Word: debt
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Dates: during 1950-1959
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Spring trips seem to be going out of fashion with the debt-ridden HAA, but the lacrosse team's expedition classifies as a sort of private excursion. Maryland, Penn, and Navy have signed guarantees to yap most of the squad's expenses...
...Debt & Taxes. Under Queen Salote's diligent administration, Tonga has built up sizable overseas investments. The islands, which became a British protectorate in 1900, have no income tax, no public debt and a remarkably low crime rate: one murder in 30 years. At the age of 16, every male Tongan gets eight acres of land, for which he pays an annual tax of about $7 U.S. to the Tongan government and a token rental to his chief. Tonga has its own passports, its own currency and its own postal system (including the station, famed among philatelists...
...Signature, but only that the business staff of the News could untangle the Signature financial muddle. The original idea was that Signature could be published in a less expensive format and then circulated with the News. It was hoped that by cutting expenses to the minimum the Signature debt would not increase at its present astronomical rate; the News would then assume responsibility for the remainder of the debt. As far as I know, there was no suggestion whatsoever that the News "publish stories and poetry by the Signature staff on its pages." No reduction in the size...
Signature is not going to collapse. It must publish until June, since it cannot break contracts which stipulate that advertisements must appear in four issues. The suspension of publication would serve only to increase the debt, since income from advertisements exceeds income from circulation...
Because Signature had no official financial records, it is almost impossible to determine the extent of indebtedness as of September. It is perfectly true, and should be universally realized, that the present debt has by no means been wholly incurred by the present staff. Nevertheless, it is, or should have been, their responsibility to recognize their financial burden when they assumed office last spring. That they have paid some past debts this year is true; but they have by no means reduced them entirely, and they have, in addition, incurred unnecessarily extensive new debts as a result of ridiculously extravagant...