Newspapers / The Chowan Herald (Edenton, … / June 13, 1957, edition 1 / Page 10
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PAGE FOUR -motion two Government Spending Exceeds Investment And Cuts Consumer ■ Role As Vital Economic Force 11 Significant Change Takes Place Affecting I Dominant Driving Forces In Nation's Economic Progress m * A long view of the American [ | economy and the sources of its ac- PJ tfvity and growth over the years PI shows that a significant change [ I has taken place affecting the tra- I 1 ditional roles played by the con- H tamer and by private capital in- Ms vestment in the past as the dom:- ■ nant driving forces in the nation’s ■ economic progress. w This change in the structure of |' f oar economic activity has a direct I bearing on two of the major prob lems that are plaguing the nation j i thday—the shortage of savings to I finance the growth needs of an ex j pending economy, and the persist- X:e of inflationary pressures ich have manifested themselves ' in record high living costs over the past year. Rise of Big Government The key to what has taken place is provided by the U. S. Depart i. . ment of Commerce in its data on the gross national product and - its £ composition. These figures show that Government (Federal, State (and local combined) has not only supplanted capital investment as the No. 2 market for goods and if. services, but has also made deep inroads into the contribution of the consumer and his spending and paying decisions to overall econom ic activity. Except for war or de pression, such relationships are not found in the past. The big shift has taken place from the consumer to the Govern ment side of the gross national pro duct ledger, reflecting the size of the tax burden borne by the public to support Government establish ments of the present size. Based on relationships that prevailed in the prosperous Twenties, this change represents more than a tenth of ;the entire gross nation al product, and is the equivalent ol a sum of around $45 billions at to- I day’s levels of economic activity. Qbviously, even a fraction of s ■um this size, channeled from the •pending to the saving stream prould make a basic contribution tc easing the spending pressures ir the economy and to answering the Don’t Forget Travelers Cheques! Your plans for a carefree vacation will not be complete until you ar range for travel money in the safe, convenient form of Travelers Cheques. Eliminate risks of losing cash and the difficulty of cashing your per sonal check in places where you are not known. Let us issue Travelers Cheques in the amount you require. I ' r THE BANK OF EDENTON L x ’ * EDENTON. NORTH CAROLINA SAFETYFOR SAVINGS SINCE 1894 MEMBER FEDERAL RESERVE ■ VOTER MEMBER FEDERAL OEPOBIT INSURANCE CORPORATION i question of where the money is coming from to finance the nation’s i expanding capital needs, now and ; in the future. Data onithe Shift Representative of the composi • tion of the nation’s economic ac ' tivity in the Twenties, here is how 1 the $104.4 billions of gross na tional product broke down in 1929, ’ according to the U. S. Department ; of Commerce: Consumer expenditures—79 bil i lions, or 76 per cent, i Capital investment 516.2 bil- I lions, or 16 per cent. Government expenditures sB.s ; billions, or 8 per cent. By contrast, this is how the na • tion’s economic activity shapes up today, based on the composition of the $412.4 billions of gross na > tional product in 1956: Consumer expenditures added i up to $265.7 billions for the year, ! over three times the 1929 figure, r but representing only 65 per cent ! of the total product. ' Capital investment by business i and individuals, principally new I nonfarm homes and plant and ) equipment expenditures, totaled s $65.4 billions, practically four times 1 the 1929 total but representing less - than 16 per cent of the gross na tional product. t Combined expenditures for goods and services by Federal, State and 5 local governments came to $79.8 - billions for the year, over nine - times the comparable 1929 total, f and made up more than 19 per cent c of the gross national product. Impact on the Consumer 1 These figures thus show that the n consumer today is the source of s less than two-thirds of the na il tion’s economic activity whereas - his contribution in the Twenties f was three-quarters of the total. - Capital investment is barely man aging to hold its own. The Gov a ernment share, by contrast, has e gone up by 150 per cent, i, Combined Government purchases o v of goods and services in 1956 of n ( just under SBO billions were the e 1 fourth highest on record, and were , exceeded only in wartime in the ' past, in 1953 during Korea, and from 1943 through 1945 during the 1 height of World War II spending. It should be noted, too, that total Government spending was