Newspapers / The Chowan Herald (Edenton, … / June 4, 1959, edition 1 / Page 15
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' The'National Outlook / Why The United States Is Losing Gold By. Ralph Robey P? Last year the United Slates shipped about $2.3 billion of gold )to foreign nations. At the start nf 1959 the export was at a much lower rate, but recently/ tl» outflow has increased sub stantially. For the year to date' ♦he total expend has been just *be4ow $350 million. Among the questions being raised are what ; Jt Causing the export grid is tnere any real danger to our monetary position as a result of this loss? I - o As to reasons for the loss of ■gold, the first thing that should .be noted is our changing .intern ! .national balance of payments. jThis is the total of all goods and services entering into inter national trade, including per rjscnaj remittances, traveling and, everything else. Five and teni years ago this balance was ■strongly in our favor, and there ■*|was considerable discussion about | ■the so-called dollar-gap mean-j 'ing that foreign nations were i buying,' or at leasit receiving •more, in terms of dollars, than *hey were able to sell this na tion. x , This is no longer true. Our •exports have declined sharply. Foreign nations have recovered from the war devastation. To. 1 .day they are producing more. ,and are successfully reaching ior sales in this and other na tions. Not only is there no .longer a dollar gap, but in the jease of many nations there is a surplus of payments due them from the United States. It is natural to take this in the, form of gold, which* improves the of their currency and i gives them a better standing in ■f< the international field. | A second factor of import ance is that we have succeeded rip getting international money ''and capital markets largely re-1 established. There is not yet completely free convertibility of local currencies into foreign ex-1 t change, but enough progress jhas been made in this direction to make large foreign credit op erations a reality, both long and • short term loans. Such opera tions are not routine, and ■never can be because of, na-! . tional differences, but there is •no longer anv worry over whether or not funds can be re - ceived from manv of the im portant foreign nations. Third, in recent months there has been a sharp increase' in •:forei?n investments. Both in stitutional investors and indivi duals have turned more and -more to the securities of other An important consid i eration in this case has been that good foreign stocks aooeaV .relatively cheap as compared ,with "American securities. The ftotal volume of such invest ' ment is a small item in our bal ance of payments, but it is one "that can influence gold exports, i On the question of whether o’- >. rot the loss of gold poses a to our monetary system, ‘"several points need emphasis. i; First, we still hold more than £ S2O billion of gold, arfd that is "one-half of the known monetary ■ gold stock in the entire world '/outside of Russia. (No one time to have your < -flm f RUGS and FURNITURE CLEANED 1 f byDuraclean 1 I " Colors come alive.fabrics all revive! I Work done in your home...everything usable in a few hours I L'ffA no messy soakingl I K|| / / I - NO harsh scrubbing! H&l// I NO harmful soapsl a No more cut hands from washing your Venetian blinds I in the tub .. . sendjhtem to us for Complete Laundry, Jr 7 11/11 lii^Qplocm A ■ m 1 H _ ■ ■ I m~ N m a B Zm M Hr ..... -gr ; , - l ■ l^'All¥>l§ , AT TCTW JL P A-’ MJI ii /*■ B An k J Jl I^7 knows how much Russia eithe> hold or produces). This is far in excess of the amount neces sary to meet present reserve re quirements against our currency and bank deposits. 