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September 29, 1960 - Image 2

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Publication:
The Michigan Daily, 1960-09-29

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THE MICHIGAN DAILY

ERNATIONAL MONETARY FUND:
Uein Reviews World Financial Picture

!

By JOHN ROBERTS
Since 1951, the International
Monetary Fund has played an in-
creasingly important role in
bringing order and stability to the
world financial picture, Thomas,
Klein of the IMF Research De-,
partment said yesterday.
Klein told a small gathering
n the Economics Building that
he fund has three principle ob-
jectives: Maintenance of ex-
change stability, simplification
and unification of exchange rates,
and the loaning of monies to al-
.eviate temporary balance-of-pay-
ments deficits.
These objectives were designed
to avert the kind of financial an-
archy which reigned in the late
1930's, Klein said. During that
period, nations engaged in com-
petitive devaluation in an effort
to meet unemployment. The ex-

periences of this era were fresh in
the minds of the men who men in
1945 to form the International
Monetary Fund.
Stabilize Rates
Stabilization of exchange rates
is achieved by fixing all curren-
cies at a par value in terms of'
gold or the 1944 United States
dollar. This rate, according to the
Articles of Agreement, can only
be changed with the permission
of the IMF, to correct a situation
of "fundamental disequilibrium."
This occurs when the currency
cost of producing a given good at
home is greater than in other
countries.
Simplification and unifying of
exchange rates is necessary to pre-
vent gross distortions in the eco-
nomic profile of a nation, Klein
said. A multiple exchange - rate,
which varies with the type of

goods involved, amounts to a sys-
tem of subsidy and taxation,
Turkey, for example, formerly
exchanged its currency at a rate
of 2.8-to-one for materials, .but
at a 5.25-to-one rate where manu-
factured goods were involved. Raw
materials can be produced at a
comparative advantage in Turkey,
whereas manufactured products
cannot. The multipleexchange
rate which inhibited that sector
of the economy best able to com-
pete in the world market, was
abandoned in favor of a single
rate.
Provides Fund
The third objective of the IMF
is to provide a fund from which
member nations may borrow to
weather out temporary economic
dislocations. The monies were fur-
nished by subscriptipn. Some $14
billion of resourcesare in this
fund, of which about $10 billion
are readily available.
A common reason for stand-by
borrowing is the seasonal short-
age of foreign exchange which
obtains in some countries, partic-
ularly in Latin America.
The International Monetary
Fund is a financially sound or-
ganization, Klein pointed out. Po-
tential borrowers must show proof
of their ability to repay. For this
reason, the IMF does not loan
much money for economic devel-
opment, which might produce in-
flation and unbalance the ex-
change rate.

1

U. of M. Folklore Society

Spilka Calls
Writer's Art
'Prophetic'
"The works of D. H. Lawrence
have enjoyed a veritable ren-
naisance in literary and academic
circles during the past decade,"
Prof. Mark Spilka of the English
department said at the Student
Government Council reading and
discussion seminar yesterday.
The popular revival of his works
has been supplemented by seven
critical works and four biogra-
phies in recent years.
"Lawrence's art is a prophetic
art," Spilka explained. "His work
explores artistically the values of
our era and reflects a search for
norms and values in our society.
His novels have somthing to say
to 'wasteland' readers."
"Lawrence uses sexual disorder
to symbolize social disorder," he
continued. "When' the social,
moral, or religious guide ropes
become broken or tangled, the
most intimate of human relation-
ships will show its effect."
"In searching for a marital
ethos, Lawrence tries to resurrect
love from its 'wasteland' setting."
Spilka described him as an organ-
icist who explored the possibility
of organic wholeness, of "pure,
spontaneous being."
Lawrence objected to reliance
on either the spiritual or the sen-
sual aspect of life to the exclusion
of the other, and insisted upon a
balance.
According to Spilka, this is one
of the two main laws in operation
in Lawrencian thought. Lawrence
Illustrates this "passionate strug-
gle into conscious being" in 'sym-
bolic ritualistic scenes set in na-
ture."
This law of "wholeness" of be-
ing involves the second law. of
"interdependence. Lawrence at-'
tempts to achieve this wholeness
through relations with other hu-
mans, but when these relations
become selfish and exploitive, in-
dividual being disintegrates, Spil-
ka said.