some S2O billions greater than this fig ure in 1956, due to transfer and in terest payments and other outlays besides goods arid services. The share of Government ex penditures for goods and services | in the gross national product be- ’ gan to move up in the depression of the Thirties, primarily as an off set to a decline in investment ex penditures. Throughout this pe riod, however, it never went above 15 per cent of the total, and the consumer share remained as high as it had been in the Twenties The cost of World War II sent Government outlays up to nearly half the gross national product for a time. There was a substantial decline after the end of hostilities in 1945 to a closer approximation of the proportions prevailing in the past, but Government spending for goods and services moved up sharply in 1951. Since then it has consistently represented about a fifth or more of the gross national product, with the shares of the consumer and investment both af fected by this shift. Know Your Buyer Before You Sell The buyer who offers you the most money for your timber may not always be the best one to sell to, according to R. S. Doug lass, forestry specialist for the N. C. Agricultural Extension Service. He points out several reasons why this may be true: If the buyer destroys a large amount of young trees he may se verely damagefand reduce the amount of merchantable timber you will have in the future. When timber is paid for on the basis of timber actually cut, a dis honest buyer can often gain by mot reporting all that is cut. Carelessness with fire by the cutting crew can completely des troy the next crop of timber. Trees cut below the minimum size specified can be collected for, but usually at only about actual market value. The value of these smaller trees to the owner is much more than this, when con sidered In terms of future growth. Douglass says this can all be summarized in these words, “Know your buyer.” , THE CHOWAN HERALD, EDBMTPW, NORTH tAROLINA, THURSDAY, JUNE 13, 1957. 7 W \ ( \ I *!_•■. / / , „• . \ :~4i. 4/ \ -" ’ X./ -Wu/ \ , it )7 — / // / • • •Ik t( if M iWffiraMMjlssfe v . i f /Y ■< yy.Qf. \==l I I A ’ < r \ ’-v.\ •. j ~~~ f<f j ’j) ■-tv- -, ““ ‘;: |,> V4-y rjf Jf "Vv $p WORLD’S LONGEST BRIDGE, the 24-mile Lake Pontchartraln Causeway north of New Orleans, Is a spectacular example es new high way construction which could be used to help empty target cities ahead of attacking planes. ilffE The American Trucking Asso ciations has just published a fact filled “Trucking Trends” booklet, that tells a lot about those trucks and trailers you see on your high ways these days. For example, it points out that the 9.9 million private and for-hire trucks and trailers operating in the U. S. in 1955 paid $1.9 billion in special federal, state and local mo tor vehicle taxes exclusive of property and income taxes. The 1956 taxes will top the $2 billion mark, the booklet saysi Truck and trailer taxes in 1957, and the years to follow, will in crease even more sharply as the re sult of the new highway program. These figures include state reg istration, gasoline, motor carrier, trailer and miscellaneous fees, fed eral automotive excise taxes, spe cial city and county taxes, and bridge, tunnel, ferry and road tolls. 1 As compared with 1954, the 1955 tdlal was up $193 millions. 1 America's trucks and trailers, which oomprise about 16 percent of the vehicles registered, paid 33 per cent of the 1955 state and local highway user taxes. I Intercity ton miles hauled by trucks and trailers went from 215 | to 226 billions and rural vehicles miles were up from 68 to 70 bil lions. ««- » k The average wage paid to high way transportation employees in 1955 rose to $5130, almost S3OO higher than the previous year’s average. The average 1955 wage lor all private industry was $3856. 1 The ATA also reported the truck ing industry spent in 1955 over js34 billions —about Vi 2of the nation’s gross national product— jfor wages, fuel, equipment, other eoods. services. *“— „ RESERVE $2~ i gA mjm Map shows how civil defense forces, frustrated t New Orleans by Water obstacles to traffic oi almost every side, conld send thousands of car straight across the huge lake barrier to the north The bridge was opened to traffic In August 1956 Drinkable Summer Nourishment * By KAY WHITE, Chowan Senior 4-H Club Member Light meals are one way to keep cool in the summertime, and since you are also likely to be drinking a lot, perhaps the easi est way to overcome that “It’s Too Hot To Eat” feeling is to drink your nourishment using milk. Here are some recipes you can use when the gang comes over, watching TV or just plain relaxa tion. Grape Cooler V 2 cup milk 2 tablespoons sugar Vz cup grape juice Put all ingredients in tall glass and mix well. You may add ice cream or crushed ice for coldness. Makes serving for one. Milk Fruit Shrub 1 cup milk CHARLOTTE SMALL AMONG GRADUATES AT U. OF TENN. 1 Among the 530 students gradu ating at the end of spring quar ter from the University of Ten nessee, Knoxville, was Miss Char lotte Virginia Small, daughter of Mr. and Mrs. Herbert S. Small- Miss Small received a bachelor of science degree in business ad ministration. While at the Uni versity she majored in business education and office administra-, / AIR CONDITIONING-TEMPERATURES MADE TO ORDER-AT NEW LOW COST. GET A DEMONSTRATION) i I Vs? *tft. .Sg' ■ ■LFw- [j Jjl - —— —. 