The Morning News from Wilmington, Delaware • Page 27

Morning Ntwi, Wilmington, Del. Aug. 6, 1966 27 British dilemma-pride vs. creditors nee-mighty pound rests on shaky pillars eigners pulled money out of Lon By LAWRENCE MALKIX AP Writer valuation of the pound from around $4 to $2.80. The pound and the dollar were hitched to- again would have meant admit don and Britain needed cash.

The price set by New York LONDON At the height of 'could have stayed at home Uvpound had to be convertible, 'modernize industry. Foreign: And like the depositors in any profits masked trade deficits, ibank, the traders have pulled i The sterling deposits of the out their money whenever they oankers for a loan was a 10- good or ill, with the fortunes of the sterling bloc rid per-cent cut in unemployment benefits, and Britain paid the direct British political rule abroad. Money talked, and Britain played a world political role. After World War II Britain and the United States assumed the role of bankers to the world. The extra pounds and dollars invested in London and New York flowed out to finance expanding international trade.

But the war had depleted British reserves and left the nation's industrial machine creaking with age and exertion. THE British pulled in their belts once more for the sake of national greatness. They accepted a wage freeze and boosted exports, even before falling U.S. prices in 1949 forced de ting defeat as a world banker. Bankers just can't change the rules too often and slay in business.

The pound stayed heavy, and so did Britain's prestige. The cost was enormous. BRITISH banks earned millions every year lending pounds price. John Maynard Kevnes. the ing behind.

European countries devalued (France twice) to keep export finance in balance, but in Britain the value of $2.80 to the pound became a sacred article Commonwealth, now totaling Dcucvca me DanK was billion pounds, stayed in Lon-tenclpc1' don and helped finance overseas They did it in 19'fi, when they investment. It seemed just like thought Britain didn't have the the imperial days. resources to fight the Suez war. But Britain began to get less lit didn't, and was forced to and less Commonwealth busi-j withdraw from Suez after Wash-ness. Its old partners turned ington refused a loan.) They economist whose theories underlie much governmental finance.

wrote Prime Minister Ramsay to foreigners money that Macuonald: "When doubts as to elsewhere. Now nonstcrlingwa again in isoi, wnen mey countries lend the Common-i thought the British economy was months financial crisis, Britain's chancellor of the ex-; chequer went oh to dine with an Arab sheik. It was no frivolous enlertain-jment. The sheik was the am-'bassador of Kuwait, whose ruler has 300 million pounds of his "oil profits on deposit in London. If he withdrew the money, the pound could have collapsed.

On such pillars now rests the pound sterling. A CENTURY ago it was the 'currency of empire, unchallenged ruler of the financial world, "backer of railways across the American plains and builder of jute mills in India. The profits came home to make England rich. Today the freedom of the the prosperity of a currency, such as now exist about sterling, have come into existence, the game's up." weak. much wealth three times as New Baffle oi Brifain-save the pound capital as London does.

The liquid reserves stayed at HIS warning could have serv THEY did it in 19G4, when the Conservatives piled up the ed three decades of Drime min isters. One month afterward. about one billion pounds us- largest trading deficit in history ually less or about the size and their Labor successors were Britain had to go off the gold and the pound settled at a value just below tem is an arithmetic nightmare to non-Britons: 12 pence to the shilling, 20 shillings to the pound. The word pound meaning money has been abandoned in some places. The South African Republic, outside the Corn-wealth, now has the rand as its money unit instead of the pound and Australia abandoned the pound last year with the introduction of the Aussie dollar.

$5. Most of Britain's trading partners present and former colonies hitched their currencies to the oound instead of the assets of New York City's judged unequal to the task of three largest banks. This was coping with it. supposed to be enough to fi- They did it last month) whcn nance trade in one-third of the confidence collapsed in Britain's non-Communist world. When abjljt to raise production wilh.

sterling could bleed out at the out inflation. rate of 50 to 100 million pounds Each ime the government has a month at times of crisis, it 7 clearl wasn't enouch 1 had to for cash to meet cieany wasn enougn. 'the run on the bank. And in WITH a world shortage of the end, the cash came from the credit, other countries bid high- British people, who submitted pound is severely hedged, and' By Associated Press The Battle of Britain today is to keep the pound sterling from fading away as the empire did. Since it was last devalued in 1949, from $4 to $2.80, the pound has held its own against misfortune and miscalculations (Suez 1956, for example).

