Hil l
vV 1 o
Snyder, Cripps Meet U. S. Secretary of the Treasury John
W. Snyder (left), Britain's chancellor oi me excnequrr an
ctfwi rrinm rrlirhn and U. S. Ambassador Lewis W. Doug
las (center, patch over eye) pose on the steps of 10 Downing
street, London, after a visit to Prime Minister Clement Atlee.
Snyder, and Cripps, together with their financial experts,
then went to the British treasury building to continue discus
sions of the United Kingdom's dollar crisis. (AP Wirephoto
via radio from London)
Top Brass Confer
Britain's Monetary Problem
Has Many Ramifications
I.' By SAM DAWSON
New York, July 11 W Top brass in the American British
treasuries met today as pressure grows to get Britain to toss in the
fc-.wel In her fight to keep the pound sterling worth four Ameri
can dollars. , j u . ..
Treasury Secretary snyaer ana -iiaiicnui
recenv
Students Back
Of Forum Meets
Oregon College of Education,
Monmouth, July 11 Graduate
students attending summer ses
sions at Oregon College of Ed
ucation will sponsor a series of
four discussion forums to con
sider top educational problems.
Dr. William Ragan, of Uni
versity of Oklahoma, Professor
of Graduate Studies at OCE's
summer term, outlined the pro
gram today as follows:
July 13 "Balance Between
Extremes in Education."
July 20 "Why College Fresh
men Fail" based on a series of
Sunday-magazine articles in a
Portland "paper. .
July 27 "Education for All
American Children" a film
strip. .
August 3 "What Should Our
Schools Do?" based on a sur
vey of public opinion on the
school program, developed by
Dr. Paul R. Mort, of Teachers
college, Columbia university. ,
Purpose of the sessions, sched
uled to meet in OSE's student
union Maple hall, at 4:30 p.m.,
is to bring to bear all shades of
opinion on these, educational
topics, in true democratic fash
ion.
Dr. Ragan's three groups,
sponsors of the plan, are com
posed of experienced teachers,
many of them principals and ad
ministratore of elementary
schools. A few are under
graduates working toward OCE
in education. The .f C U
sponsored by the IjeVCIIICCII IIUIII nGIB
d e g r e e f
courses are
general extension division, state
department of higher education
Tape recordings of the dis
cussions, expected to bring forth
constructive suggestions for im
provement of Oregon education,
will be made for possible re-
broadcast over KOAC, state
owned radio station at Cor
vallis. Many of OCE's summer ses
sion student body of 650 and
from the faculty are planning to
attend the forums, which are
drawing great interest in Ore
gon educational circles. Any
one interested is invited to
attend.
The state of Washington ran
ked seventh in the nation in pro
duction of 1949 stakes-winning
thoroughbreds.
On Shasta Daylight
Seventeen Salem persons had
reservations abroad the Shasta
Daylight, the Southern Pacific's!
new streamlined train, when it
stopped in Salem Sunday morn
ing on its first Portland to San
Francisco run.
They were: Russell E. Pratt,
Rodney Meyers, Mrs. George L.
Hill and child, Edna M. Olson,
Oscar H. Peterson, Ed Lewis,
Mr. and Mrs. W. A. Cladek, Mr.
and Mrs. Gene Anderson, Mrs.
W. P. Ohmart, Jr., and two chil
dren, Paul Heath, Mr. and Mrs,
Frank Test.
The southbound train left Sa
lem at 9 a. m., and the north
bound at 9:5C p. m.
Capital Journal, Salem, Oregon, Monday, July 11, 19493
Penciled Obituary
Recounts Quiet Life
Chandler, Okla. W Among
the possessions of a 72-year old
farm woman who died here
Friday was a penciled obituary
notice.
It listed simply and precisely
important details of her life.
The last paragraph read:
"The year 1948 was lived
alone just a dozen hens, a little
dog 'Tricks' and myself."
Democrat Label Not
Enough for FDR Jr.
Washington, July 11 W)
Representative Franklin Delano
Roosevelt, Jr., of New York
doesn't like being identified on
house roll - calls simply, as a
Democrat.
He wants to be recorded as a
Democrat-Liberal."
Roosevelt has notified the
clerk of the house that in the
future the official roster of
members should identify him ai
"Democrat - Liberal."
