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Show LEHI FREE PRESS. LEIIL UTAH S. Postwar Exports Depend on Soundness : Pilots Coached Before Attacks on Tokyo Area TJTvRE is extra rlnco place for shoes, whist hat brush and other odds ends including laundrv. n seed to make this door pock i. 73 yaius ui chintz, t yards of bias binding, 6 boaTw plastic rings and half a dozea cub hooks for hanging. !r of Yanks; Japs Jabber at Sight r Rescue Airman Off Enemy Shore f Of Foreign Finances How to Cut and Make Door Pocket Ernie Pyle With the Navy: Breffon Woods Conference Laid Groundwork For a Stable International Monetary System U. - First, cut a striD 8 in-v- ,. from one side of the entire 1mi. &M 11 By WALTER A. SHEAO WNU Cut Corroooi. of all technical ver- Stripped biage, the proposals agreed to be approved at San Francisco April 25, are designed to 1. Set up an international monetary fond with a working capital by 44 nations In cold and sub-icrib- ed member currencies totaling dollars of which the United States Is to subscribe 2.75 billions. This fond is expected to stabilize and safeguard the value of foreign currencies in terms of gold, remove trade barriers in favor of open or reciprocal trade agreements to provide free and open trade among member nations. 2. Organize an international bank for reconstruction and development wKb a subscribed capital of 9.1 billions of dollars of which the United States is to furnish 3.175 billions. Purpose of the bank is primarily to facilitate flotation of foreign loans in private capital markets by providing international guarantees and to make long-tercapital loans direct to member nations for specific projects of reconstruction and development. Why the need for these safeguards? Following World War I American investors took a beating, and fat the late 1920s were caught in an epidemic of defaults by foreign debtors. Under the Bretton Woods proposals, these foreign loar.s would be investigated by the bank and then guaranteed as to principal and interest by the foreign government and the bank. Risks then, of international loans, would not fall on investors themselves, nor even on any one country, but upon all cf the 44 member countries. Obviously the objective of this guarantee of loans is to encourage a substantial vclume of private international investment which is essential to our S.S til-lio- n . m own economic well being. Great Need for Rebuilding, were up an hour id a IN THE WESTERN PACIFIC-- We the air at the first half before daylight, for our planes had to be in hintTedafirsnt' by catapult because patrol was always .launched it was too dangerous for them in the IS to make the run down the rolling deck l - semi-darknes- s, After seeing the flights launched hoping. And as the Diacsooaru wgu the first few days, it became old said, of being poor scared pals. stuff, and I would Finally all but six of our planes have stayed in '"Zr were back from their strike on Tokyo and ignored and safely landed. J bed that was but The six formed a separate flight, it, ' i , The we couldn't believe that all of and impossible. J huge had been lost, and for that 1 them catapult's . Si machinreason our officers didn't feel too launching JL. wnTir i concerned. ery was directly above my cabin, And then came a radio message Woods conference, and time it from the flight leader. It said that every During a lull in the proceedings of the Bretton into shot a off it U. 8. Secretary of the Treasury Henry Morgenthau (center) got of the six was down in the one plane for was informal conversation with the Hon. J. L. Hsey, minister of finance just as though ocean, and that the other five were Stepa-noM. S. and (left), nation's of delegation that Ernie Pyle the Washington Canada and chairman hanging a round to try to direct some chairman of the Russian delegation. These chats helped to iron out monument had surface vessel to his rescue. That's fallen on the ship. Rip Van Winkle all we knew for hours. When we many of the smaller problems. himself couldn't have slept through finally got the story, this was it: One of the most important groups it. So I world price of wheat or other comEns. Robert Buchanan of Clemen-tojust got up. to Bretton Woods modity in terms of our own dollars, to give approval N. J., was hit by flak as they Ecofor will not be seriously disturbed by proposals is the Committee were given their were diving on their target some The fighter pilots by Paul last large fluctuations in the principal ex- nomic Development, headed briefing. In the "ready room" 20 miles west of Tokyo. Buchanan G. Hoffman, president of the Stude-bakcommander and intel- himself was not hurt. porting and importing countries. the squadron corporation. This group, made ligence officer showed them on his plane up till he got He Stabilized Currencies. up of bankers, economists and busi- maps and by drawings on the black- over kept water, but it was still very So the purpose of the international ness leaders would even give the injust where they would strike. much Japanese water. In fact, it monetary fund is to stabilize and ternational bank further power to board, The squadron commander asked was in