It has bounced fractionally and sagged perilously between the fixed bounds of fluctuation, $2.78 to $2.82, but it has not dumped down into disaster. Austerity spelled penny-pinching is the Wilson government's all-out weapon in defense of the pound. The campaign is a real penny-pincher: The pound (its stylized symbol comes from the Latin Libra) began as a pound of sterlings, or 240 of the silver pennies that became the coin of the Saxon realms in the 8th Century. There are still 240 pennies to the pound but even the pound structure will be changed when Britain goes to the decimal system, as it intends. The pound-shilling-pence sys Us value has diminished.

To defend their currency, the Britishunlike their European com- of the dollar or gold. This was the foundation for the sterling (f Ijc IHnnttng Nnua nave auucicu yccUS UL bloc. Britain gladly served as banker. From Australia to Zanzibar, money flowed into London. This ft ilk I 1 I ill tip lb postwar sacrmce.

iney still haven't won the battle. I The pound first fell in thrall to foreign bankers in 1931. Wall Street had crashed, taking the world's industry and much of Its currency down with it. For er man Britain could anora, 10 nugc taxation, industrial siag-and interest rates in London nation, prolonged austerity and, were periodically raised to pull in the eyes of some lately, na-money back. Now this barely jtional humiliation to raise the works.

I money and satisfy Britain's As a trading currency, the creditors. 1 huge pool of overseas capital served as the financial cement for the British commonweallh as the wind of change blew away Blocks Senate ok Williams backed in jobless bill vote ttlKI UKSE3LI r1 Bingo-type promotion ruled legal A bingo-type sales promotion scheme of the King Korn Stamp Co. doesn't violate any Delaware lottery laws and is therefore legal, the attorney general's office has ruled. Deputy Atty. Gen.

F. L. Peter Stone held the fact that no money nor anything of value is paid by customers to engage in if! tit in iiiiii hi iiiiii nun lit standards, to be proposed as a substitute for the Senate measure. He said passage of the first amendment, requiring 20 weeks of work for eligibility in the program, was a key to the committee's failure. "WITH the defeat of the balance of the amendments there is no implementation for From the Washington Bureau WASHINGTON Sen.

John J. Williams, found himself with unexpected help yesterday as the Senate refused to accept the full proposal for national standards of benefits for the jobless. I After accepting by roll-call vote requirements of benefit payment after 20 weeks of work at a level of at least one-half ef the weekly wage, the Senate balked at accepting a package the amendment passed," he said. of amendments that would set a minimum of 26 weeks of payments and a ceiling on payments higher than many states now pay. Williams said he was surprised at the 44-38 vote defeating the amendments, but quickly asked for "regular order," which calls for a statement of the vote, which is the final decision.

"I didn't want anyone to change tiis mind," the senator said, "or to have absentees show up to vote for the amendments." He said help had come from members whose states' laws would be affected by the amendments and whose aid he had not foreseen. Sen. Russell B. Long, chairman of the Finance Committee and floor manager of the bill, immediately called for a the contest puts the promotion within an exception to the lottery laws. The exception permits plans to stimulate public interest in or sale of merchandise unless the plan requires that the chance to win a prize be paid for in money or something of actual value.

The promotion involves issu He said that once the record vote on the 20-week amendment A ONE-STORY WING accentuates the length of this new Redgate, AIA, and built by the Frank Episcopo Construc-sample home at Winterbury Circle, designed by William tion Co. was taken, under parliamentary rules of the Senate no modification was allowed without unanimous consent of the members. "I wouldn't give it," Williams said. Realty building ance of "King Korn Bingo" Du Pont names 3 to N.J. lab staff cards on request to persons 18 years old and over at certain The roadblocked bill also pro food stores.

Cards are free. No purchases are required to obtain them. Recipients apply household chlorine bleach to New sample home open Du Pont organic chem vided for a tax increase to employers from 3.1 per cent to 3.3 per cent, most of which would be refunded to the state to pay for compensation. In addition, the taxable wage base would be increased from $3,000 to $3,900 in 1968, and to $4,800 in 1971 and thereafter. the full sized basement with By EUGENE R.

KNOBLAUCH areas. Included are garbage dis lcals department has madej three staff appointments in its, research and development divi-j sion at Jackson Dcepwater, N.J., the company! concealed-French drains. Steel Staff Business Writer posal, dis washer, exhaust hood center beam support is a construction feature. Gas-fired hot air heat is used and the wiring is tested for extra capacity. said yesterday.