1 Second, it has long been con. tended that a better distribution of the existing gold stock was desirable for the purpose Qf en hancing world economic stability and improving international trade. The trouble has b°en that jno one could devise a system for bringing about such belter dis tribution. Now that it is tak ing place it would be unthink able anything should be done to stop it. Incidentally, it" could be stopped at any time by the .United States Treasury under, existing law, but there is no 'chance that it will be. I Third, our rates of interest are now higher than in most foreign countries. The differ- I cnee is not yet large enough to 'cause . a notable movement of funds to our markets, but, if the differential increases sufficient ly we shall find the gold flow reversed in order to take ad vantage of our higher interest rates. This is one of the im portant traditional methods for .determining the distribution of funds. I Finally, there’s no evidence that any of the gold movement is the result of a flight from the dollar. Foreign balances be ing held in this nation are still increasing, and there is no rea son to presume that they will be withdrawn in any significant amount All of this does not mean that it would be impossible for the United States to get into diffi culty through a gold outflow. Anv nation can get into such difficulty. But up to this time • the gold outflow has not been. I either of a character or volume ; to warrant deep concern and j worry. I Weekly Devotional j Column I B* JAMES MaeKENZIE » .—a—— mm.mm rnm*m ! ; This week’s column concludes an original sermon by Durwood ' Topping, sixteen-year-old mem ber of the Center Hill Baptist Church. We neglect this “mental eon-' , i ditioning’’ at the risk of being ( stalled by the confusions and pressures. of life. But when we discover its possibilities, we will I never pitch a game without it. . We find it when we pray, not . i for success or health, but that ,! God may use us for His purpos . es. We find it when we pray, I not for the absence of struggle, , but for the strength 'to struggle . for the will of God. We find it . when we pray, not for the easy 1 and comfortable future, but that God will be our Companion, r whatever the journey. , When we do this we will be immune to the poison of worry ind fear. We will then be able i to stand on our own feet, know s ing that if we take care of today, r God will take care of all the to -1 morrows. ; In his memoir of his wife, Ram- THE CHOWXIt HERALD, fcD«TW!». WORTH CAROLINA, THURSDAY JUNE 4, W. HE W f jyjyK KL-wa .y* ** -> _ ■ - U. s l ii llimiiw AM— WHAM! —Steel ball at right, some eight feet in diametea, is one of several linked with anchor type chain to produce a gargantuan land-clearing device at Kariba, Rhodesia. Balls, honey combed to make them light to tow yet sturdy enough to provide momentum, act as “wheels” for the giant chain. The 100,000 acres being cleared will provide fishing grounds and harbor areas when land behind a new dam is flooded. say MacDonald told of her death 1 1 in these words: “Her faith stood 'the test ito the end When she knew that she was close by ’ the opening gate of death I ask ed her if She desired to see any s one who would speak to her of ' what was to come. ’That would ' be a waste of time.’ she replied. ‘I have always been ready. Let us praise God together for what , He has been. He has been very good to me in giving me my work, my frienas, and my faith. At the end of the day I go glad ly to Him for rest and shelter’.” She was convinced that life and time were not the sum and sub stance of experience, and went away as though starting on a journey which, beginning in darkness, would proceed through light Os such is the trustful life. “Seek ye first the Kingdom of God and His righteousness, and | all these things shall be added unto you.” [Frankly Speaking By Frank Roberts j We always get a lot of nice mail at WCDJ . . . but we re ceived an especially beautiful let ter last week that has us popping! our buttons. It was written by! Mrs. A. T. Chesson .of Route 1,! Roper, who celebrated her 69th birthday this past Tuesday ■ • ■ and I sure hope it was a tremen dous day for her. Here’s her let ter: “May I say my kitchen radio and your wonderful programs, are truly inspiring and uplifting. They keep me going. Ido enjoy 1 the voice of your Colonel Bos- i well, Frank Roberts and Nancy I Carson. I Dray, dance and sing ! with the fitting records. They really keep an old person alive. I do often wonder how two such men as James Boswell and Frank Roberts with their magnetic per sonalities, wit and alluring voic es can remain with no Mrs. con nected with their titles. Evident ly