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THE CLINTON CHRONICLE OtetoB, 8. G» Thwntaj, n, xm Babson Forecast (Continued from page 1) Khrushchev must placate his people at home by improving rather than reducing their stand ard of living. I saw this very I Big floor (Mating performance in a COMPACT CABINETI Naturally, Its a patented OIL HOME HEATER swaatn* low! Only 33* high yet it heats like magic! You get all the other great SIEGLER quality features PLUS More and Hotter Heat Over Your Hood See this new CONSOLE SIEGLER at H.D. Payne & Co. DEALER Phene 833-0783 Clinton, S. C. clearly when I was in Moscow. He helped Castro only so that he would have something to trade with the United States, either in connnection with Berlin or with our bases which we now have in Europe. Khrushchev expected to ’ater withdraw from Cuba when he first decided to help Castro. He knew Russia could continue to use Cuba as a base fort Rus sian submarines. Now both Khrushchev and Castro are look ing to save face at home. Some think the Cuban fracas will make President Kennedy much tougher with labor here in the United States, but I disagree. Labor leaders may be more rea sonable in their demands, but they will continue to have friends at the White House. LABOR AND THE PROFIT MARGIN Readers should realize that the steel workers can reopen their wage contract after May 1, 1963. The settlement of this contract will be very likely to influence other labor disputes, depending largely on international condi tions. I feel that our country is be coming “immune” to crises, be- ieving that the cold war will con tinue for years to come. There, however, will be no nuclear war within our generation; and no in ternational war of any kind in 1963. Labor should begin to realise in 1963 that wages finally depend upon the employer’s margin of profit. The year 1962 has seen many employers close down be cause of their slight margin. Small businessmen—both manu facturers and retailers — must have a larger margin of profit in order to exist. There are too many mergers into bigger units and too many failures of worthy employers. Labor leaders are largely responsible for this unfor tunate development and are slow ly pricing themselves out of busi ness. Sooner or later this can result in much unemployment. A tax cut will not solve this diffi culty. COMMODITY PRICES Nineteen-sixty-three will see many basic commodities sell for lower prices. Despite domestic production cutbacks for many raw materials, world supplies will continue their uptrend. These surpluses in world markets will place additional downward pressure on commodity prices In the U. S. There will be exceptions in hybrid corn, Idaho seed pota toes, and other selected crops. Much depends upon the weather and the ability to hold surpluses. Prices of peaches, apples, cit rus and other fruits depend prin cipally upon the weather. Im provements in canning, freeling, and stornge have been greatly advanced! while the big super markets have been beneficial in stabilizing prices. The hope of the fruit growers rests in co-op erative -advertisements in news papers and other media. Certain basic chemicals will surely decline in price due to over-production and competition from imports. The U. SL Justice Department claims tq he work ing for consumers in Its fight with many companies such as the dairy concerns, but in the end supply and demand will deter mine the result and not legisla tion or court decisions. * TAXES AND INFLATION Before the Kennedy Adminis tration retires, I forecast that we will have either more taxes or more inflation. Neither, however, need come in 1963. The stock market may discount the expect ed inflation by temporarily con tinuing above 600 on the Dow- Jones Industrial Average. The November elections indicate that the voters want a "welfare state” and I believe this means more inflation rather than more taxes. The old saying, “We cannot have our cake and eat it too,” is certainly true today. The elections referred to above indicate that the majority of voters really be lieve they can have all these tem poral benefits such as medical care for the aged, medical and hospital payments, more social security, etc., without having to pay the bill either through in creased taxes or through infla tion. With all that is promised to young peole in the form of free education, college scholarships, etc., in addition to the above- mentioned help, this means that the employed people, from ages 25 to 66, must carry the entire burden. Sometime they will re bel, titer it will not* be in 1963 al though it might come at the next prefldential election. Certainly the enactment of % “real” all- inclusive tax cut is no sure thing. It may look good to the “work ing man” but not to investors or employers. THE UNITED STATES DOLLAR AND GOLD The purchasing power of our dollar will gradually be less, but this statement applies also to the currency of all countries. If our dollar declines in value it will be the same for every nation. If we devalue the dollar or temporarily look prosperous by phony book keeping, the other nations will gradually follow suit and we will all wind pp where we started. The dollar will not be devalued in 1963, although the Wall Street and Lombard Street brokers will put out propaganda to the con trary; Now, a final word with regard to gold. The United States will continue to lose gold on balance during 1963. The only way to pre vent it in 1963 is for us to export more goods and import less. This would require certain sacrifice on the part of our people. Since my trip to Africa, I have concluded that the answer is ta producing more gold rather than leaving it underground. If gold had a free market, its production would increase naturally and it would then represent one of the safest and most profitable in vestments available today. An other one may be uranium oxide. Of course, large '44kntities of gold may be found en the surface of the moon—wham brings me to my final subject, which I hope readers will take seriously. GOING TO THE MOON Nobody will reach the moon in 1963 or in 1964, but you will see more and more about it in the newspapers during 1964—or 1966. Do not think that the United States will be the only country preparing for this trip. Russia, England, France, Germany and possibly China are preparing to go to the moon. With labor get ting 15 cents for a twelve-hour a day in China and with booster engines purchasable abroad, China may be the first to get to the moon^ China does not need to be a member of the United Na tions in order to send a rocket and three men to the moon and return. China’s trip to the moon may be financed by .foreign capi tal. China will win the territory it wants in India and ultimately get Burma. Buying of “going to the moon” stocks may become a very ac tive speculation. The original boosters will be paid for by some government, but their operation will be left for profit. The situ ation may contemn with our great “gold rash” in 1849. How ever, it will not be limited to gold, but will also include dia monds, platinum, and perhaps other elements which are not yet in our chemistry books. My great-grandparents were all sea faring taking people from New England down the East Coast of South America the Ham and up the Coast—a trip of two months. The astronauts say that they can make the trip to the moon easily in less than four days. One final thought: If the Kennedy Admin istration gets into too much of a Jam between taxes and inflation, the promotion of trips to the moon may pull them out of their troubles. By enticing private cap ital which is now in need d some attractive speculative invest- menu, this might even bring about another big stock market boom in the late sixties. • ^ Birth Announcements IVESTER Mr. and Mrs. Vernon G. Ives- ter of Spartanburg, announce the birth of a daughter, Kimberly Marie, m Memorial Hospital is the former of this city. 10 a9 Bailey 1 Episcopations Hove Children's Service On Sunday morning at 10:00 Rev. John Rivers presented a sermon, "The Christinas Story,” especially for the children of the Episcopal Church. The church members also parfidpatod la their customary midnight watch on Christmas Eve. OFFICE 8UPPUE8 CHRONICLE PUR. CO. AFTER CHRISTMAS CLEARANCE SALEM! Starts Today At Johnson's Men's Shop 102 WEST MAIN STREET PHONE 833-2198 NOTICE Effective January 12,1963, We Will Be Closed On Saturdays NIGHT DEPOSITORY SERVICE, HOWEVER, WILL BE AVAILABLE t 8:30 A.M.-9:30 AM. EACH SATURDAY. BANK OF CLINTON . *>*“■ M. S. 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