Dr. Jack W. Ileberling 2401- Pennsylvania has and an oven and range combined in addition to a separate eye-level wall oven and formica counter tops and strategic area wall coverings of formica. There is desk space in the kitchen and a breakfasting area overlooking the patio. A mud room and laundry room are adjacent to an entrance been named to the new post of! patent liaison supervisor, with Gas hot water heater is part of the home's equipment.

It is in Mill Creek Hundred in the Marshallton School District. The exterior is planned for maximum maintenance freedom with brick on the lower vote on each separate amendment, already defeated as a whole. The request was granted by Vice President Hubert H. Humphrey, president of the Senate. When the Senate defeated by a 43-38 vote the provision to extend payment to 26 weeks, Long angrily demanded a vote on adjournment, which was agreed to by 42-39.

THE weekend recess was expected to give Finance Committee leaders time to enlist the aid of enough of the 19 members not voting to insure passage of the bill Monday. Williams said, "I don't know what will come out of it on Monday, but I enjoyed it today." The senator, also a member of the Finance Committee, had objected to the amendments earlier in committee and said that he expects the House bill, which did not include federal from the garage. A patio is lo i floor and ceramic shingle sid Colonial styling with a covered-entrance porch is followed in a new sample home at Winterbury Circle which will open to visitors for its first showing today and tomorrow from noon to 5 p.m. The home is priced at $32,900. Center-hall design was used in the planning of the home by William Redgate, the architect.

The builders are Frank Episcopo Construction Co. and the exclusive agent is Rubini Real Estate, 2700 Lancaster Wilmington. A special feature of the home is its sunken-level, paneled rec-: reation room, which has a brick fireplace. There is a large living room and separate dining room served by a kitchen equipped with French Provin-1 cial-styled cabinets and counter make previously invisible numbers visible. If the numbers form a complete line down or across a card, the holder is entitled to a designated number of stamps which may be exchanged for various items of value.

STONE pointed out that despite a superficial resemblance to the game of bingo, the scheme doesn't fit the legal definition, doesn't come under the Bingo Control Commission's jurisdiction and doesn't require licensing. "In other words," the advisory opinion explained, "taking scheme does not cost the con-a 'chance' on this promotional sumer anything. Therefore, the promotion in question is not a 'game of chance' as such, and not a variation of bingo Stone stated it is his office's further opinion that because the promotion doesn't involve any payment or consideration by those involved, it doesn't violate any other state laws Esso station. The price was not revealed. An open area adjoingoing the service station section has been placed under long-term lease to Dunkin Donuls for establishment of a coffee and dounut shop.

The transaction for the building and ground, located opposite the Midway Shopping Center, was arranged by the rental and management agents Stoltz Realty 3798 Market through the president of the firm A. Archie Stoltz. BIDS for signs for the west approach of the Delaware Memorial Bridge will be opened Aug. 18 at 10:30 a.m. at the administration building, Delaware River and Bay Authority on the Delaware appproach to the bridge.

According, to William J. Miller director of the authority, the project includes fabrication and erection of overhead Credit company promotes two Norman W. Cameron Jr. has been named treasurer and Albert A. Hepting has been named controller of Commercial Credit Co.

Cameron of Baltimore moves to his new post from that of assistant vice president, which he has held since 1963. Hepting, also of Baltimore, has been assistant controller of Commercial Credit since 1965. The firm has corporate and customer relations office at 9th and Orange Sts. ing above. To reach Winterbury Circle drive out Newport-Gap Pike past Hercules Road, for about half the responsioiiity oi training and supervising patent chemists and engineers.

Heberling joined Du Pont as a research chemist In 1954. Dr. Stuart Reynolds, 2716 Sil-verside Road, has been named research supervisor in charge of development of stain-repellent finishes for fabrics. He joined Du Pont in 1959 as a research themist. Robert D.

Gotwalls II, 1414 Marsh Road, is joining the division as a research engineer. Jle recently received his master's degree in chemistry from Lehigh University. cated at the rear of the home opening to the back of the half-acre site for family privacy. There are four corner bedrooms on the second floor and a dressing room opposite the master bath, which has a stall shower, sink and lavatory. Full ceramic tiling is used in the master bath and the full bath located off the upstairs hallway.