After failing to win the Dem
ocratic nomination, Roosevelt
won election to the house on the
"Liberal-Four-Freedoms" ticket.
He filled a vacancy caused by
the death of Sol Bloom, a Demo
crat. The perception of color is pro
duced by a difference in wave
length of the light
Prinos discused Cripps1
order to British to stop buying
American goods as far as pos
sible. America's economic co
operation administrator Hoffman
says that order means a quar
ter of a billion dollar loss a year
to American exporters and
that's not exactly chickenfeed.
Meanwhile many here are bet
ting that England will make the
pound- officially worth only
three dollars, perhaps by early
fall. But Hoffman says that such
devaluation would be a "quick
shot in the arm" which you
might not "want to take because
of the after effects."
What are these after effects?
Who would gain by devalua
tion, who would lose, both in
the United States and Britain?
Much of the pressure to get
the British to lower the value
thy put on their money comes
from those who buy British
goods. An American who now
pays 100 dollars for a British
product, with the pound offici
ally pegged at $4, theoretically
would pay only 75 dollars for
the same product If the pound
were cut to $3. Actually, it
wouldn't work out quite that
simply.
When a nation devalues its
currency, there's a tendency for
its products to rise in price,
For one thing, the raw materials
it imports cost it more in its. own
newly-devalued money. For ex-
ample, it takes 25 pounds now
to buy $100 worth of American
mechinery. It would take the
British manufacturer 33 pounds
to buy the same machine if the
pound were cut to S3
For another thing, as the price
of the food and other things
England imports goes up, work
ers will ask more wages and
production costs will go . up
again. The price of British goods
will rise again, and the Ameri
can will pay much more than
$75 dollars he expects for the
British product now priced at
$100.
The main reason the British
don't want to cut the value of
their money in relation to ours,
is that they are buying more
from us than they are selling
to us. What they need from us
would cost them more in pounds
They say this would more than
eat up any gain they might ex
pect to make in selling us more
of their products at a lower
price.
Another reason they don't
! want to devalue is that they
Borrowed about $4 billion from
us, or one billion pounds, at the
rate of $4 to the pound. They
are supposed to start repaying
that in a couple of years. II tney
repay in $3 pounds, it would
take not lust one billion pounds
to repay that $4 billion loan, but
1.333.333,333 pounds. In otner
words, by devaluing they would
be increasing their debt to us
by a third of a billion pounds.
How about Americans? If the
British devalue, Americans
could expect to pay less for
Scotch whisky and British wool
ens, at least until the cost of
making them goes up.
But U. S. manufacturers could
expect stiffer competition from
the British here, and at a time
when many factories are finding
it harder to sell their' own goods
either here or abroad. There
probably would be a renewed
drive for higher U. S. tariffs to
protect American manufacturers.
American exporters could ex
pect to find it harder to place
American goods abroad if simi
lar British goods were offered
at lower price ratio to the dollar
than the present.
England says no, It won't de
value. But skeptical Americans
say it may have to, because they
claim the $4 rate is purely arti
ficial right now. They point out
that you can go into the "free
market" and get" the pound at
what traders think it is worth-
around $3. Only about . 10 per
cent of British exports, foreign
traders estimate, is paid for now
in these $3 pounds. British trade
restrictions see to it that 90 per
cent is paid for in $4 pounds.
These are some of the things
Snyder and Cripps may be
thinking about today when they
discuss England s troubles.
Needle Club Meets
Independence The Needle-
craft society will meet on Thurs
day afternoon at the home of
Mrs. C. R. Glassen. Those at
tending .will be Mrs. Charles
Dear and Mrs. C. A. Fratzke.
Mrs. Walter Smithe will lead the
devotional service.
EVERYTHING
For A Fireplace
PUMILITE - West Salem
Phone 25643
To Better Serve The Merchants
of the
SALEM AREA
.Which alio includes the fallowing counties
Lincoln - Marion - Polk
Tillamook - Yamhill
THE
NATIONAL CASH REGISTER
COMPANY
has opened their
Sales and Service Office
t
525 Gaines Street
Salem, Oregon
Factory
Trained
Servicemen
Authorized Accounting Machines
Supplies Cash Registers '
TELEPHONE SALEM 2-3422
Salem, Oregon
Pemmey's ha
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