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December 03, 1966 - Image 3

Resource type:
The Michigan Daily, 1966-12-03

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U Thant Agrees


Changes In Ackley Foresees Prosperity,
T -m MutualFunds Price Stability To Continue

'For S i
Gives Pledge



.l U IL kill


To Seek End
To Viet War
Election Seen Victory
For Major Powers;
U.S. Given Support
Thant was elected yesterday night
to a new five-year term as U N.
secretary-general and immediately
0 pledged "to make every 3ffort on
a personal basis" to end the war in
Viet Nam.
Thant made the pledge in an ac-
ceptance speech that followed his
election by secret ballot in the
General Assembly for a new term
to expire on Dec. 31, 1971.
The vote was 120 to 0 in the
121-nation assembly with one bal-
lot declared invalid.
Yields to Pressure
The 57-year-old Burmese dip-
lomat bowed to pressures from all
the major powers and virtually tne
r entire U.N. membership in accept-
ing another term. He made known
11 months ago that he was con-
sidering stepping down after his
first term expired Nov. 3.
The outcome was particularly
gratifying to U.S. Ambassador
Arthur J. Goldberg, who played
a leading role in the efforts to
persuade Thant to remain. He is-
sued a statement saying the United
States was "highly pleased" by the
council action. President Johnson
was among world leaders who
asked Thant to take a new term.
The council declared on its be-
half that it fully respected Thant's'
position on _world problems and
basic U.N. issues as mentioned by
him in his Sept. 1 statement.
Communique Issued
A communique issued by the
council shed light on some of the
reasons for Thant's change of
Thant noted "with particular
appreciation that, for its part, the
Security Council respects his posi-
tion and his action in bringing to
the notice of the organization basic
issues confronting it, and disturb-
ing developments in many parts
of the world."
In the opinion of many U.N. dip-
lomats this strengthened the arm
of Thant in seeking a solution to
the present crisis in Viet Nam and
the growing threat to peace in the
Middle East.
World New
WASHINGTON - The govern-
ment announced yesterday night
its first formal actions to cut off
financial aid to hospitals on
grounds of failure to comply with
the 1964 Civil Rights Act. It named
17 hospitals in five Southern
The institutions in Alabama,
Louisiana, Mississippi, South Caro-
lina and Texas have been notified
they may request public hearings,
the Public Health Service said.
SAIGON-U.S. armored cavalry-
men thwarted a massive Viet Cong
ambush with help from artillery
A and warplanes yesterday night. A
spokesman announced that, while
the Americans suffered some
wounded, they counted 88 enemy
American and Communist forces
battled on Highway 1 about 50
miles northeast of Saigon as the
1 U.S. Command here checked bomb
damage reports from daylight1
raids by dozens of Navy and Air
Force jets on an oil depot and
truck park close to Hanoi North
Viet Nam's capital.

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Revision Would Be AUSTIN, Tex. (IF') - President
Charge Slice, Broker Johnson got a happy new year
forecast yesterday.
By-Pass, Buyers Aid Another big increase in food and
WASHINGTON 64"')-A federal farm prices is not expected in
report eight years in the making w196. No recession is in sight. Pros-
recommended yesterday the first perity will continue.
sweeping reforms in the mutual This is the outlook in the crysral
fund industry in more than a ball of Gardner Ackley, chairman
quarter of a century. of the President's Council of Eco-
nomic Advisers.
If accepted by Congress. the The President, Ackley and pres-
reforms could save American in- idential assistant Joseph A. Cal -
estors million o lars yeal fane Jr. put in most of the day
in fees and commissions. The in- talking about this and other mat-
dustry made clear it will oppose ters that will have a bearing on
some parts of the program, the administration's budget and
The recommendations, contained program. Midway, they broke off
in a 346-page report to Congress. for a session with reporters in the
would slice sales and advisory presidential office in the federal
charges and abolish the so-called building here.
front-end load fund which can May Hit $140 B
siphon into commissions up to half Yes, Johnson said, Ackley did
a customer's first-year investment. bring some definite figures that
Five major legislative recom- will help in making decisions on
mendations in the report, if adopt- a tax increase and a budget some
ed, would represent the first basic federal officials say could go as,
change in 26 years in the Invest- high as 140 billion.
ment Company Act of 1940 which "But these nay change tomor-
now governs the mutual fund in- row," the President cautioned.
dustry. At any rate, there still was no
Favors Institutions word on whether there might be a
In a sixth major recommends- tax boost or when the decision
tion, the comission said the na- ght be announced.
tion's stock exchanges should pro- But there was word that John-
vide discounts to institutional son had released 150,000 tons of
buyers, including mutual funds, the government's copper stocks for
not only to save the investors use of defense and defense-sup-
money but to eliminate fee split- porting industries in the first six
ting among brokers and dealers. months of next year. This is moe
Negotiations are nowy being held
with the exchanges in hopes of7"
accomplishing this administrative- i OSV L l la
ly, the SEC said. '11

