Word: funded
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Dates: during 1940-1949
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Like a gentleman's club, the International Monetary Fund has certain rules which members are expected to observe- even when no one is watching. One rule is that no members can sell gold above $35 an ounce. This is the Fund's way of trying to insure stable currencies and exchange rates among its members. Therefore, Fund members were outraged last week when one of the brethren chucked the rules...
South Africa announced that it would sell 100,000 ounces of 22-carat gold at $38.20 an ounce through the London brokers Mocatta & Goldsmid. (On the basis of 24-carat or "pure" gold, the Fund's yardstick, that meant a premium of about $6.50 over the $35 rate.) South Africa said the gold was not being sold for monetary purposes but for industrial and similar uses, and was thus beyond the Fund's jurisdiction. The Fund thought differently. Since the brokers kept mum on the gold's destination, the Fund suspected that it was going to hoarders...
...same resolution, the Council suggested that the Houses contribute $1 per man to raise a minimum of $2200 toward the DP fund; and suggested that the College extra-curricular organizations raise $1000 among them for the same purpose...
Sears also gave some case histories of how the fund pays off. A clerical worker who had deposited $4,798 in the fund, over 33 years, retired last year at 60 and withdrew $70,591. A merchandiser, who had deposited $7,530, withdrew $134,423 in cash and stock...
...step towards the goal will be made today when Robert L. Fischelis '49, President of the Student Council, turns over the $1412 collected from the student body at fall registration. John W. Teele '27, Director of the Student Placement Burean and Chairman of the Harvard Red Cross Fund, who receives the check counts on the faculty and University employees for the balance of the quote...