100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

September 14, 1962 - Image 29

Resource type:
Text
Publication:
The Michigan Daily, 1962-09-14

Disclaimer: Computer generated plain text may have errors. Read more about this.

FRIDAY, SEPTEMBEEZ' 14,1962

T$IE MICHIGAN DAYT.Y

FRIDAY SEPTEBER 14 1962t W. t1 1M \fll\ L1~ 1 LVS PS~U . .UU

rF

PAGEI

JOIN COMMON MARKET?
Franco Stabilizes Spanish Economy

(f,

f

By HAROLD K. MILKS
Associated Press Staff Writer
MADRID - Economic experts
watching Spain's battle to reach
economic equality with its more
developed European neighbors con-
cede that this country has made
giant strides; but a long and hard
struggle still lies ahead.
Recent political and economic
developments in the Spain which
Qen. Francisco Franco has ruled
for 26 years seem to point toward
the goal. But a possible barrier is
seen in a return to the inflation-
ary spiral which attacked Spain
in 1955-59. If this can be con-
trolled-and Spanish government
leaders say it can-Spain seems
certain to Join the European Com-
mon Market, first as an associate,
then as a full member.
Franco and his government ap-
pear to have laid the groundwork
for economic qualification in 1959,
when Spain accepted recommen-
dations from outside for an abrupt
switch in economic and financial
policies. The peseta was devalued,
living costs were controlled, and
a vast industrial potential began
to make itself felt.
Dumps Ministers
Then Franco took another great
step last mor-th when he reshuf-
fled his cabinet, dropping seven
ministers and replacing them
largely with young and active men
known to be devoted to the goal of
Spain joining the rest of Europe,
at least economically.
Demonstrating Spain's amazing
economic progress is the steady
growth in its gold reserves, from
$66 million in 1958 to an estimated
billion dollars at the end of June,
1962.
Spanish experts hail the prog-
ress as a reflection of the stabili-
zation era imposed by the Franco
government. Now, they say, Spain
must move into the era of greater
industrialization and greater pro-
duction.
Labor disputes which produced
a series of strikes lasting more
than a month in the coal fields

-from Germany and elsewhere in
Europe as well as from the United
States-reflects confidence in the
future. Direct capital investment
from abroad in the past two years
has reached $110 million, of which
more than t$49 million has been
from the United States.
Spain still has trouble balancing
its exports and imports, but its
steadily increasing tourist trade
has thus far been the answer to
avoiding a foreign exchange defi-
cit.
Last year an estimated eight
million foreign visitors brought
Spain almost a half billion dollars
in cash, and the 1962 tourist goal
was an even 10 million.
Unpleasant spring weather held
back the early crowds, then strikes
which made 100,000 workers idle
and the explosion of several bombs
in Madrid threatened to curb the
tourist flood.
More Immigration
Yet Spanish officials at Irun on
the French frontier reported cross-
ings into Spain were running 10
per cent ahead of 1961,and inMa-
drid hotel keepers boasted wiln
some misgiving that they were sol-
idly booked for most of the season.
The big attraction in this coun-
try, aside from many spots of spe-
cial interest, are the low prices.
Politically, Spain remains corn-
pletely stable. The flurry of ex-
citement over student demonstra-
tions early this year, and the Mu-
nich conference of dissidents
which resulted in a number of de-
portations appears to have sub-
sided.
Franco's appointment of Gen.
Agustin Munoz Grandes, chief of
the Spanish army staff and the
only man who shares with Franco
top military rank in Spain, as his
vice-premier and legal heir was
popular. And it relieved the wor-
ries of many businessmen who
feared that if Franco should die
or have to leave his post sudden-
ly, there might be trouble in find-
ing his successor.

THE UNIVERSITY MUSICAL SOCIETY
(4'ebeh tatikn
1962-6 3
inHill Auditorium
CHORAL UNION SERIES

SCENE IN SPAIN - This Spanish farmer represents the only
segment of Franco's economy that is not favorable at present.
If labor and industrial problems can be solved, Spain might even
be able to Join the Common Market.

DETROIT SYMPHONY ORCHEST
PAUL PARAY, Conductor
"LA TRAVIATA" (Verdi) . . . .
GOLDOVSKY GRAND OPERA THEATER
FRENCH NATIONAL ORCH ESTR
CHARLES MUNCH, Conductor
UDAY SHANKAR HINDU DANC
LENINGRAD PHILHARMONIC .
"MARRIAGE OF FIGARO" (Moza
NEW YORK CITY OPERA COMPANY
GERARD SOUZAY, Baritone. .
PITTSBURGH SYMPHONY ORCI-
WILLIAM STEINBERG, Conductor
TOKYO CLASSICAL BALLET, "Kor
TORONTO SYMPHONY ORCHE
WALTER SUSKIND, Conductor; ANNIE FISCHER, Pian

0 . (2:30) Sunday,

October

Friday, October 19

* r 0

A 0 . . Wednesday, October24
.E CO. . Tuesday, November 6
SMonday, November 12
irt) . Saturday, November 17

I

7

of Asturias provinces and the in-
dustrial complexes of northern
Spain appear to have caused no
serious setback to Spain's progress.
Fresh Inflation
But there are many here who
fear that wage increases granted
as a result of the strikes may pro-
voke fresh inflation here, and curb
the upward swing of the Spanish
economy.
One labor expert predicts fresh
rounds of strikes, all aimed at giv-
ing labor a bigger share of the
national income. If this happens,
Spain's amazing economic prog-
ress may be derailed. But there
are many indications that Franco
himself is looking ahead and lay-
ing the groundwork for dealing
with both labor and political op-
position. should any develop.

