TOEKDAY, JULY II. 1S80
MEDFORD MAIL TRIBUNE. MEDFORD, ORE.
KB
109 New Overseas
Video Stations on
Air Since January
, Washlngton-JUPD-The U. S
Information Agency has re
ported that 109 new television
stations have gone on the air
overseas since the first of the
year, most of them In free
. world nations.
This amounts to a 14 per
i cent Increase, raising the num
ber of TV stations abroad
from 1,088 to 1,237, the USIA
' said In a survey of covering
the first five months of over-
1 seas TV developments during
1980. '
i Of the 109 new stations this
' year, 69 were in western Eu
I rope and 40 within the Sino
j Soviet bloc nations.
; East Germany Center
! The survey also pointed out
that , TV sets now in use
I abroad number 34,500,000.
V The free world accounts for
I 28,950,000 sets and the Soviet
bloc 5,600,000.
Communist .attempts to
I propagandize the free world
I through TV broadcasts, ac
J cording to the survey, are
i centered chiefly in East Ger
I many, where 18 new TV sta-
tions of all types have gone
' Into service since Jan. 1, mak
; ing a total of 38.
- ' "East German television Is
i busily extending its networks
of stations along the East
Zone borders, and increasing
its anti-West German . and
. anti-American programs, me
, repui i earn.
Congress Hopes To Solve
Problem of 'Soft1 Currencies
Washington (CQ) - Co
grass is about to give its
blessing to a new foreign aid
agency, In the fond hope that
It will help to solve an in
creasingly embarrassing prob
lem. This is the large and grow
ing accumulation of "soft"
currencies for which the U.S.
has no use. These are the
bahts, dinars, drachmae, ky
ats, hwan, pesetas, rupees,
soles, sucres and other cur
rencies acquired by the U. S.
in payment for surplus com
modities and dollar loans.
No one is sure just how
much of this "money" is on
hand, since it is spread
through dozens of govern
ment accounts. As of the end
of 1959, however, the U. S.
stood to collect $3 billion
"worth" of foreign currencies
on loans outstanding, plus in
terest. And the I.O.U.S keep
mounting.
Can't Spend It
The only trouble with all
this "wealth" is that, for the
most part, the U. S. can't
spend it. India, for example,
already owes us the equiva
lent of $729 million in rupees
and has just agreed to borrow
back more than $500 million
of the rupees she will pay us
for 16 million tons of wheat
over the next four years.
There's no prospect that these
U. S. claims can be exchang
ed for goods or services in
the foreseeable future.
In fact, the Budget Bureau
Universal Credit
Card Planned by
Major Oil Firms
Tulsa, Okla.-t)PD-The new
est credit gimmick in the oil
business-the Universal Credit
Card-is here.
A Universal Credit Card
will be good news to both oil
companies and motorists-espe-
THERE'S AN
EASIER WAY
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wm
SEE
COMMERCIAL
CREDIT PLAN
Why do it the hard way? Call
on the Commercial Credit Plan
whenever you can use extra
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. friendly and convenient. Rates
are reasonable. That's why
thousands of families prefer
to use Commercial Credit
Plan It's the pay way that fits
.. your pay dayl Keep this ad as
a reminder to phone or visit us.
HOW MUCH DO YOU NEED?
tuh Monthly Payments For
Vou Oil 24 Mo. 11 Mo. 12 Mo.
$100 $9.25
200 $10.41 $13.07 18.61
800 15.62 19.60 27.77
500 26.04 82.67 46.29
760 89.06 49.01 69.44
1000 62.08 65,86 92,69
daily those who hold a credit
card good for one company
and suddenly find themselves
nearly out of gas In front of
another firm's filling station.
The first cards will go out
Aug. 1, with 500,000 expect
ed to be in circulation by
Sept. 15. Within three to five
years, It is expected that there
will be some 25 million Uni
versal Credit Cards active.
Cards To Be Sent
An undisclosed number of
oil firms have selected the
Oil Service Credit Corp. of
Chicago to handle the cards.
The Oil & Gas Journal reports'-
that the credit card
holders of these companies
will be sent the new Univer
sal card bearing the name of
the issuing' oil company as
well as the OSCC insignia.
The new card will be black,
white and gray. It will be
good for the purchase of fuels
and lubricants, accessories,
services and repairs up to $25.
The Universal Credit Card
idea has won applause from
Stanley O. Breitweiser, Tulsa,
president of the Sunray Oil
Co. ,
"It's about time we stopped
complaining about high credit
card operation costs," said
Breitweiser. "It's . time for
constructive action and sound
solution before these costs get
any higher ..."
And the costs are high.
Ralph W. Applegate, Chicago
industrialist who set up
OSCC, said the average cost
to an oil company for setting
up a credit card account is
$4.50. His firm, he said, can
do it for $2.10. '
Another major saving, he
said, will come in the purging
of Inactive card holders.
