Word: creditably
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Dates: during 1950-1959
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Gradually, a compromise was hammered out. The Governor agreed to cut $40 million from the budget and to trim his tax proposals, but not crucially. For example, he offered a gross tax credit of $25 per married couple instead of $10 per adult; he continued forgiveness on 1958 income as he shifted the state to a pay-as-you-go basis, but canceled forgiveness of capital-gains taxes. Finally, one midnight Republican leaders led Rocky to their Capitol hideaway, broke out ice and bottles, clinked glasses to victory...
...other end of Canada, labor unions were also about to get some lumps. In British Columbia, where strike-prone unions accounted for 17% of all man-days lost in Canada last year, the ruling Social Credit party introduced a bill that would make unions legal entities subject to civil suits for damages resulting from strikes. The proposed law would also ban sympathy picket lines, blacklisting of companies, boycotts of goods turned out by nonunion labor...
...surprise of Wall Street, the Federal Reserve Board last week tightened up on credit again-and immediately stirred up a controversy. In the third such move since last summer, the Fed permitted four district banks (New York, Chicago, Philadelphia, Dallas) to raise their discount rates to member banks from 2½% to 3%, thus allowing others to follow...
Actually, the Fed's move will probably have little effect on credit. Money is not very scarce. Although banks have more of their deposits out on loans now than they did at the end of the last recession in early 1955 (largely because of a tremendous two-year growth in loans), the demand for loans has dropped off. With capital spending down and profits edging up, many industries have built up a good cash fund, do not need loans...
...course, reluctance of this sort is understandable. It represents quite an upheaval, no doubt, to require acceptance of a credit for a not too sharply defined course given in high school. Other Departments besides English have similar qualms. Yet, unless the Departments give full credence to A.P. credits, the value of the program can never be fully realized...