately 35 per cent of the
free world total. Today the Amer
ican public debt is around $275 bil
lions, and is now the equivalent of
61 per cent of the free work! to
tal.
Actually, of course, the gr wtb
of Government debt on a global ba
sis and its internal effects a’-c sub
stantially greater than the dollar
figures show in view of the wide
spread currency devaluation that
has take'n place in recent years and
the differences in income levels and
living costs between this country
and others.
The worldwide debt trend indi
cates that wise public debt man
agement and steps toward debt re
duction are as necessary in other
countries as they are in the United
States to help keep inflationary
forces in check and to contribute
to sound economic expansion.
Thanks to the first balanced bud
get since 1951, the U. S. public
debt is now being pared for the
first time in five years. However,
the interrelated of the
high level of Government spending
and the consequent burden of tax
ation borne by the people and by
the economy still remain in this
country, as they do in other parts
of the free world.
The British Debt Story
• The runner-up to the United
States in the world’s debt ledger is
the United Kingdom, which now
Lowes more than $76 billions at the
RjUrrent rate of exchange. Thp
K Atish public debt in terms of dol
lars is at present somewhat over
double the pre-World War II fig
ure, but in terms of sterling the
growth has been nearly fourfold in
the period, from 7 1 4 billion pounds
in 1939 to 27*4 billion pounds cur
rently. The devaluation of sterling
several years ago is the factor in
these differing proportions, and is
also manifest in the fact that the
current public debt of the United
Kingdom, expressed in dollars, is
only 17 per cent of the free world
aggregate as compared with 26 per
cent in 1939.
Variations as great, or greater,
between debt in internal and dol
lar terms are found in many other
countries due to currency devalua
tion, such as France, Italy, Hol
land, Norway, Sweden, Argentina
and Chile. In francs, for example,
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REMNANTS OF ANCIENT
SECT: About 200 of the last re
maining members of a unique
sect of Samaritan Jews still live
peaceably in the town of Nablus,
40 miles north of Jerusalem, in
Jordan, one of the Bible Lands.
They are strict adherents to one
God, believe only in the Penta
teuch or first five books of the
Old Testament and make three
pilgrimages a year to Mt. Gere
zim, their sacred mountain, for
sacrificial rites. They pitch their
tents and carry out ceremonies
enjoined upon them since the
time of Moses, including the sac
rifice of a sheep for each person
present. Their Patriarch, dressed
in red turban and flowing white
surplice, Is shown here pointing
to the words of the Torah es
Law of Moses. The Good Samari
tan who came to the rescue of
the, stranger on the road to Jeri
cho, (Luke 10:33) was a member
of this sect.
the French public debt is now some
13 times bigger than it was before
World War 11, but in dollars it is
only a third larger because of the
deep cut in the franc.
In all, approximately S3BO bil
lions, or 84 per cent, of the free
world public debt total is in the
Anglo-Saxon countries. The com
parable figures just before World
War II were SB9 billions, or 70
per cent. The English-speaking
countries bore the brunt of the
financial costs of World War 11.
Factor of Debt Ownership
At the end of the Thirties, some
$63 billions of the free world public
debt, or over half the total, was
in Europe and $.50 billions in North
America. Today the positions are
just the reverse, with $294 billions I
of the free world public debt total
in North America an dabout $l2B
bililons in Europe. Africa, with
only $3 billions of indebtedness,
lias by far the smallest public
debt of any of the continents, but
this is primarily due to the eco
nomic backwardness and political
status of most of the area.
Because of the size of present
debts and their economic impact,
the widest possible debt ownership
distribution is a worldwide objec
tive. Underdeveloped countries are
handicapped in this respect by low
income levels and savings, and
their debt generally winds up in
the hanking system and inflates
the money supply. By contrast,
■more than half the American pub
lic debt is held by the nonbanking
public, and favorable ratios are
found in other developed countries.
Taking Cover
Jinks—The Colonel stutters with
a Chamberlain accent.