Tokyo's outer bay the bigand short-terpromote a balanced growth of inter- make loans for long-terhow many of the pilots had no wrist ger one of the two bays you see on national trade by stabilizing the claimstabilization purposes, hands. the map leading in to Tokyo. value of all currencies in terms of ing that under the present, regula- watches. Six held up their the was ship that The funny part each other; progressively remove tions, ths bank does not have that Ensign Buchanan is an ace, with had no extra wrist watches, so. I five Jap planes to his credit. He barriers against making payments clear-cu- t power. don't know why he asked the ques- ditched his plane successfully, and across boundary lines, such as high There have been some suggestions tion in the first place. got out in his rubber boat. He was tariffs or other trade restrictions; favoring the establishment of the Then he told what our approxi- only eight miles from shore, and five and to provide a supplementary bank, but suggesting that setting up source of foreign exchange to which and operation of the monetary fund mate total of planes over Japan miles from the big island that member country may apply tor be delayed until conditions abroad would be, and how many it was stands at the bay entrance. probable the Japs would put up Then the flight leader took charge. the assistance necessary to, enable settle down to normality. It is pointus. And then he said: He is Lieut. John Fecke of it to maintain stable and unrestricted out, however, that the bank and against "So you see, each one of us will Mass. He is also an ace, and ed exchange relationships with oth- the fund are closely related, both in have to take care of three Jap an old hand at the game. He has only er member countries. concept and organization and that planes!" downed seven Jap planes. For instance, in some countries membership in the bank is open only The pilots all laughed and looked Fecke took the remaining four of importers are not permitted to pur to those who are members of the at each other sheepishly. (Days the flight, and started out looking chase dollars required to buy goods fund. It is also pointed out that the when the final scores were in, for an American rescue ship. They in the United States. In other coun- bank is, to a considerable extent, later, found our force had destroyed found one about 30 miles off the we tries, of which Germany was an ex dependent upon the fund for the reaat bay entrance. ample before the war, foreign trade son that the fund must first estab- Japs And at the end of his briefing, They talked to him on the radio, was disrupted by use of lish values of the moneys, to be the squadron commander gave strict told him the circumstances, and he multiple currencies, or barter ar- loaned by the bank if there is to orders for the pilots not to shoot at sent back word he was willing to e rangements, and during the war be a smooth planning and Japs coming down in parachutes. been try. But he asked them to stick with investment program. many new restrictions have "They're supposed to do it to us," him and give air support. devised because of military neces While most sound economists he said, "but it isn't the thing for So Lieutenant Fecke ordered the sity. agree there must be some system of us to do." other four to stay and circle above The operation of the monetary fund international control or agreement is intended to remove all these re after the war, the only alternative and their en- the ship, while he went back to pick The bomber strictions and set up a standard and offered has been a system of bloc listed gunners pilots and radiomen were up Buchanan's location and guard him. uniform practice, currency value agreements. These are regarded by briefed the same way. After the inBut when he got there, he couldn't many as dangerous, since such bloc and exchange rates so that Amerthe officer had finished, find Buchanan. He flew for 25 minican business may have the greatest agreements likely would lead to a telligence commander said: squadron Tokyo bay and was possible freedom in international world divided politically and eco"We're going to dive low on the utes around beconflict to about when he began trade in the postwar era. The same nomically. . Eventual despair, bombs. target before releasing our sun flashes in his eyes. freedom is intended to be provided tween these groups would be likely. Since we're risking our necks any- getting He flew over about three miles for business in the other countries, Chaise for Leadership. how, there's no point in going at for freedom of business would be Pointing to the leadership the all unless we can do some damage, and there was Buchanan. He had used his signal mirror, just like it meaningless unless these other coun United States has maintained during so go down low." tries accorded an equal measure of the war, fiscal experts here declare says in the book. freedom to their own people. that never before has this nation ocAll through the various strikes on Snatched From There has been criticism aimed cupied such a key position or had Japan, our task force kept enough at these proposals from some