The re-shuffle of his cabinet
has caused favorable reaction in
most segments of Spanish life.
Many people openly critical of the
Franco regime have applauded his
choices of ministers, most of whom
appear to be not only friendly to
the United States but completely
favorable to Spain's participation
in the European Common Market
program.
There are still some bad spot
in Spain's economy, largely in the
agricultural sectors. Southwestern
Spain is still a poor area, where
the Spanish farmer still has trou-
ble keeping his family fed and
clothed.
Foreign Investment
But the outlook is generally
favorable. Internal investmentand
a new flood of money from abroad

Tuesday,January 8

0 0

* Thursday, February 14
* (?:30) Sunday, March 3
. . . Tuesday, March 12

Season Tickets:

$20.00-$17.00-$15.00-$12.00-$10.00

r I

THE OLD GRADS KNOW
' ~FUN,
STARTS AT
MOE'S

Single Tickets (on sale Sept. 20)-$4.00-$3.50-$3.00-$2.25-$1.50
EXTRA SERIES

"THE SOUND OF MUSIC"

. . . 0

RODGERS & HAMMERSTEIN POPULAR MUSICAL
NATIONAL BALLET OF CANADA
"RIGOLETTO" (Verdi) . . . .
NEW YORK CITY OPERA COMPANY

. (8:00) Wednesday, October 31
.. . . .Friday, November 9

.

(2:30) Sunday,

November 18

MICHIGAN CAMPUS WEAR
SWEAT SHIRTS
(including special orders for fraternities,
sororities, dorms and clubs)
JACKETS
'M' BLANKETS
FOR SMALL FRY-Sweat Shirts, Suits, Sweaters, Jackets, Bibs

-flop,.

NDR SYMPHONY ORCHESTRA OF HAMBURG Wed., January 16
HANS SCHMIDT-ISSERSTADT, Conductor
BIRGIT NILSSON, Soprano . . . . . . . . . Monday, March18

Season Tickets:

$10.00-$8.50-$7.50-$6.00-$5.00

Single Tickets (on sale Sept. 20)-$4.00-$3.50-$3.00-$2.25-$1.50
"MESSIAH" CONCERTS
UNIVERSITY CHORAL UNION and UNIVERSITY SYMPHONY ORCHESTRA
AND SOLOISTS; LESTER McCOY, Conductor
Saturday, December 1, 8:30; and Sunday, December 2,2:30
Tickets on sale October 10.
SPECIAL RECITAL

WOMEN'S GYM ATTIRE

SHORTS
BLOUSES
SHOES

ARROWS

BADMINTON BIRDS
SWIM APPAREL

ARTUR RUBINSTEIN, Pianist. . . . . . . Thursday, February
Tickets: $4.00 - 3.50 - 2.25 and 1.50 Now on sale

7

MEN'S ATHLETI

SHORTS
REVERSIBLE T-SHIRTS
WARM-UP SUITS
SHOES for ALL SPORTS
EXERCISERS
PADDLE BALL PADDLES
HAND BALL GLOVES
i *'
0
'7-
Iij*

PHYSICAL EDUCATION MAJORS' UNIFORMS
ALL GOLF and TENNIS SUPPLIES
FIELD HOCKEY SHOES
C SUPPLIES,
SQUASH RACKETS
TEAM UNIFORMSo
Complete line of
TENNIS andk
GOLF SUPPLIES
FENCING EQUIPMENT
BARBELLS 'w'u ".

PHILADELPHIA ORCHESTRA i

n six concerts . .

May 9, 10, 11, 12

ANN ARBOR MAY FESTIVAL

. In RACKHAM AUDITORIUM
CHAMBER DANCE FESTIVAL

KOVACH, RABOVSKY, and Company

... ..(2:30) Sun. Oct.

14

PHAKAVALI, Thailand Dance Company
JOSE MOLINA BAILES ESPANOLES

. ....Mon. Oct. 15

0 00 ..Tues. Oct.

16

WINTER SPORTS FUN
SKI JACKETS and PARKAS
STRETCH SKI PANTS
SWISS SKI SWEATERS
SKIS and SKI BINDINGS
SWISS SKI BOOTS
ICE SKATES - MEN and WOMEN'S

SERIES TICKETS: $6.00 and $4.00; Single Program: $2.50 and $2.00
Now on sale
CHICAGO LITTLE SYMPHONY . . . 2:30, Sunday, December
Tickets on sale September 20

9

CHAMBER MUSIC FESTIVAL

BUDAPEST STRING QUARTET

Feb. 20, 2 1,22, 23, {2; 30} 24

E

i

I

Back to Top

© 2020 Regents of the University of Michigan