Jenks- —What’s that mean?
Jinks—lf you’re standing within
range—-you need an umbrella!
/-TOE QBQWAN HERALD. EDENTON. NORTH CAROLINA. THURSDAY. JULY 12, 1956.
Davidson Coach
V... - ■ ——
Friends in Edenton learned with
somewhat surprise this week that
George Thompson, former Edenton
Junior-Senior High School football
coach, has accepted a position as
assistant football coach and physi
cal education instructor at David
son College.
Mr. Thompson coached in Eden
ton for five years but resigned
when Edenton dropped okrt of the
Northeastern Conference and be
came affiliated with the Albemarle
Conference. He went from Eden
ton to Lumberton, from where he
will go to Davidson.
Classified Ads
GUM TROUBLE causes most tootK
loss. See dentist. Use soothing
OLAG Tooth Paste. At all drug
stores.
OCEAN FRONT COTTAGE FOR
rent at Kill Devil Hills. Avail
able from July 14 to August 31.
Call Mrs. Wood Privott, phone
595. Itp
FOR RENT —4-ROOM UNFURN
ished apartment. Private bath.
Located at 208 S. Oakum Street.
For information call 797-W.
Julys,l2p
FOR RENT— THREE-ROOM FUR
nished apartment. Phone 201-W.
Julyl2tf
FOR RENT ~ TWO-BEDROOM
house. 127 Morris Circle. Phone
521 or 268-J. tfc
Franklin Thrift Homes
Pre-cut factory built customized
homes. $2,750.00 up. GI and FHA
loans. Free insurance. Mobile
Homes. A new concept in Mobile
home beauty, luxury and conveni
ence. Youngstown kitchens. Home
heating plants. Plumbing supplies.
Hot water tanks. Franklin can
save you money. P. E. CAYTON,
Representative. Franklin Thrift
Homes, Inc., 500 Office St., Eden
ton. Phone 466-J. tfc
BABY BATHINETTE FOR SALE.
Excellent condition. Price $6.00.
S. M. Clanton, 101 W. Peterson
Street. ltc
FOR RENT—ONE COMPLETELY
furnished apartment. Electric
kitchen; hot water. 114 West
King Street. Phone 271-W.
Itpd
FOR RENT UNFURNISHED
apartment. 119 West Eden St.
j Call 271-W. Itp
COW AND CALF FOR SALE—
Half Jersey and half Holstein.
See Jesse Smith, Route 1, Eden
ton. Julyl2,l9c
NATIONALLY ADVERTIS
ed Feed Company has dealership
open in Edenton area. Quality
line, backed by sound advertis
ing. Company help insures suc
cess to interested party. Write
to P. O. Box 211, Waverly, Va.
Julys,l2pd
S4OO MONTHLY SPARE TIME
MAN OR WOMAN WANTED AT
once—Be Your Own Boss. Re
filling and collecting money from
our five cent High Grade Nut
machines in this area. No sell
ing! To qualify for work you
must have car, references, $640
cash, secured by inventory. De
voting 6 hours a week to busi
ness, your end on percentage col
lections will net up to S4OO
monthly with very good possibili
ties of taking over full time.
Income increasing accordingly.
For interview, include phone in
application. Write North Amer
ican Nut Co., Inc., 27 William
Street, New York 5, N. Y.
Itpd
FOR RENT —THREE-BEDROOM
cottage. Electric kitchen. Hot
water. Kill Devil Hills. J. L.
Chestnutt, phone 126-J, Edenton.
Ju7,14,21,28,J\i1y5,12,29,26e
WANTED TO BUY SECOND
hand Explorer Scout uniform.
Size around 16. Phone 241.
3EPTIC TANKS PRE-CAST,
concrete. Distribution boxes, pre
cast, concrete. Pre-east concrete
grease traps. Kennan A Corey
Plumbing Co., 1111 North Oakum
Street. Jan6tfe
Awnings Awnings
Canvas Aluminum
ESTIMATES
WITHOUT CHARGE
Catalina Awning
gig
Tent Mfg. Co.