THE MEDIUM-Director Ed LaMance explains the acting out
of a love scene in Menotti's "The Medium" to Muriel Green-
spoon and Marlowe Teig. "The Medium" opens tomorrow night at
Lydia Mendelssohn Theater.
Opera's Mood, Problems
Bl3hend at Dress Rehearsal

FOLKSING
and MEETING
Tonight at 8

_I

Michigan Union - 3rd Floor Conference Room

---

Council To Hold Seminars
For SGC Discussion .Groups

II

By JUDITH SATTLER
The dark, mysterious mood of
the operaitself, mixed oddly with
the technical problems of the cast
and crew, at the dressdrehearsal
of Menotti's "The Medium" last
night at Lydia Mendelssohn The-
ater.
A drab scene is created by the
basic set, which easily becomes
eerie when the lighting is lower-
ed. Cracked and crumbling brown
walls surround the stage, and a
card table with three unmatched,
rickety chairs stands in the mid-
dle.

The pianist began to rehearse,
and the music built to a loud
foreboding climav, while the di-
rector checked stage business with
the lead, and a few stagehands
hammered ata loose flat.
Carrying a large plaster ma-
donna and a votive candle, the
set designer came jumping onto
the stage, trying for an appro-
priate place for the props.
The appearance of a ghost was
tried, and a girl's figure showed
through a curtain at the back
of the stage. Thetdirector decided
that there was "too much ghost"

Two seminars of the Student
Government Reading and Discus-
sion program will be held today,
"Ethics and Language" at 7:30
p.m. in the Honors Lounge and
the first meeting of the fresh-
men program at 4:15 p.m. in the
Multi-Purpose Room, both in the
Undergraduate Library.
The group seminar on "Ethics
and Language" will be led by Prof.
C. L. Stevenson of the philosophy.
department and will discuss his
book of the same title.
The freshman program, which
is an interdisciplinary study of
"Crime and Punishment," will be-
gin with a lecture today by Prof.
John Mersereau of the Russian
department dealing with the scope
and prloblems implicit in,the nov-
el,
Study Various Aspects
This lecture will bc followed by
five seminars on various aspects
of the book; Russian Literature
with Prof. Mersereau; Political
Theory with Prof. James Meisel of
the political science department;
English with Prof. James Ginden
of the English department; Psy-
chology with Prof. Joseph Adel-
son of the psychology department,
and Philosophy with Prof. Paul'
Henle of the philisophy depart-
ment.
Following the conclusion of the
discussion groups, there will be a
meeting with the faculty leading
'U'. Professor
Potter dies
By PoiLsoIfng
The death of Prof. Richard L.
Potter of the biological chemis-
try department on last Monday,
was ruled a suicide.
Prof. Potter was admitted to the
University Hospital on Saturday
and died Monday night. An autop-
sy revealed the cause of death as
poisoning,
Prof. Potter had been a faculty
member since 1950, and he was
the principal investigator for an
Atomic Energy Commission study
of the biological effects of radia-
tion.
DIAL NO 2-6264
' ENDS FRIDAY Y
.}" .............'"......... ..."" t

the various groups to summarize
-the study and answer questions.
Both seminars are open to the
public. All interested.students may
'attend, even if they 'are not en-
rolled in the program.
Information on other seminars
and a list of the dates when they
will be held are available at a
table in the lobby of the Under-
graduate Library.
C
Committe
Posts 0Open
Petitioning r e m ains open
through tomorrow afternoon for
the Spring Weekend Central Com-
mittee.
Spring Weekend, which is set
for April 28-29, is sponsored by
the Union and the Women's Ath-
letic Association. It includes a
parade on Friday afternoon and
a round of skits that evening.
Saturday brings competitive
games, races, and contests be-
tween the housing units. The high-
light of the weekend comes that
night with a dance to a well-
known, band in the Union along
with colorful booths.
Students interested in the var-
ious aspects of Spring Weekend
may pick up petitions from 2-5
p.m. in the Union Students Office
through tomorrow.