1 - Hr * ' Bl ' nill K A HJ . oh mm New Chevrolst Bel Alr 4-Door Man wiHi Body by Fishnrt ' % *~ * Only franchised Chevrolet dealers display this famor.s trademark’ . See Your Local Authorized Che, rolet healer 1 1 tablespoon sugar i V 4 cup strawberries (mashed) Vi cup strawberries (whole) Mix all ingredients in tall glass and add ice cream for coolness. Top with whole berry. Serves one. Choc-o-Pep 1 cup milk 4 teaspoons chocolate syrup Mix all ingredients in tall glass and stir well. Add crushed ice to make cooler. Serves one. Banana Cream Delight 1 cup milk 1 tablespoon sugar % cup banana (mashed) Mix ail ingredients in tall glass and stir well. Add ice cream and mix until frothy. Top with cher ry. Makes a serving for one. | tion. During Miss Small’s two years at the University she was active in the following organizations: In dependent Students Association, BSU Executive Council, BSU Pu blicity Chairman, YWA secretary, dormitory devotional chairman i and the Office Administration Club. , Our opportunities to do good are our talents. —G. Mather I MsS® By Ted Kestmg Polls reveal that bass are the favorite game fish of American anglers. Pan fish come next on the list, with trout running third. But, says Jason Lucas, angling ed itor of Sports Afield Magazine, the term “pan fish” is meaning less, for it includes totally unre lated small species caught by en tirely different methods. ' In place of pan fish, Lucas lists prappies. In fact, he says, in the sections of the country where they’re plentiful, they might even! rate a first place. J Crappies are the ideal fish for| anglers who haven’t the perhaps the desir^—to study the more intricate aspects of fishing necessary for catching bass. Al so, says Lucas, crappie fishing is ideal for the family outing. It is often possible to catch six nice crappies during the same time re quired to catch one small bass. Crappies vary in the fight they offer an angler. Sometimes they give practically no resistance, while on other occasions they will fight like tigers. And nobpdy 1 knows the answer to their incon-l 86 PROOF 5 YEARS 01,0 J\lUUv/ I 'Up!' *.(• tilt I ‘ *' Whiskey y W 4/S QUART GOODEHHAM & WORTS. LTD.. PEORIA. ILL. I * It's got I the Bt >: ; \ - f ty heart of a lion I r (but it’s a lamb to handle ) I f»l!’ To know a Chevy in all its glory, head one into the open—the more mountains the better. You’ll soon see why so man 1 # people dote on that smooth sure Chevrolet re sponse and stout-hearted power. Chevy’s performandfc makes their dollars look big! You don’t have to urge this oar along. A Chevrolet comes alive with the flip of an ignition key. The power is charged Bfth gumption. The wheel responffiin a twinkling to tight comers or turns. And cm a back road a Chevrolet steps with ease over ruts that would look like barricades to lesser suspension systems. In short, a Chevy shows “savvy.” You See your Chevrolet dealer I ’ • ■- * - H. " ■- - j :*’ . l :is*k -a V. » “Vj. '-w.' . . ' i. 4R-1 way to fijh'for Nap pies is by using a fly rod. Play ing a -.fish on this light tackle seems to make big ones out of lit tle ones. The most sport is de rived jby using small poppers on the surface. These, however, are generally successful/only rather late in the evening. Begin with one on a No. 8 hook, and then see if a little larger one will do bet ter. Remember that crappies have small mouths. Perhaps most important is the retrieve A crappie will rarely take anything moving fast. The slower, you retrieve, the more you will „pstcQ, says Lucas. Let the lure lie there, twitching it only form tiny ripples. Crpppigs may not be the gam- I est fish in the world, but coming hot off,the skillet, coated with cracker, crumbs, they take a high for good eating among our game ifish. < AIRMAN OF MONTH Kermit- R. Williams, son of Mrs. E. B. Williams of Edenton, was chosen Airman of the Month for the month of June at Thule Air Force Base. He has also been promoted to A/IC. Allstate Safety Crusade remind er: When you double your speed, your stepping distance is quad rupled. Allow for the extra time you need to stop safely.
The Chowan Herald (Edenton, N.C.)
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June 13, 1957, edition 1
10
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