Newspapers / The Chowan Herald (Edenton, … / Sept. 25, 1958, edition 1 / Page 17
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Comment , By JAMES W. DOUTHAT , *»Utat Vice President, Government ' Belntions Division of the National Association of Manufacturers "MO COMMENT'it a report oI incidents on the national scenes and does not necessarily reflect MAM policy or position. Washington The midyear re view by the Budget Bureau of the .Government’s fiscal condition points up dramatically the fact that two methods are available for attaining financial solvency, and thereby avoiding future de ficits like the $12.2 billion —a peacetime record forecast for this year. These methods are simple—and are well known to everyone deal ing in the slightest 'degree with federal finances. The big diffi culty lies in getting the right peo ple—and enough of them —to fol low through. These methods are: 1. Removing the read-blocks to Protect Your, family YHealtli. For Just 25* A Day . • • with BLUE sill CROSS nil?. Call or write . ■./* * Tom Shepard O. Box 407 Pembroke Circle PHONE 3440 . . . EDENTON, N. C. lia DURHAM, N.C. 1933 . 19S8 Our 25th Anniversary | Home F eed & F ertilizer Co. NOW BUYING CORNSBEANS AT » TOP MARKET PRICES Our .New Elevators And Storage Bins Are Fully Installed And We Are Now Operating s if 4 - ■ . Automatic Weight —No Waiting Large Capacity Dumping Pit SEE US BEFORE YOU SELL „ . . , • • ' i Home Feed & Fertilizer Co. \l7 CM DUAXTU 9419 N ( business expansion, which in turn would produce the tax revenue needed for essential government activities. Two of the principal road-blocks are the confiscatory tax system and the virtually un curbed monopoly power of union bosses. 2. Eliminating all unessential and wasteful government spend ing, so that expenditures could be lowered to the point that the necessary revenue would be pro vided by an equitable system of taxation. The vital importance of urgent action along these lines is empha sized by the recent drastic up turn in government spending and the precipitous decline in gov ernment receipts. Here is the is the situation, as presented by the budget bureau: Expenditures for the present fiscal year (ending next June 30) are now estimated at $79.2 bil lion —• the highest in peacetime history and $5.3 billion above the amount forecast in the budget presented to Congress last Janu ary. Receipts for this fiscal year are now estimated at $67 billion— forget ABOUT THE Ms TANK! IT'S ... you use our METERED GAS •orvico.. It’s the perfect cure (or out-of-gas 1 ■anxiety. Our record of your meter reading insures delivery before you run low. NO CASH Metered gas also replaces cash on-delivery with low budget bill ings. You pay monthly, after you’ve used the gas. •“ u * Fpli FOR THB ■■ST LF- I | $7 ' Western Gas Service “Yew Green's Fwl Distribntor” PHONE 3122 EDENTOM <*• ■ - - > *• THE CHOWAN HERALD, EDENTOM, NORTH CAROLINA. THURSDAY SEPTEMBER 25, 1958. down $7.4 billion from ’the Janu ary estimate. • As a result, the deficit is esti mated at $12.2 billion—instead of the SSOO million surplus happily forecast last January. This new fiscal picture pre sents, too, a substantial' change from last year. Expenditures this year are expected to be $7.3 bil lion higher than last year and re receipts are expected to be $2.1 billion lower. Last year’s deficit was $2.8 billion. Soaring also is the public debt, which is expected to reach $283 billion at she end of the fiscal year—up sll.B billion from the January forecast. This $283 bil lion happens to be exactly the permanent ceiling authorized by Congress. So, if the debt is al lowed to exceed this figure next ; year, the Administration will have to seek another boost in the ceiling. About 60 per cent of this year’s deficit, the Budget Bureau ex plains, may be attributed to the change in outlook for receipts and the remaining 40 per cent to the currently estimated increase in expenditures. Now, what can be done to in crease the potential tax revenue? | Industry advocates, among other; things, the following: 1. Enactment of legislation! along the line of a proposal by Representatives Sadlak (R-Conn.) and Herlong (D-Fla.) for a series of five annual reductions in the personal and corporation income tax rates so that each would be lowered to a maximum of 42 per cent (instead of the present 52 per cent corporation rate and a per sonal income tax ranging up to 91 per cent). A fairer tax system would en courage industry to vastly broad en its revenue-producing activi I k Kl For Free Inspection Call "Otto” the Orkin Man ORKIN EXTERMINATING CO., Inc. 3223 WORLD'S I&RGEST mm Mk mm £ JEp i Hi iHilw • . ■ -v TREED Mauri Rose Kirby, 17, peers from her house atop a 71-foot pole in Indianapolis, Ind., where she hopes to sit out the present world’s pole-sitting record of 169 days. “Treed” since Aug. 17, she hopes to add rain curtains and an electric heater to her accommodations before winter sets in. ties. 2. Relaxing the strangle hold of union monopoly power on busi ness and employees by enacting legislation to place unions under the anti-trust laws, to regulate union political activity, to protect state laws against federal preemp