bank- such an opportunity to take over planes back to fly a constant blanket Lion Mouth In the meantime, the ship's prog ers on the grounds that they are world leadership in the economic of protection in the sky above us. contrary to sound and established field. Governmental leaders, includI remember the funny sign chalked ress was slow. It took almost two banking practices. There has been ing Secretary of the Treasury Henry on the blackboard of the "ready hours to get theje. And one by praise and approval from other Morgenthau, look upon the Bretton room" first day, urging our patrol one the aerial escort began get Woods agreements as just as essen bankers. pilots to extra vigilance for Jap ting irouoie, and one by one Fecke As a matter of record, criticism tial to world peace and security as planes that might sneak out from ordered them home to our shic from bankers, at least some bank- the Dumbarton Oaks agreements. the mainland to attack us. The which was getting farther away all the time. Mprgenthau maintains sign said: ing groups, has been directed at any Secretary Lt. Irl Sonner of Petaluma, Calif., Hence his uralert remember your poor departure from established custom, they are inseparable. "Keep lost the use of his radio, and had to that is, custom and practice estab- gent appeal to the congress :for legis- scared pals on the ship!" leave. " lished by the bankers themselves. lation which will insure this nation's '. L.t. Max Barnes of For instance, some banking groups participation prior to the world par- Foe Olympia, Surprised Wash., got dangerously low on gas, criticized bank deposit insurance. ley at San Francisco April 25. ana t ecke sent him home. Gas Acceptance by the congress of By Strike Criticism was aimed at government We didn't know whether our first snortage also sent back Lt. Bob Mur. guaranteed loans on homes and these agreements before convening loans on homes of the delegates of United Nations planes over the mainland would sur- ray of Muncie, Ind. . farms; at when the "custom had been 3 to 5 at San Francisco, these leaders say, prise the Japs or not. It didn't seem That left only Lieutenant Fecke be taken as a happy augury of yet there were no indica- circling above the man in the hoat. years; at 4 and 5 per cent interest would possible, and Lt. Arnold Berner of Spring-dalrates, when the practice had been this nation's sincerity. It would give tions that they knew. 8 to 8 per cent and higher. These notice to all that the United States, For two days on our approach we Ark., flying lone aerial escort of choosing economic isolahad been knocking off Jap recon- ior we rescue shiD. practices today, however, are an ac- instead cepted part of our domestic econ- tion, which would inevitably lead to naissance planes and picket boats. Finally the ship was bay political isolation, is already on rec- We hoped we had got these scat- entrance. The skipper past the omy. began to have with a ord determination to do our and boats before tered Criticism from the larger internathey his doubts. He had to go within planes tional bankers has been directed at part toward the attainment of world had time to radio back home the three miles of the uian and security. news of our presence. One of our de- He was within five minutes the Bretton Woods proposals, no peace flying a In to conthe special all message on even sat had doubt because governments will contop distance of land, and Jap planes stroyers day 20, RoosePresident of a Jap submarine to keep him trol fiscal and monetary policies on gress February mm. . m aiuuitner an international scale, and also be- velt, referring to the Bretton Woods from coming to the top and sending r unnermore ne .looked at his said: is time "It for proposals, the a warning. cause interest rates under these pro- United chart, and saw that he was in "reStates to take the lead in But still we didn't know for sure, stricted waters," posals will be lower. meaning they were establishing the principle of economso there was tenseness that first probably mined. It was no U. S. Benefits Most. ic cooperation as the foundation for for a ship to be. certainly morning. We knew almost exactAnother criticism has been direct- expanded world trade. We propose ly what time our first planes would place The skipper radioed Fecke and ed at the bank and the fund because to do this, not' by setting up a be over the Tokyo area. scuu ne couian t go any farther the United States is the largest sub- supergovernment, but by internaWe went to the radio 'room to lisFecke radioed back and said, "It'' scriber. It is argued here, however, tional negotiation and agreement, di- ten. The usual Japanese programs only two miles more. Plfn that from any fair standard, this rected to the improvement of the were on the air; We watched the The skipper answered and subshould be the said, institutions of monetary largest the world clock. Suddenly at just the country "Okay, we'll try." scriber because we have more to and the laws that govern trade . . . time the Jap stations all wentright off H,MdiSeyPUll,ed ? off- They wnt gain than any other country. We the international fund and bank tothe air. nun a ..0... have