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Though they sprang it on speculators as a surprise, central bankers had been quietly discussing the shutdown of the London gold pool and the move to the split-price system since British devaluation. Italy and Belgium, restive at the growing drain on their reserves, remained in the pool only at U.S. prodding. Timing the switch presented delicate problems. By waiting for repeal of a 1945 law requiring a 25% gold backing for the currency, the U.S. could muster another $10.4 billion of gold for the defense of the dollar abroad. By discomfitingly small margins, the measure squeaked through Congress just...

Author: /time Magazine | Title: Money: It Could Be Dawn | 3/29/1968 | See Source »

...honors from the roadside restaurant he owns, Edward ("Lofty") Milton, 54, Rhodesia's part-time public executioner, was professionally incapable of understanding the commotion. While African women clustered outside Salisbury's Central Prison and uttered the mournful wail of the Shona tribe, "Wayehe, wayehe" ("Please, God"), Milton sprang the traps on the prison's gallows last week and sent three Rhodesian blacks spinning into eternity. Then, returning to the pleased white patrons of his Zambezi Valley café, he sent off a postcard to a friend: "Three in one this time." He signed it "The Dropper...

Author: /time Magazine | Title: Rhodesia: The Hanging of Hopes | 3/15/1968 | See Source »

Died. Elliott B. Macrae, 67, president since 1944 of E. P. Dutton & Co., Inc., publishers; of cancer; in New Canaan, Conn. Widely traveled and equally cosmopolitan in taste, Macrae over the years printed something for practically everyone; he sprang Mickey Spillane on the world (seven biggest sellers: 34.6 million copies), published Mountain Climber Maurice Herzog's classic Annapurna, Lawrence Durrell's The Alexandria Quartet, and Evgeny Evtushenko's Selected Poems. His great friend was A. A. Milne, whose whimsical Winnie-the-Pooh sold more than 1,000,000 copies and appeared in a dozen languages-including...

Author: /time Magazine | Title: Milestones: Feb. 23, 1968 | 2/23/1968 | See Source »

...months two old competitors have been battling with quiet intensity for one of the richest prizes in aviation history: the potential $15 billion market for the air bus, the oversize subsonic transport expected to be the domestic airline workhorse of the '70s. Lockheed Aircraft Corp. sprang to an early lead over McDonnell Douglas by unwrapping enticing plans last summer for a model (the L-1011) with twice the passenger capacity of jets currently flying short and medium runs. But last week, as teams from both rivals flew into Manhattan to make their final sales pitches, McDonnell Douglas seemed...

Author: /time Magazine | Title: Aircraft: Catching the Bus | 2/23/1968 | See Source »

...explain his early obscurity. But at the same time, that remoteness enhanced his originality. Such composers as Gustav Mahler and Richard Strauss, who were working in the late romantic tradition, projected their explosive forms out of subjective, often agonized emotion. Nielsen's free-flowing counterpoint and virile rhythms sprang partly from Danish folk roots, partly from a robust, wholesome objectivity. "What business have other people with my innermost feelings?" he asked...

Author: /time Magazine | Title: Composers: Rating Nielsen | 2/9/1968 | See Source »

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