OSCC plans to screen cards
after 12 months and propose
cancellations of those abused
or not used.
Companies Like Idea
Oil companies have long
liked the idea of credit cards,
since a survey showed that
the average service station
credit sale is $5 compared to
the average cash sale of only
$2.
OSCC will feature an ex
tended credit plan in which
the customer will be charged
an extra 114 per cent month
ly on accounts over 70 days
old.
Applegate's firm will charge
the companies three to six
percent of sales if OSCC han
dles all processing and bill
ing, or one half to one per
cent if companies continue
to do their own processing.
Oil companies say they ex
pect the system to work out
well enough for them to dis
continue their own cards.
A service offered by
Commercial Credit Pun,
Incorporated op Medford
' 311 K.
DARTLETT ST.
fhontj SP 3-7404
ALWAYS RIVALING
St. Paul, Minn. -fllM- The
Minnesota State Fair, one of
the largest in the nation, is
now held here annually, but
it wasn't always that way. At
one time rivalry between St.
Paul and sister-city Minne
apolis was so great that Min
neapolis sponsored a compet
ing fair. When the Minne
apolis event started drawing
bigger crowds, the official
fair was forced to move out
of town, It was held at differ
ent cities for five years until
a permanent fair grounds was
established here. ...
estimates that U. S. agencies
will need $2.3 billion in for
eign curencles to meet over
seas costs in fiscal 1961, but
that only $130 million of the
U. S. hoard can be used. This
is because more than 80 per
cent of the need will occur
In Canada, Britain, France,
Germany, ancj Japan, where
U. S. supplies of local curren
cies are negligible.
Monroney Plan
The new aid agency, the
International Development as
sociation Is the brainchild of
Sen. Mike Monroney (D
Okla.), who conceived It as
a means of putting U. S.-own-ed
foreign currencies to con
structive use. IDA, he be
lieved, could put them to
work in the underdeveloped
countries.
Monroney's Idea got no
where until the Treasury de
cided that it could be used
to entice other "hard" cur
rency countries Into shoulder
ing more of the growing bur
den of development assistance.
But this would mean the In
vestment of gold, not "soft"
currencies.
As finally approved by rep
resentatives of the lending na
tions Inst September, the plan
called for the World Bank to
operate IDA, which would
collect a fund of $1 billion
within five years - $753 mil
lion in gold or dollar's from
17 prosperous countries (In
cluding $320 million from the
U.S.) and $237 million (90 per
cent in local currencies and
only 10 per cent In gold or
dollars) from 51 poorer coun
tries.
As a sop to Monroney, the
plan Included a provision al
lowing any member to con
tribute, as "supplementary re
sources," the currencies of
other members, but only on
condition that they agree. As
n practical matter, the World
Bunk wants no part of the
U.S. hoard of foreign curren
cies, since they would hnv
no greater use for IDA than
for the U.S. In adding to the
resources of the underdevel
oped countries,
Funny Money
This fact went unnoticed,
however, when the Senate op-
proved participation in IDA
on June 2. "The purpose of
the pending bill," said Sen.
Prcscott Bush (R-Conn.), "Is
to provide a use for Idle funds
which belong to the United
States, which are locked up
In foreign currencies,"
No one challenged this
point. On the contrary, most
of the debate centered on an
amendment (which was adopt
ed) designed to retain Con
gressional control over these
currencies, by requiring an
appropriation in order to
transfer them to IDA.
Thus the myth that these
are the same as dollars was
preserved. House approval of
the measures awaits action by
the Rules Committee, but no
trouble Is expected, By the
end of the year, IDA should
bo In business with Its real
purpose Intact: to transfer
$753 million worth of re
sources (Including $443 mil
lion from other "hard" cur
rency countries) to the poorer
countries, by way of long
term, low-Interest leans.
Meanwhile, llin U.S. lima
of "soft" currencies promises
to grow, for a very simple
reason. Anything that smacks
of "giveaways" has become
politically taboo. So Congress
Insists that Amuilcn's farm
suruluses be "sold" for tot-
olun currencies It not for dol
lars, and that a large part of
the "proceeds" be loaned back
to the purchasers. At this rate,
according to one estimate, the
U.S. could wind up with tlio
equivalent of $154 billion In
I.O.U.s by the year 2,000.
The only answer, says Har
vard's Edword S. Mason, Is
... .
to stop the "plumy ' "
farm surpluses. Until IM '
done, "Uncles Sam's foreign
funny money will continue i
expand like tub full of
Asian steamed rice."
(Copyright 1960, Congres
sional Quarterly Inc.)
NEW PRODUCTS FAIL
New York - IW'O - New
products are hitting Utt
Itot at the rate of 26 a day -but
falling at the rate of 23
a day, according to Design
Sense, a publication of Indus
trial deslgnon. Upplncott St
Margullos, Inc The magnilne
called (or belter research of
all types In the I960'- to re
duce "this alarmingly high.
Incidence of product fnllure.
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