tion, to tighten restrictions against secondary boycotts arid coercive picketing, and to protect the right of employees to work ‘without compulsory union membership. An improved business climate in this respect definitely would encourage business expansion. Cutting government spending— and permitting industry and the people to use more of their own money for their own purposes— also would contribute mightly to ward an improved business cli- N. C. Net Income From Farms Is Off Sharply From 1957 Figure The net farm income to North Carolina farmers in 1957 is esti mated at 466.7 million dollars the smallest of record over a 9- year period extending back through 1949. According to the North Carolina Crop Reporting Service, this total for 1957 is 25.6 per cent below the 627.0 million dollar income for 1956 and is 37 per cent below the record high 742.9 million-dollar total estab lished in 1951. The estimates of net income are contained in a re vised series of income figures re cently published by the Agricul tural Marketing Service covering the 9-year period 1949 to 1957, in clusive. Due in large measure to small er acreage and production of to bacco, cash receipts from farm marketings during 1957 dropped to 875.8 million dollars—l 2.7 per cent below the 1,003.2 million dollar total for 1957 and to the lowest level since 1.950. Total re alized gross income, which in cludes' cash receipts from market ing, along with Government pay ments, gross rental value of farm dwellings, and value of home con sumption, is estimated at 1,090.5 million dollars, also the smallest since 1950. On the other hand, farm production expenses have continued to increase. Despite substantial acreage reduction in 1957, total expenses of 590.9 mil lion dollars for 1957 w;r the sec ond highest of record, falling only 400,000 dollars below the previous record of 591.3 million dollars, to tal for 1956. The total net farm income of 466.7 million dollars for 1957 rep resents only 42:8 per cent of 1,- 90.5 million dollars total gross in come. During each of the re maining, eight years of the series, total net farm income represent ed more than one-half the .total gross income. Total net income per farm in 1957 is estimated at $1,685. This is 24.5 per cent below the $2,231 average for 1956; almost one-third short of the record high $2,193 average for 1951; and is the small est of record for any of the years 1949-57. The net farm income statistics, both for the State as a whole and average per farm, are in terms of actual dollars earned from farm ing in excess of production ex penses. They do not take into I consideration changes go pmxhas ing power of the dollar. Although indexes of consumer costs are not available for individual states-, "£'&£NITH TV IS If nfritf» && j °.»° c All New 1959 Zenith J|f I* 1 , n i Anniversary Value Wfm Speakers THE WINTHROP Quality \ razor-sharp definition between whites l J Model B 2246 Console TV your and b | a cks. Givej you breathtaking 21* overall diag. 262 tq. in. rectangular pie- «•. BUYword # nirturn rlaritv > hire area. In grained mahogany or blond neW P cture c a "V --oak color. ■ VALUE PRICE /WV .iM-w>rw.i.u C Ask about / $ Quality % Tuning • Spotlite Dial • Easy-Out Face S Only Q Ok lasyTermsl f, Y*»r ® Glass • Tone Control • Fringe-lock Cir euit with Mirode Tube. JACKSON’S RADIO & TV SERVICE 105 W. Eden Street . PHONE 3519 Bctenton, N. C, such costs for the nation as a whole have increased almost without interruption during the entire period. For the calendar year 1957, the national consumer price index for all items stood at 120.2 per cent of the 1947-49 base, compared with 101.8 per cent for 1949, according to published re ports of the Department of Labor, i Bureau of Labor Statistics. Thus, • the cost of consumer items in 1957 was 18 per cent above that for 1949. IN DENTISTRY SCHOOL Richard N. Hines, Jr., son of Mr. and Mrs. R. N. Hines, is en rolled in the Universily of North 1 Carolina School of Dentistry at 1 Chapel Hill. Hines attended high school at Virginia Episcopal School. His pre-dental work was done »t the University of North Carolina. The four year program of the School of Dentistry leads to a doc tor of dental surgery degree. Hines is now in his third year of the year. He is scheduled to graduate in June, 1960. What sweet delights a quiet life affords. Notice To The Public 1 AM NOW OPERATING THE SUNOCO SERVICE STATION formerly operated by Bog 1 Langster on the corner of Broad and Gaale Streets 1 am taking this opportunity to solicit new cus tomers and to inform regular customers that 1 t will continue the same courteous and prompt service as you have received in the past. our patronage will be greatly appreciated. ❖ PERRY’S SUNOCO SERVICE LYNN C. PERKY, Owner Seagram's A Crown stai|atn* j Seven A Croum | AMERICAN i blended whiskey § 'fXuXry rtf ‘ .Xj(/u/("y | 4mr*(X, r,/XyC/X/XnYuX < •niXou/ a (uuy rs S SEAGRAM-DISTILLERS COMPANY. NEW YORK CITY. BLENDED WHISKEY. 85 PROOF. 65% GRAIN NEUTRAL SPIRIT* SECTION THHEI PAGE THREE
The Chowan Herald (Edenton, N.C.)
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Sept. 25, 1958, edition 1
17
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