the money to lend, we have gether represent one of the most There was silence for a few min- out our pilot, and ent mourn, pulled and of sound and useful proposals for inthe world's gold a large part utes. And then the most Donald Then, and then only, did Fecke ternational collaboration new before Duck-lik- e and we have the facilities no other nascreaming and jabber- Berner start home. tion has to provide export goods in us." The ever heard. announcer you ing back to us three hou And that is what the Bretton the immediate postwar period. Lastwas so excited you had to laugh. rest had "turned. ly, we have been untouched by the Woods proposals are designed to do We knew our boys were there. They flown six hours on maour a as of of war insofar a the best minda of After product ravages for us on the ship, it three-hou- r mission. But they helped the 44 United Nations of the world. was that,a matter of terial wealth is concerned. waiting, and just me r - n v, n, . &tcr-a-- . . Dux-berr- y, nine-to-one- ' "ft nr m n mm 1 iwrt THM of fabric; then cut this crosswise in three equal parts to make th. ... T 1 - l snoe pocKeis. ow, cut tne foundation piece 24 inches wide m t Inches long. Cut the laundry pock et 18 incnes aeep ana wide. The these pieces 28 inches how diagram shows are put together. NOTE The door pocket shown her k from Book 4 of the series offered witb these articles. This book contains more than 30 other Ideas for things to make fcr your house and for gifts and bazaars. To get a copy of Book 4, enclose 15 cents with name and address direct to: MRS. 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Kung, minister of finance for China and chairman of Carrier Pilots Land Almost on Dime the Chinese delegation, talks over International finance with Lord Keynes of England, famed econoTheV Erst time see a plane pacic and in a long glide Instead mist and monetary authority, who land on a carrier you you almost die. they almost seem herds the British group of delegates. At the end of the Erst day my Chinese currency has been devalmuscles were aore just from being ued by inflation, a result of the all tensed up while watching the sucn a crazy angle you long war with Japan. British bankcome in. planes ever iand n ers are concerned about Chinese . It is all so bu fast, timing is so out financial stability, not only as part so is small well, of experience, and it's the by years space of the world monetary situation, best way have to be tops. carrier pilots just but because of the extensive British Planes don't approach a carrier business interests In China. That i-s& ;f:ruuus 01 they would so land from way r split-secon- Y. um ' er f l ',- t long-rang- France, Italy, Norway, Poland, Finland, Czechoslovakia, a large area of Russia, the Balkan nations, large sections of England, China, much of India and Burma, plus the Axis nations of Germany and Japan, have been laid waste by the war, their productive facilities prostrate, their currencies depreciated, and many years will be required for them to rebuild their export industries. They will require foreign capital to get under way. In our own country we have a tremendously enlarged productive industrial plant. Our agricultural production has reached a new high of efficiency. After the war our economic policy will be aimed at full employment and full utilization of cur agricultural and Industrial facilities. To realize these aims new outlets for the products of farm and factory must be found and these prostrate foreign countries provide a ready market providing ; that American exports take the form of American investments abroad good American dollars for' if these na tions are to buy a large volume of our productive machinery, our in dustrial and agricultural products in the immediate postwar period, American investors will have to lend Dart of the purchase money. Under the functions of the international bank, these investors will have the assurance that these investments are sound and remunerative. Under the operation of the fund, as distinguished from the bank, for the protection or our in vestors, currencies in all these coun tries must be stabilized in terms of gold and at equitable rates of ex change. The United States holds 60 per sent of the world's gold supply. Economists point out there must be elimination of exchange fluctuations, of discriminatory exchange prae tices, of competitive currency depre ciatlons, if the American dollar is to be protected. For instance, how can the American farmer be protected in the world market If a sizable wheat pro ducing country such as Russia and Argentina can resort to monetary action which places the wneat pro- ducers of those countries in a pre ' nun tvvwv pVO t let i lean wheat exporters? If the American farmer is to continue to export wheat or any other commodity, and to receive a fair price in good Amcr ican dollars tor the product he sells at home, he must know that the w 1 up- on by 44 United Nations at the Bretton Woods conference and which are considered an essential part of the world peace plan vTv By Ernie Pyle , d, u.r -- nw SftK SAVE YOUR SCWi GAlH TO MaP ICTOftf Old METAt, RUBBER and Wtt P" |