Friday, September 10, 1971
THE MICHIGAN DAILY
Page Sever
Friday, September 1 0, 1 97 THE MICHIGAN DAIL"i
--- i
CHEAT NEW RELEASE
H ROM
Rogers asks revaluation
of yen in U.S.-Japan talks
REP11SF-WARN El
""OS.
THE MOTHERS
"Fillmore East
June 1971"
(Is this really the dirtiest
record ever released?)
SPECIA L
SPECIAL
JOAN IJALiR Y
"It Ain't Easy"
produced by
Rod Stewart
and Elton John
WASHINGTON P)-Secretary
of State William Rogers called
on Japan to revalue the yen
upward and Tokyo's foreign
minister sought an early end to
the U.S. import surcharge yes-
terday as cabinet officers of
the two nations started intensive
talks on the world economic
crisis.
Blunt w o r d s characterized
statements before the closed ses-
sion though the "close and
friendly relationship between
our two countries" was empha-
sized by Rogers and echoed by
Minister Takeo Fukuda.
The two-country cabinet meet-
ing is an annual affair devoted
to discussion rather than deci-
sion-making. But with Japan an
outstanding target in President
Nixon's effort to overcome the
U.S. trade deficit, the two-day
session opened in the air of
urgency reinforced by Nixon's
economic address to a joint ses-
sion of Congress.
A State Department spokes-
man noted that the U.S. trade
deficit with Japan, running at a
$2.8 billion clip this year, out-
weighs the total U.S. $1.5 billion
deficit worldwide, after figuring
in surplus balances.
"I will speak directly and
candidly," Rogers said in closed
session remarks relayed to news-
men.
"We believe that any country
in chronic surplus, as Japan is,
cially on items of trade interest
to the U.S."
Fukuda said "I do not think
that our current balance of pay-
ments is in basic disequilibrium."
While Tokyo understands the
difficulties which led Nixon to
impose his new economic meas-
ares Aug. 15, he said the 10 per
cent import surcharge is "a
matter of primary concern to
us."
"Should the surcharge remain
in effect for a prolonged period,
other countries might adopt
counter-measures," leading to a
"collapse of the free trade sys-
tem" with tragic consequences,
he said.
"In order to avoid such a sit-
uation, it is of the utmost im-
portance that the United States
remove the surcharge at an
early date."
Both sides favored a variety
of parallel and joint efforts to
improve the international eco-
nomic picture.
Fukuda proposed cooperative
programs in developing new
commercial aircraft and pollu-
tion-free automobiles.
Rogers spoke of joint U.S.-
Japanese commercial invest-
ments in developing countries
and collaboration in increasing
energy sources.
Rogers proposed and Fukuda
agreed to carry forward eco-
nomic talks at a sub-cabinet
level early next year.
Rogers
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JOHN CONNALLY AND PAUL McCRACKEN confer yes-
terday as they attend a meeting of the Joint United States-Japan
Committee on Trade and Economic Affairs.
NixonIasks budget cut
to reduce U.S. def'icit
has an obligation to take the
necessary measures-increasing
imports, eliminating export in-
centives, stimulating capital out-
flow, and upvaluing its xchange
rate-to bring its global balance
of payments into equilibrium."
Rogers rated "a major re-
alignment of the dollar against
the other currencies including
the yen" as a "critical first
step" toward setting up fair in-
ternational money values.
Secondly, Rogers asked for
elimination of remainning Japa-
nese import restrictions, espe-
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WASHINGTON (APi-A spending-
cut program of S5 billion, slightly
larger than earlier estimates, was
outlined to Congress yesterday as
part of President Nixon's new
economic program.
The administration has said that
the cuts will more than balanoe
the tax reducing aspect of. Nixon's
proposal. But George Shultz, di-
rector of the Office of Manage-
ment and Budget confirmed earlier
estimates that next year's deficit
estimate may run to something
like 827 billion or $28 billion.
A major reason, Shultz told the
House Ways and Means Commit-
tee. is that tax collections are like-
ly to be $13 billion to $14 billion
lower than was estimated in Janu-
ary.