than a third of the stockpile,
which now stands at 409,000 tons.
At the same time, Johnson said
in a memorandum to Farris Bry-
ant, director of the Office of
Emergency Planning, that efforts
should be stepped up to replenish
the copper stockpile and to expand
domestic copper production.
To Meet Mexican
The President was clearing his
desk yesterday so he could get
away today to meet President
Gustavo Diaz Ordaz on the Mex-
ican border, near Del Rio, Thx., to
inspect the Amistad Dam the two
nations are building on the Rio
It will be a brief down-and-back
trip. Johnson announced yester-
day that Secretary of State Dean
Rusk will go along as well as Sol
Linowitz, U.S. ambassador to the
Organization of American States.
No matters of momentous im-
port are expected to come up. In
fact, little time for formal talks is
likely to be available.
Asked for the assessment of the
economy for 1967-whether pros-
perity would continue, what
chances there might be for a slow-
down or recession-Ackley anwer-
ed: "Of course prosperity will con-
tinue. We will have an expanding
Sees No Recession
"I certainly see no reasonable
prospect of a recession.
"We are also looking forward
sis Germany

to increasing price stability.
"We don't expect a repetition
of the large increase in farm and
food prices we had this year."
The economy, he said, should
be on a moderate course that will
sustain jobs and incomes and pro-
duce a moderate growth that will
not bring on bottlenecks.
One item of presidential busi-
ness yesterday was the 'elease of
a report from a commission John-
son appointed last year to study
the patent system and recommend
ways of improving it.
The commission came through
with wide-ranging suggestions for
changes, including some Cimed at
reducing the cost of patent litiga-
tion and at establishing "a uni-
versal patent, respected through-
out the world."
The cochairmen were Dr. Harry
Hunt Ransom, chancellor of the
University of Texas, and Judge
Simon Rifkind of New York.
Employment Rises
Meanwhile, in Washington the
Labor Department reported yes-
terday that more Americans held
jobs last month than in any No-
vember in history.
Total employment climbed to 75
million while the nation's jobless
rate edged back to a 13-year low
of 3.7 per cent, the Bureau of
Labor Statistics said. Assistant
commissioner, Harold Goldstein,
of the Bureau of Labor Statistics
said before the White House state-
ment that the November job fig-
ures indicated renewed pressures
on the nation's tight labor supply.

-Associated Press
U THANT, SECRETARY-GENERAL OF THE UNITED NATIONS (left) is shown last night shortly
after having been re-elected to a new five-year term. He pledgede "to make every effort on a personal
basis" to end the war in Viet Nam. With him are General Assembly Pres. Abdul Pazhwak and Chief
de Cabinet C. V. Narasimhan.
Wlson-Sith Showdown Starts
With.Britain avingdvantage

Commission Chairman Manuel
F. Cohen said the report, based on
eight years of w o r k, should
strengthen public confidence in

Urges Ailiance Breakups


LONDON (iP-Prime Ministers tions committee meeting scheduled
Harold Wilson and Ian Smith I for Monday would go ahead. Bri-
sought to defuse the Rhodesian tain is committed to asking the
powderkeg at a seaborne summit United Nations for mandatory
meeting yesterday night amid economic sanctions should a set-
signs that both are recoiling from tlement fail.
the explosive perils of failure. If a settlement is reached, Smith
The British and Rhodesian lead- could only justify it to his col-
ers boarded the guided-missile leagues after a 12-hour journey
cruiser Tiger at Gibraltar in the back to Salisbury. This puts him
early hours yesterday, sailed east- at a disadvantage and, indeed, ex-
ward into stormy seas and then, poses him to the threat of an
with their advisers, held a series ouster in his absence by extremists
of face-to-face working sessions. who might think any compromise
Until Sunday to be a humiliating retreat.
The leaders have until Sunday In setting up their dramatic
to come to terms, with the prop- rendexvous for a last-ditch bid to
aganda cards stacked in Britain's end Rhodesia's 13-month-old re-
favor whatever the outcome. bellion, each prime minister had

fuses a settlement. The first draft
of a mild British resolution pre-
pared for the United Nations Sec-
urity Council also omits any call
for oil sanctions.
-In Rhodesia, censors allowed
the Bulawayo Chronicle to print
an editorial saying Smith could
oust militant Cabinet colleagues
who oppose his meeting with Wil-
-In Key African capitals, such
as Kampala in Uganda and Dar
es Salaam in Tanzania, there were
rumblings of 'bitter African resist-
ance to anything that looked to
them like a British sellout of the
interests of Rhodesia's four mil-
lion blacks.

