The Times Herald from Port Huron, Michigan • Page 23

U.S. doll (Siir bcBmes irespecJeible cuirireinicy ogoim) I 1 .17 f- A and come about by West Germany 3C THE TIMES HERALD PORT HURON, MICH. Thursday, December 6, 1 973 By HOBART ROWEN The Washington Post GNS Special WASHINGTON In the preoccupation with the energy crisis, one highly favorable economic development has been largely overlooked: The once-battered U.S. dollar has again become a very respectable currency. The dollar, in fact, has so strengthened in the last few months that the "Third Devaluation" as French President Georges Pompidou once put it has been virtually cancelled.

In the month of November alone, the dollar has jumped by an average of some 6.5 per cent against the major floating European currencies. There is no mystery to the upward movement: could drive the price of gold down in the! free market. It is a prospect that has caused concern to the Russians who regularly sell gold to pick up foreign exchange. It also should concern the Arab sheikhs, who have socked away plenty of gold. TOPLESS IDEA SYDNEY, Australia (AP) Coffs Harbor, 350 miles north of Sydney, hasn't been drawing too many; tourists with its fame as a banana-growing town so it's turning to topless women.

The town plans to havfi the first beach in Australia where women legally can wear topless News analysis (D-Wis.) argue that by pegging the dollar, rate, the United States will be giving away food as well as industrial commodities at bargain basement rates. But there must be a limit to the U.S. stance on nonconvertibility. We have already said "no" to convertibility of excess dollars into gold. We caa not deny those who hold excess dollars the privilege of converting them into goods.

There would be a danger, to be sure, in going back to old-style rigid par value. That would only create an old- others selling off some of their dollar reserves to keep the dollar exchange rate from going higher than the February levels, it would have the beneficial effect of cutting down the $90 billion overhang, one of the obstacles to international monetary reform. From the standpoint of the Europeans, facing a new round of inflation created by the energy crisis, a reasonable rate for the dollar would serve another purpose: it would put a ceiling on the cost of dollar-denominated imports that they badly need, especially energy-intensive products such as aluminum. Critics such as Rep. Henry S.

Reuss style crisis if the rates were unrealistic, But if a reasonably managed float results, in a re-flow of dollars to the United States, it makes good sense to let it happen. The other result traceable to the dollar's new vigor is the abandonment of the two-tier gold system set up in 1968 to prevent speculators from draining gold reserves a the then official price of $35 an ounce. For a long time, the United States has wanted to amend the agreement to permit any nation to sell gold on the market but not buy it so as to create nervousness about the future value of gold. Thus disrupting speculation in gold would be a further step, the United States argued, in reducing its monetary role and eventually phasing it out completely. While the dollar was weak, the United States was unable to accomplish this objective.

But as it grew stronger in the past few months, and gold dropped from the $127 level it had hit earlier, the idea became feasible. Now, those who have been speculating in or hoarding gold face the possibility that sales from Central Bank stocks SCcUfS mights nui oniy naa tne U.S. balance been improving, but the Arab oil embargo is likely to hit Europe (and Japan) much harder than the United States. At the low point for the dollar last summer, an American with a $10 bill in Paris was lucky to get 42 Francs in exchange. Today, That same 10 dollar bill will produce 44 or 45 Francs.

Over-all, then, the dollar has moved back close to the levels that prevailed last February when the second devaluation of the dollar was announced. That rate didn't hold, and the subse 'CkAtm 'A quent depreciation constituted with rompiaou canea tne "third deva luation. The depreciating dollar gave a big ooost to American trade. The expansion of agricultural exDorts was an imnnr- tant Dart of this imDrovement. hut American industrial goods have also naGLMisQG8( Deen in great demand.

Net result, of course, has been a dramatic turnaround from a $7 hillinn foreign trade deficit in 1972 to a probable surplus this year. Over 10 months, for example, there is now a surplus of $678 million, whereas in the first 10 months of 1972, the deficit had risen to aw $5.2 billion. There have been two Dractical re suits, already, from the new respect anility or tne dollar. The first is that the conseouent rela tive weakpnine of Fiirnnpan rurrpn. cies, vis-a-vis dollar, has brought nearer the time that the major nations will decide to try to stabilize currency relationships around the February level.

That was the Drincinal tonic of discus sion at a swret meetine of thi Rip Fivp financial powers in the French Loire vaiiey two weens ago. Since such a stability of rates would 'Regular 399.99 19-in. diagonal measure picture. Easy color tuning with Automatic Tint lock. Just push the button lor natural flesh tones and good background colors.

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Precour, 3014 Goulden, a son, Nov. 30. Jack T. Irwin, 1700 Whipple, a son, Dec. I.

Elwood Monzo, 2610 Henry, twin sons, Dec. 2. Thomas Dickinson, 2521 Walnut, a son, Dec. 2. Tim Houle, 1980 Allen, a son, Dec.

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5. Leroy Lenoir, 2008 Minnie Street, a son, Dec. 5. IN RIVER DISTRICT HOSPITAL To Mr. and Michael Miskus, Richmond, a daughter, Nov.

30. Robert Hurlburt, Fair Haven, a son, -Dec. I. To Mr. and Mrs.

Rikki Hicks, Whittier, a daughter, Kathleen Marie, Nov. 29. Mrs. Hicks is the former Christine Wilson, granddaughter of Mr. and Mrs.

J. Frank Moore, 2979 Woodland Drive, and Mrs. Mabel Wilson, Lapeer Avenue. Stephen P. Broska, in Skokie Valley Community Hospital, Skokie, a son, Nov.

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Marriage applications Arthur F. Murfin, Mary C. Kuchulan, both of Port Huron. John A. Holdburg, Jacqueline M.

Frazier, both of Port Huron. Donald J. Diebel, Louise M. Persyn, both of Harsens Island. Mark G.

Arnett, Port Huron, Gloria J. Justin, Smiths Creek. Billy K. Calhoun, Lexington, Viola Vermeulen, Lakeport. William J.

Studer, Deborah L. Glenn, both of Port Huron. Richard D. Shovan, Janet R. Hayes, both of Port Huron.

Gary R. Stein, Rebecca L. Basney, both of Port Huron. Gregory A. Fierstine, Memphis, Nancy F.

Wehner, Yale. Eugene E. Wolfe, Marian L. Cotter, both of Port Huron. Donald W.

Worden, Capac, Diane J. Gost, Webster Groves, Mo. John G. Gorski, Goodells, Gwen Dougan, Port Huron. Albert D.

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Jineen L. Hitchinson from Milton R. Hutchinson, custody of one child given to the mother with $30 weekly support. Madelyn G. Gould from Thomas H.

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