The administration expects un-
employment to drop substantially
1 11 1
1235 S. UNIVERSITY " 300 S. STATE
668-9866 665-3679
" ANN ARBOR,
MICH.
in the coming months, Shultz add-
ed. but it is budgeting about the
same amount for unemployment
compensation this year as last.
The biggest single item in the
budget reduction program that
Shultz outlined was $1.3 billion re-
sulting from Nixon's proposed six-
month postponement of federal pay
increases.
Deferral of his revenue-sharing
plan, on which Congress has not
acted, would yield another $1.1
billion and similar postponement
' f special revenue-sharing pro-
grams, also unenacted so far, was
estimated to save $500 million.
Other items listed by Shultz in-
cluded $800 million from a cut in
federal employment; $600 million
by postponing the start of welfare
reform; $200 million from cuts inI
foreign economic assistance pro-
grams, and 8100 million from other!
actions including a stretchout of
water and sewer grant programs.
Shultz told the committee the
postponement of federal pay in-
creases "must, of course, be meas-
ured against the sacrifice that we
are asking all employes through-
out the country to make, and also
against the fact that since July!
1969 most federal workers have re-
ceived better than a 20 per cent
pay increase."
Nixon vows end to wage-price
freeze after 90-day period
(Continued from Page 1) "We cannot turni
Without getting into specifics, cannot drop out of
Nixon mentioned new legislation with the rest of the
he will send to Congress in 1972. remain a great nation
He said: ca today is No. 1 in
enew proposals economically. Let usr
. I shall present nw rpsaswe shall stay No. 1,"
in both these areas: tax reformw l
to create jobs, and new approach- Rep. Wilbur Mills
es toward insuring the maximum chairman of the Ways
enlistment of America's techno- Committee, now consid
logy in meeting the challenges of of the President's em
peace," quests, told newsmen hi
HOURS: BOTH STORES: MON.-FRI., 9:30-9; SAT., 9:30-6 0 SUNDAYS, Noon-5 I
inward, we days will be voluntary and "cre-
competition ated further confusion."
world, and "The net effect of the Presi-
thee- dent's speech could be inflation-
resolve that ary", Jackson said.
Nixon said. Sen. George McGovern, (D-
D-Ark) ,jS.D.), the only announced candi-
, (D-ank'date for the 1972 Democratic pre-
and Means sidential nomination, said he
dering some found Nixon's speech interesting
ergency re- but "we really didn't hear much
Le would not that was new."
dent to an-h.
wage-price
g a replace- Prof. H. Richard Crane, chair-
man of the University's depart-
ken his bar- ment of physics, has been elected
ls said. "It chairman of tne Governing Board
dy under a of the American Institute of Phy
ne up with sics (AIP).
He succeeds Dr. Ralph A. Saw-
Sen. Henry yer who has been chairman of this
aid the Pre- board for the past 12 years.
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As for his 1971 legislation, Nix-
on again urged action this session
on revenue sharing, welfare re-
form and reorganization of the
executive branch.
As part of his Aug. 15 program,
Nixon had called for delays in
putting welfare reform and reve-
nue sharing in effect. But he em-
phasized this should not delay
consideration of the basic legis-
lation.
The President touched only in-
directly on the international as-
pects of his economic program,
which feature a 10 percent sur-
charge on most imports and tem-
porary abandonment of the gov-
ernment's policy of selling gold at
$35 an ounce.
have advised the Presi
nounce the end of the
freeze before developin
ment program.
"I think it may weak
gaining position," Mil
will also put everybo
lot of pressure to core
something.s
In similar vein, S
Jackson, (D-Wash.), sa
ciln~t m~aoj' m i"
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sident made "a major blunder in The Institute is a federation of
announcing an end to the wage- tne leading societies in the field of
price freeze, saying it "threw away physics in the U.S., representing
an important option." approximately 50,000 scientists in
Jackson, a possible contender physics and astronomy, 5,000 stu-
for next year's Democratic presi- dents on 420 campuses, as well as
dential nomination, said Nixon 120 corporations, institutions, and
implied that restraints after 90 laboratories in industry.
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