14

A

'4

II

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LECTURE SERIES

11

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"RELIGION IN THE A

r
1

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.11

I

September 29-- 4:15--Aud. A.
"THE SPIRIT OF MODERN SACRED ART"
FATHER DANIEL J. BERRIGAN, S.J.
Poet, Artist, Professor of Theology
October 26 -4:15-Aud. A.
"THE IMAGE OF THE JEW IN MODERN
LITERATURE"
MAURICE SAMUEL
Author of Novels Concerning Jewish Life, Culture, and Religion
November 18 - 4:15 - Rackham Lecture Hall
"SYMBOLISM: ITS SIGNIFICANCE IN RELIGION"
DR. PAUL TILLICH
Professor of Philosophy and Theology,
January 5, 1961 -4:15-Aud. A
"DRAMA AS A VEHICLE OF RELIGION"
DR. E. MARTIN BROWNE
London Dramatist, Producer, Professor
SPONSORED BY THE OFFICE OF RELIGIOUS AFFAIRS

DIAL NO 5-6290
' ENDS TONIGHT
IT'S DAFFY
ITS A DILLY
The Daffodil Spring
Comedy Scream
"PURE
LUNACY !
RIDICULOUSLY
FUNNY!x

While worrying that the scene and quickly cut the lighting.
might become "ridiculously black" Rehearse Seance
in some corners, the director ex- The seance scene was rehears-
perimented with lighting to giveed, and for a moment the audi-
the shabby room' the proper am-torium was lighted by only one
inous darkness. small white light, while ominous
Clothes Contrast music was heard.
During this preparation, the Then the director called a halt,
costumed performers wandered lights came on, and the "spir-
around t.he auditorium, their itualist" yawned, while waiting
strange clothing contrasting with for new instructions.
their casual, collegiate words. Gradually, as the rehearsal
A man dressed only in trousers, went on. the interruptions became
with bright scarves around his fewer, and the mood of darkness
head and arms, sat idly beating a was sustained for longer periods
tambourine while he talked to the of the work, approaching that
make-up man who wore a business completeness of mood which it
suit. would have for the actual per-

IN PERSON

i

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I

r

IfII

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-N.Y. Daily News
COMING FRIDAY
"ELMER
GANTRY"

I

...........

......

91.0

Have a real cigarette-have aCAM EL

A girl in a white dress and'
three performers dressed in out-
moded, drab clothing cameon-
stage. A few of the stage crew:
followed, looking out of place in
bermuda shorts and alacks.
Ask Faculty
For Grants
Applications
The graduate school has an-:
nounced that applications for
grants from faculty research funds
should be submitted by Monday,
Oct. 10.
Approximately $200,000 is avail-
able this year from this fund. Half
the money is allotted for grants
beginning in January, while the
other half will not become avail-
able until June.
Associate Dean Freeman D. Mil-
ler of the graduate school defined
research grants as "intended to
support the scholarly and research
activities of the faculty, with spe-
cial emphasis on the opening of
new fields of research, rather than
on continuing support of estab-
lished programs."
Funds are granted for purchase
of supplies and equipment, pay-
ment of research assistants travel
in field research. Applications for
the grants may be obtained in
Rm. 118, Rackham Bldg.

formances.
- -

or

0

I

I

ENDING TONIGHT *

.I

SHELLEY
BERMAN
with the

CUMBERLAND THREE
WED., OCT.'12
8:30 P.M.
ANN ARBOR HIGH

rl
S f

love on a
Their 9ongs and mus see thf magal mood -
LOUIS ARMSTRONG " MA"AtA JACKSON + GFRRY MWLLIGM
O:M:N WASHINGTON . (,EOR~t SH! ARINC * C$ICO 'AMIIUON
AMNIA O'DAY .JACK 'I AGARDEM *THEIORWd5 M01%K
FRIDAY
SUSPENSE!
"Eye for an Eye"

;MN i.cL'Jl L LR L yEUAE
SATURDAY

Tickets $4.50-3.50-
2.75-2.25-1.75
(tax incl.)
On Sale At
THE DISC SHOP &
THE MUSIC CENTER

t _._.. _ a

I

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