Cement block walls and poured concrete floor are used in a mile to Winterbury Circle, on the right, marked by signs. A former service station site at St. James Place and Kirkwood Highway has been purchased by Henry J. Di Dona-to, for the establishment of an Mail order With hullabaloo, but not go-go and ground-mounted signs. Com- jplction date for the work is either, such as those aimed at 1, 17.

controlling lotteries. book firm National teen club chain planned Soundproofing built into apartments cording to Elastizell of Pennsyl vania, representatives who Soundproffing has been built into the second section of suburban apartment buildings at have made the installation at De Ville Court, which is in Kirk- De Ville Court Apartments, ac booming The American Cultural Society, Wilmington's new mail order book business with offices at 822 Shipley now has customers in all 50 states and a number of foreign countries. "Business is much better than we ever hoped for," says Miss Jane E. Seltzer, of Georgian Terrace who started the firm last spring. She and her fiance, David M.

Lerner, are working six days a week filling orders for books from members of the society whose membership give them the right to buy books at a discount rate. Trend of staple prices NEW YORK (AP)-Thf Associated cording to the developers. Elastizell has been used for the soundproofing job beneath floors and is combined with masonry dividing walls between apartments to attain a high level of soundproofing, according to the rental agents Brennan televised Hullabaloo on Monday evenings since January 1965, reports that the name was licensed to Teen Club International under "a standard royalty arrangement." The network has both creative and promotional control, under the arrangement, over the clubs. Individuals who buy a Hullabaloo franchise pay a $15,000 fee for the name, funishings and other material. In addition, they must pay 10 per cent of their gross income to the corporation.

Franchises can charge $1 admission fees and sell soft drinks to the boys and girls in their audiences between dances to live bands. The clubs are open on the two weekend nights throughout the year from 8 to 11:30 p.m., except for the summer months when they can remain open three or four nights each week. Moreover, private clubs, sev-ing only soft drinks and catering to young people, have sprung up in many communities in recent years. The Hullabaloo clubs, however, are an attempt to create on a national basis places where teen-agers can go to have a safe, relaxed evening with their friends. Not incidentally, the sponsors of the chain hope to make a profit at the same time.

"The clubs give young adults a chance to be themselves," says John Angel, a former restaurant and night club operator, who conceived the idea for the chain. "We're out to do something good for a community as well as for financial gain." Angel and Ted Hendel, president of Teen Clubs International franchises the Hullabaloo clubs, expect to have about 75 operating by the end of 1966, bringing in revenue to the company of $750,000. By 1970, they predict, there will be almost 1.000 clubs throughout the United States and Canada paying royalties and fees to Teen Clubs International of some $5 million a year. Some observers have questioned what will happen to the Hullabaloo clubs if the TV show goes off the air. The sharp drop in sales of coonskin caps when Davy Crockett left the air wave attests to the power of television shows in merchandising.

Angel has his answer to this question. "If the show goes off the air," he says, "enough momentum will have been gained by then that we'll have enough of an image of our own to continue." An official of the National Broadcasting which has By LEONARD SLOANE N.Y. Times News Service NEW YORK A chain of franchiscd teen-age dance clubs is getting under way with high hopes of becoming the Howard Johnson or Carvel "of its field. The chain is called TV's Hullabaloo Scene, taking its name from the popular evening television program in which go-go girls wiggle and bounce to music with a motown or mersey beat. At the clubs, however, the scene is more placid.

There are no go-go girls suspended in bird cages, but there are security officers usually off-duty policemen to insure that all is well inside and outside the walls. Teen clubs are nothing new on the American scene. Teenagers have long congregated for dances at school auditoriums, YMCAs and other public places. Wood Gardens. The soundproofing material is I a dense mixture of concrete treated to form air cells within the concrete body.

These air cells act as entrapment areas against airborne sounds such as conversation, radio or television noises, tapping or walking sounds and other transmissions of noise which commonly irk apartment dwellers. New sections at De Ville Court are arranged about a central court with community recreational facilities located outside the court to further shield out noise. 1222 Market Wilmington. Light enough in weight to receive support from plywood or other sub-flooring, the layer of porous-type concrete has been installed over a covering of i building paper placed over the sub-flooring. Tile or carpet can ibe put over the Elastizell ac wpiqhlfd wholesals pricf index of 35 commodities advanced to 175.93 yesterday.

i Previous Day 175 Week Ago 177.42, 'Month Ago 174.98, Year Ago 173.46. 1764 1965 1944 194 High 180.04 1 76.74 164.99 162 77 172.71 166.20 160.56 1 57.51 1 (192 average equals 100).