Word: giro
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Dates: during 1960-1969
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Died. Guy Rowe, 75, U.S. artist whose intensely realistic portraits (with the signature "Giro") graced more than 40 TIME covers; of cancer; in Huntington, N.Y. Rowe discovered his talent via a vaudeville act in which he drew chalk portraits of well-known people; he saved enough money for art school, became a New York commerical artist, and in 1943 won his first TIME commission. The association was interrupted from 1945 to 1949 while he worked on 32 highly acclaimed illustrations to Biblical characters for the book In Our Image: Character Studies from the Old Testament. Then he went back...
From the Greek. At Bootle, near Liverpool, Prime Minister Wilson opened a $37 million data-processing complex that is to be the heart of one of the most fully automated banking systems in the world. Called Giro-the word comes from the Greek gyros, meaning circle-the system will circulate funds within the country's huge post-office network. With a deposit of $12, anyone will be able to open a Giro account. An account holder can leave standing instructions to have his regular bills rent or mortgage installments, telephone and electric bills-paid automatically out of his account...
...Giro is also likely to get plenty of business from corporations. Close to 60,000 companies have signed up for it so far, including Imperial Chemical Industries, Courtaulds, British Petroleum and most of the nationalized firms. Using Giro's computers, they can pay their employees through the system and use it to collect bills. Best of all, firms can cut down on paper work and accounting costs because they will get a daily statement of payments and receipts...
Gentlemanly Debts. Giro is the most advanced, fastest-working variant of a system that has been working on the Continent for a long time. It is also the latest effort in the British post office's drive to turn the venerable institution into an aggressive, profit-making enterprise. Giro Director John Grady hopes to pay for operating costs and also make a neat profit by investing the pool of money created by Giro's constant flow of deposits. He expects that the new service will attract about 1,500,000 customers and $450 million in deposits within...
...course, Giro is not offering all the services of a bank, such as paying interest on deposits or making individual loans. Nor is it willing to emulate the gentlemanly tradition of British banks by honoring clients' overdrafts. If a Giro customer overdraws, his check is returned...