804 North Church St.
P. O. Box 449
Phdtae 6-8307
Rocky Mount, N. C.
, The Original The Oldest
Serving Eastern North Carolina
Firvt in Quality—Faireet in Price
—Fastest in Service. «xp9,13«l
i—. —1... , —i.,.. ' rl —* • ’ r “
- • - .. - - 1
ALL MEAT J'
1-LB. CELLO
TIDELAND I
Franks I
3 Pounds
SI.OO
FRESH N. C. MEDIUM !
it
SHRIMP
h». 63c
DOG FOOD
KEN-L
--RATION
4 TALL CANS
S 5«
LIQUID STARCH QUART I
Sta-Flo 15c |
ALL 5c 3 Pkgg.
CHEWING GUM . 10c
EVAPORATED j Instant -j
Ce 3) .in u I NONFAT
¥1? milk | »< rgg|
lid gia " s "Jam
j iic /
SAVE^WITH
s«®|
I Sotte I
I
/flBjH
DVWSACWWVWSCWVWVS#
Read The Herald’s Classified Ads
-■ im ■' ' ■'• - '•• ■ ’
10c OFF PACK
KRAFT’S
Mayonnaise
QUART JAR
S 9•
* <
I SUNKIST JUICY DOZEN j
LEMONS 25'
MRS. FILBERT’S
16 oz. Mayonnaise 39c
16 oz. Salad Dressing 35c
16 oz. Relish Spread 39c
16 oz. Sandwich Spread 35c
1 lb. Oleo 31c
1 Lb. NBC LB.
RITZ CRACKERS ... 336
1 Lb. Sunshine LB.
KRISPY CRACKERS . 27c
1 Lb. Strietin&nn LB.
CLUB CRACKERS ... 376
| More for Your Money w«* h frK6m*stoMps%
IpL-o ■ aws«- . ■ ~ ~ ••?■"■■wwaMaafitr «««K!«nr *•• ' " ■^TJf’WPgi
Air-Conditioned For Your CoitiforL
PHkO I '
y
SUPER MARKETS
TOP QUALITY SMALL \
ARMOUR’S
VEAL
SHOULDER -LI.-
Roast 29c
VEAL LB PdA
818 CHOPS ... 59c
VEAL LB.
CUTLETS . . 79c \
I
K 77 / m
Lucky 4-LE AF
SLATER offer!
SHolwliG
3-LB. CAN
DCTAitS ON CERTtHCATI IN SPECIAL ja£||j ' N Oil
3-LB. CAN gfghjk
ONI 4-lIAF CLOVER TO A FAMILY ( . jyC
10c OFF
GIANT
FAB
64c
JERGEN’S
TOILET
SOAP
5 bars 25c
-1
SWIFT’S PREMIUM I
SMOKED I
PICNICS
-* ; ■
BUTT r Y A U
or I ■ I
SHANK JL ™
PORTION I
—LB.— . I
CENTER SLICES >r. r th. 49c I
■■■ - - ■■ ~ I
BY THE PIECE \|
BOLOGNA
|4 lbs. SI.OO
i—fc
INSTANT COFFEE
NESCAFE
6-OZ. AO . UO Mt
| VEGETABLES |
LOCAL EACH
CANTALOUPES 15c
' v • / AND up
- -" - -
EXTRA FANCY
HOME GROWN LB.
OKRA 39c
HOME GROWN 2 LBS.
BUTTER BEANS 27<
i ...
Frozen Speeiat*
8 OZ. FRIGID DOUGH ; jj 5f OR
CHICKEN POT PUS . 99c
■ajMMttiij j
6 OZ. LIBBY’S 2 CANS
LEMONADE ..... 2Tc
■nHBMMAMiIIi
10 6*. DULANEY GREEN PKG.
■ ■■■V •••••••••••••••• lv¥