they must be blowing their charms to faraway places. I am an elderly lady not a glamour girL Wishing for your station and each of you the best always." It was signed by Mrs. Chesson. Mrs. Chesson . . . ma’m ... we thank you, thank you, thank you . . . for making us feel as if we are doing something worthwhile. You know, this radio business is a funny thing . . . and a letter like that gets us out of the dol drums in Which we too often find ourselves. Happy birthday, Mrs. Chesson . . . anid many, many, many more. On the othersifife of the fence . . . did you ever stop to figure the reason for a disc jockey’s pop ularity? (Any dee-jay) . . . It’s like this: Three bulls walking along a path. They come to a beautiful pasture. Tjjie biggest one takes over, shoving the oth er two out of the way; the other two continue their walk, coming to still another beautiful pasture. The biggest of that pair, shoves the smaller out of the way. The smallest bull then, keeps walk ing, walking, walking, walking, walking. Moral to story: “A little bull goes a long way*. Keep watching that record call ed “Waterloo”, by Stonewall Jackson. It’s sort of crazy-cute . , . and should climb upwards on the best-selling charts. Next week I’ll have the name of the contest winner to the col umn. A few weeks from now, ( wan High. More about that la- Accident Facts J What sort of food should you shy away from when traveling? How many miles a day of driving should you limit yourself to? How can you prevent “highway hypnosis?” Know the answers? Then you should do well on this quiz. 1. One of the best foods for travelers is roast meat. True or false? 2. Wise motorists take along a package of gum or candy on a turnpike trip. True or false? 3. You should limit your day’s driving to about 400 miles or eight hours behind the wheel. True or false? 4. Sounding your horn is al ways the best way to warn the car ahead of you on a turnpike that you intend to pass. True or false? 5. Under normal conditions, never drive slower than 40 mph on a turnpike. True or false? Answers: 1. True. Fish, cottage cheese, ■ eggs and fruit also recom i mended if you’re on a trip. Die ticians rule out fried foods, baked j beans, cabbage, onions and rich foods. Eat frequent light meals, they say, and eat them slowly. 2. True. Chewing gum or munching on candy are ways to beat highway hypnosis, which, according to the National Safe ty Council, is just plain old drowsiness. Other ways to “cure” it: Make sure fresh air enters your • car, vary your speed now Eastern Awning Co. P. O. Box 491 ROCKY MOUNT, N. C. Aluminum and Canvas Awnings and Marquees Free Estimates WRITE OR CALL COLLECT Phones: 6-9262 Day - Night 2-5809 or 6-3349 Kely ~ *1035 ■ ■■f |TI iw M UH m. 11l PIUS TAX AND YOUR B I JNti gjp IB# MTMADABU TIKE Jr.. Jr f v.! : WCRRY-FREE DKIVING SCOTT & ACKISS RECAfftft CO. West Eden Street Edenton, N. C PHO!f£Si EDENTON MH ELIZftMSTH CITY Nil 3 and then, change the position of j the car seat occasionally, and' stop every 100 to 150 miles for a stretch. 3. True. More than eight hours behind the wheel and you’re not as alert as you should be. 4. False. Honking your horn is the best way in town or on roads where tihe average speed is about 40 mph. But on a turn pike where cars whiz along at a speed of 60 mph or more, the sound of a car horn can get lost in engine drone and slipstream. Better way—at night ,at least—to warn the driver ahead that you are planning to pass, the Council says, is to flick your brights off “The imitation is a poor kind of creature.” We have a proper consider ation for our responsibilities to the community and serve with fidelity and courtesy. I I ! . Funeral home r~ \ no walbemablest. 1 I EDENTON. nc I tflil UO AMOULA.NCC 'n MK. seav/ce and on a couple of times. 