the mutual fund industry and in PARIS (P)-Visiting Soviet pre-
securities markets by improvmng mier Alexei N. Kosygin assailed
protection for shareholders. Germany, urged closer French-
FSoviet cooperation and proposed
Five Proposals breaking up military alliance in
The five major legislative rec- Europe.
ommendations are to: He declared West Germany "de-
1. Limit sales charges to 5 per mands for revision of postwar
cent. The typical charge is now frontiers, coupled with pretensions
9.3 per cent of the amount in- for nuclear armament, carry the
vested. threat of upsetting the equilibrium
2. Abolish the front-end load and peace of Europe."
fund in the future. Under this, a Referring to the recent electoral
person agrees to buy a stated successes of the German National
amount of a fund regularly over a Democratic party, accused of being
period of 10 years, for example, neo-Nazi, the Kremlin leader said,
and half of* his first year's pay- "The forces of fascism and war,
ments are deducted for salesmen's defeated on the battlefield, are
commissions and other fees. 'reappearing in broad daylight, un-
" ashamed and arrogant."

ope. He asserted that bringing
France and the Soviet Union closer
together is contributing to an
East-West approachment which
"fills us with the certitude that
for the Europe of today the danger
of war can and must be taken
off the agenda.
Offers Trade-Off
Kosygin repeated in another
form a Soviet offer to disband the
Warsaw Pact alliance in return
for the breakup of the North At-
lantic Treaty Organization. He
proposed "dissolution of politico-
military alliances, or, as an ini-
tial measure, the discontinuation
of their military organizations" to
make "the danger of war disap-
pear from our contingent."
Before going to City Hall on
the second day of his nine-day
state visit here, Kosygin had af
two-hour talk with President
Charles de Gaulle at Elysee Palace.

DEC. 6
Room 2Y, UNION

Wilson, speaking before the taken a calculated political risk. Faces Rebel
House of Commons before he left, For it had become clear to both Tb encounter at sea brought
cautioned that there is "still a that a breakdown could engulf Wilson face to face with a inan
considerable gap to bridge." To Britain, Rhodesia and all sub- fiis ministers branded a liar and
keep pressure on the Rhodesians, continental Africa in deepest polit- a rebel when he proclaimed Rho.
he said a Commonwealth sanc- ical and economic trouble. desia's independence and con-
Three Levels tinued white minority rule Nov. 11,
This emerged on three levels. 1965.
-In London, diplomats dis- Early radio reports from the
closed the British have ruled out warship provided a bare comment-
force or blockade to implement ary on the strictly formal pro.
compulsory sanctions if Smith re- ceedings.
MOSCOW-The Soviet Union
said yesterday two young Amer- WKN R MASONIC AUDITORIUM
icans plan to plead guilty to charg- I
es of currency violation and theft presents Friday, Dec. 9, 8:15 P.M.
at a trial to be held soon in Len-
Tass, the official Soviet news 4 IN PERSON
agency, said the two Americans
would plead guilty to the charges
-implying Tass meant all threeT


3. tegq re r~ecSlcfI onadi Ea-
agement charges. The commission
set no figure but said present safe-
guards have not resulted i the
passing on to investors of the
economies resulting from size.
4. Prevent creation and opera-
tion of fund holding companies,
a comparatively new development.
5. Regulate the sale of stocks
in organizations which manage the
assets of mutual funds.
The recommendations would not
apply to present front-end load

Germans Ill
Kosygin's remarks were made at
a ceremony yesterday in the Paris
City Hall attended by several hun-
dred French officials and members
of the diplomatic corps. A spokes-
man at the West German Em-
bassy said Ambassador Manfred
Klaiber and the charge d'affaires,
Peter Limbourg, were ill and did
not attend the ceremony .
Kosygin went on to say that
close French-Soviet cooperation is
important for the security of Eur-

i -- _.._ _. .

LONDON-Gales and rainstorms
lashed most of Europe yesterday,
with the British Isles and the Ital-
ian peninsula getting the worst
of it. There was no sign of a letup
as night fell.
In Italy, St. Mark's Square in'
Venice was flooded again. The
Arno River was rising once more
in flood-battered Florence. Of-
ficials thought this time the floodsI
would subside in both cities with-
out serious damage.
The seven-man crew of a drift-
ing channel lightship was snatched
to safety in a dramatic rescue
eight miles off England's Kentl




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