Globe-Gazette from Mason City, Iowa on December 21, 1964 · Page 33
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Globe-Gazette from Mason City, Iowa · Page 33

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Location:
Mason City, Iowa
Issue Date:
Monday, December 21, 1964
Page:
Page 33
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SPECIAL NOTICEI ... A Modern New Look Is Conning To Both Clifton Supermarkets... Clifton's Westside Will Close Thursday, December 24th, at 5 P.M. for REMODELING and MODIFICATION. The Store Will Be Reopened for Business at 12 Noon on Wednesday, December 30th. You'll Find an Exciting New Look at the Westside Clifton's. In the Meantime, We Invite You to Conveniently Shop at Clifton's Easrside , . . You Save More At Clifton's! lean Slow cured to perfection to bring out its delicate flavor.., the fast bite as luscious as the first! Decker's Fully-Cooked SMOKED HAMS SHANK PORTION With Center Slice Included Decker's Fully Cooked Butt Portion With Center Slice Included Lb. Decker's Fully Cooked Whole or Full Shank Half Lean Armour Star Semi Doneless HAMS Lb 45 45 Decker's Fully Cooked c Full Butt Half Lb. 53 C C Decker's Fully Cooked HAM Center Slices 3 BEEF Tenderloins Excellent for Broiling or Roastmg Plump Young Tom GRADE A TURKEYS (Whole) 16Lb.ro 22 Lb. Average White Supply Lasts Lb, Hormel's Sausage Little Sizzlers 3 V*. Pkgs. for $100 1 Stamps With This Coupon and the Purchase of Fresh East Coast OYSTERS 12 ox. ctn. This Coupon Expires Dcetmber 24, 1964 Clifton's 0*c. 21, m 1U4 S3 GI«4M-Gistttt, Mason City, U. Take British pound off critical list Sterling still called ailing Today's Business Mirror By SAM DAWSON AP Business News Analyst NEW YORK (AP) — The international financial doctors have laken the British pound sterling off the critical list but not off the ailina list. And its continuing basic weakness still affects America's own financial status and planning — in world trade, interest rates, balance of payments, the world price of sold, even the worries besetting the stock market. A S3 billion, 11-nation bailout fund halted a serious run on the lound and since then its ex- hanRe value has rallied. But he fundamental ailment — ton much outgo of pounds for im- lorts and too small a retirn low of pounds for British ex- porls — continues. The uneasiness over the round's future shows up in that 'ery market — the futures narkct. The spot price for pounds is S2.79' (against the official S2.80). Jut for 90-day delivery spccula- ors or businessmen hedging heir activities can buy the pound for S2.77. The thinking is that tlir pounrl might still fall to that level, which is below the S2.78 at which the Bank of England is rdercd to support it. So the ear of devaluation is dimin- shed but not silenced. The United Slates becomes nvolved both in furnishing the largest share of the S3 billion fund the Bank of England could use to bolster the pound against any day-by-day runs, and in the methods which Britain is taking o try to cure the real ailment — ts balance of payments deficit. The latest move — postponement of the repayment of S138.L million in interest and principal due the United States this month on postwar loans —-cuts .he British deficit by that much. It also increases America's own balance nt payments deficit. Estimates of this year's U.S. deficit, a bit in excess of S2 bil- ion, were based on expectations of British payment, along with, many other items. Postponement of payment will raise tho U.S. deficit by §m million. This may seem a small amount. But the deficit is the sum of many small amounts. The United States has been affected directly by other measures the British government has taken in the last two months to fight off its financial ailment. First it slapped a 15 per cent surcharge on most of its- imports. Americans may sec soma of their British market shrink. Then the Bank of England boosted its lending charge to 7 per cent from 5 per cent. The J.S. comparable charge, the Federal Reserve discount rate, was quickly raised to per cent from 3Mi per cent. Other short- :erm interest rates in America rose, but so far the government has discouraged any increase in long-term interest rates herr. Uneasiness about the future nf the pound, and perhaps even of the dollar, is blamed for the recent rise in the price nf gold. It had been selling on the London frro market at around $:i5.08 an ounce (roughly the U.S. official price). Now it has climbed close to S35.13 cents an ounce, thr highest point since the 10(>2 Cuban crisis. A premium price for gold can carry the .threat of another drain on the U.S. reserves, which so far this year has all but halted. Close ties of the dollar and the pound as thr world's standards of foreign exchange keep Britain's troubles close In American financial markets. And some of the uncertainly that still persists is credit with causing at least part of the weakness that (has plagued thr American stock markets through most of December. Most financial authorities express confidence that Britain will work nut of this crisis as il has out of previous onrs sinca World War II. It's how she dors il, and how long it takes, that Americans arc watching. Wrecks now nationalized These Prices Good Through Thursday, December 24th We Reserve the Right to Limit Quantities PKRTH. Australia -.•n — The West Australian government has "nationali/rd" all 17th and 18th Century shipwrecks lying in territorial waters around the coast. Education Minister E d £ a r Lewis said English and Dutch mariners had, by accident, IcJ* the state many valuable legacies, hut many of them were being exploited by skin divers for personal sain with no regard for their historical value. He said rival groups had used explosives in their search for bullion and coins from on« wreck and had destroyed valuable relics in the process. The new law is aimed at pro- iccting the historically valuable wrecks. .Vine are known to b« off the coast and the wherfi- abouts of six have been charted.

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