5. True. Don’t drive so slow- J ly you hold up traffic. Excessive i slowness can be almost as bad as excessive speed. Farm E<| uipmenl Dealers Meet In | . i Edenton June 15 Farm equipment dealers in Chowan and neighboring coun- | ties will study improved imple-1 merit servicing techniques at a, special meeting here Monday.' June 15. The dinner session, to be held at the Edenton Restaurant on| Highway 17, is the first of a se- j lies planned in North and South Carolina during June by the JCarolinas Farm Equipment Deal - ' ers’ Association. More than 50 employees of firms holding membership in the association are expected to attend the local session. Principal speaker at the meet ing will be W. J. Shaw, vice pres ident and director of sales, Tech nical Service Division, Implement 'land Tractor Publications, Kansas ~ City, Mo. Mr. Shaw is a recog i nized authority in the field of technical service, and is consid -5 ered one of the best informed ex t perts on this subject. Tom Byrum of Bynim Imple- ment & Truck Company in Eden-1 ton is in charge of arrangements for the meeting. lie also will preside. Subsequent meetings are sched uled in Lumberton, Wilson, Char lotte, Burlington and Hickory in North Carolina, and in Columbia, Lake City, Spartanburg and Greenwood in South Carolina. World's largest Pest Control Cq* 3223 t qdkin fxtcnminating company, two. SOZZa fumigants PslsP' ». Up to 1,800 pounds more peanuts.. .with 3 gallons of FUMAZONE Farmers I How will your peanuts grow or do you fear at this time of year only the nematodes know Sting, stunt, meadow and rootknot nematodes severely reduce stands, yields, and Eeanut quality in this area. Make your soil safe for a season and protect your plants y fumigating with a formulation containing Fumazone®. FERTILIZER, FINE SEED . . . AND FUMAZONE-It costs money to fertilize and plant the best seed varieties—but a soil’s not really fit till it’s fumigated. Roots are your very pipeline to profit and they’ll make better use of fertilizer and moisture if protected with Fumazone. Based on tests at leading experiment stations, farmers can grow up to 1,800 pounds more peanuts per acre with 3 gallons per acre ... up to 27500 more pounds per acre by applying 6 gallons per acre. This can mean an additional return of S2OO to $350 per acre, over untreated soil. i EASY TO APPLY ... PRE- OR POST-PLANT—Formulations containing Fumazone can be applied well before planting because of long-lasting residual control . . . but can be used with good results up to 30 after planting. Can be used in either gravity flow or pressure equipment. Clean and clear, Fumazone will not clog nozzles, thereby leaving skipped areas in your fields. Ordar yours today at this dealer Leary Bros. Storage Co. PHONE 2141 EDENTON, N.C. THE DOW CHEMICAL COMPANY • MIDLAND, MICHIGAN —""- -1 Also participating in the pro- j J gram at all sessions Will be A. A. | ! Chappell of Wilson, executive I secretary ot the Garolinas Farm, | Equipment Dealers’ Assooiat on. Billinas Chosen j For Institute At William & Mary i Coach William D. Billings is j I among the 60 secondary school' j instructors from across the coun-1 .try who were chosen to partici-1 ' pate in an institute for high I j school teachers of science and mathematics at the College of| : William and Mary at Williams | burg, Va. Sponsoreu by the National' Science Foundation, the institute. | will begin on June 22 and last j j until July 31. All will take one course in science or mathematics in addition to a special seminar, which will in clude conferences, lectures, panel discussions, movies, field trips,j etc. They will be paid $75 ai week —plus an extra sls for eachj j dependent—by the National Sci- 1 ! enre Foundation. ! Mr. Billings is an instructor at Edenton Junior-Senior High School in Edenton. Fidelity is the sister' of jus ' tice. —Horace. » • _&hcnlci| GOLDEN H AGE ftmL •Sin P||f|§ $2-35 hpm PINT Isl 11 7nQT SCHINIEY BISTIUEII CO. OiiTiUCD Ott CIN. MOM loot CHAIN NEUTRAL SPIIIIS. 90 HOOF. PAGE SEVEN -section two . V IS W HE’S AGIN’ ’EM John L. ! Lewis, United Mine Workers’ 1 chief, is shown in Washington. I The stern-faced 79-year-old ap peared before two House labor subcommittees to speak against labor reform bills now before Congress. j HONOR STUDENT I I I Janies Edgar Hedgebeth, son of Mrs. Martha J. Stallings, 213 East . Gale Street, Edenton. was among , the 19 honor graduates at 48th Commencement rites at North Carolina College, Durham, Tues day, June 2. He received Cum Laude honors.
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 4, 1959, edition 1
15
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