Word: fund
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Dates: during 1950-1959
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Girls for Sale. In the midst of a Cadillac-plated prosperity in Tokyo, only the efforts of a group of charities ranging from the United Nations International Children's Fund and Catholic and Protestant groups to Japan's own Association of Pinball Machine Manufacturers have been able to stave off actual starvation in Hokkaido. Even though the U.S. Air Force last week flew in three planeloads of food. Hokkaido's farmers face both hunger and bankruptcy. "We've sold even the gold from our teeth," one farmer told TIME Correspondent Curtis Prendergast. "The only thing...
Britain may immediately draw $561,-470,000 in dollars to shore up its gold and dollar reserves-down $279 million last month to $1.9 billion, lowest figure since the 1952 payments crisis caused by the Korean war. The balance of $738,-530,000 in currencies of fund members is available to Britain during the next year should she need...
...Essentially Sound." Said Director Jacobsson: "The trading position of the United Kingdom has been and continues to be essentially sound." The new "pressure was not caused by weakness in the current account, but reflected a decline in confidence." The fund's "support on a massive scale" would "effectively contribute to restoration of the strong balance-of-payments position...
...Help. The save-the-pound operation would have been impossible without firm support from the U.S. Treasury, the wealthiest and most powerful of the fund's 60 members. But it involved no new out lay by the U.S.; Washington had already subscribed the money to the fund as part of its quota, just as Britain had subscribed $1.3 billion, and now the U.S. simply made the cash available. This way of helping Britain suited Treasury Secretary George Humphrey; he did not have to ask Congress for the money. The U.S. decision to use the fund as the main instru...
...other member nations in Eu rope, the fund could also lend support. If necessary, France could draw up to $525,-000,000; The Netherlands, $275,000,000; Austria, $50,000,000. But Director Jacobsson did not think the need would arise. The size of the loan to Britain would help stabilize the sterling area with which France and other West European nations are associated, make it unnecessary for them to withdraw their quotas...