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February 12, 1975 - Image 3

Resource type:
The Michigan Daily, 1975-02-12

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Wednesday, February 12, 1975


Page Three


U.S. will continue
aid to S. Vietnam

Foreign investors
shun U.S. due to
low interest rates


ter)-Defense Secretary James
Schlesinger said yesterday the
Defense Department plans to
continue military aid to South
Vietnam for at least another two
Next year the department will
ask for an additional $1.4 bil-
lion in military aid for South
Vietnam for a 15-month period
beginning in July, 1976, he dis-
closed in his annual report to
..LAST WEEK the department
asked congress, which had ear-
lier cut South Vietnamese a i d
requests in half, for 1.3 billion
dollars for the financial y e a r
beginning this July.

"I cannot say that it enhances
our credibility or demonstrates
our resolve," Schlesinger said.
Unforseen "technical diffi-
culties" with big missiles have
slowed China's efforts to de-
velop superpower status, Sch-
lesinger also told Congress.
He said missiles weren't
China's only problem, revpaing
that production of a Chinese
version of the Russian MiG 21
fighter was a "failure" and was
scrapped three years ago.
SCHLESINGER proposed new
advances in U.S. missiles in
the 303-page annual defense pol-
icy and planning report-a move
certain to arouse criticism of
fueling the arms race.
The new report said China
probably will not have long-
range intercontinental ballistic'
missiles ready to launch until
"mid-1980" as opposed to last
year's defense report which sug-
gested possible deployment by
"In any event, it is cleir. that4
some important People's Repub-
lic of China programs have en-
countered technical difficulties
. in the last year or two,"
the report added.
BUT Schlesinger cautioned
against jumping to c o n c 1 u s-
ions about the military might of
"The apparent loss of momen-
tum may simply reflect oir past
inflated expectations, ' he said,
"or it may reflect a period of
transition to a new, reoriented
defense program, or quite pos-
sibly a major reasessirent of
national priorities i 1 favor of
economic development."
He said China's medh'n and
intermediate range missiles are
progressing as expected.
IN answer to recent advances
by Russia in big ICBM cap-
abilities, Schlesinger nrooosed
taking a proposed new U.S; Min-
uteman missile warhead beyond
research and into production -
a suggestion sure to raise pxo-
tests in Congress.
Volume LXXXV, No. 111
Wednesday, February 12, 1975
Is edited and managed by students
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Published d a i I y Tuesday through
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8 l

Army Chief of Staff General
Fred Weynand earlier this week
said that South Vietnam would
probably require U.S. aid for the
next three to five years. Schles-
inger himself has s a i d it is
conceivable, although v e r y
unlikely, that such aid will be
needed for the next 10 to 15
In his report, the Defense Sec-
retary indirectly criticized con-
gress for its increasing opposi-
tion to aid for South Vietnam.
Recently it cut this year's 1975
aid request of 1.4 billion dollars
by half and last week's request
for more funds for the South
Vietnamese has been strongly
"WE HAVE chosen . . . to
put an ally - facing an increas-
ingly intensive attack - on the
military equivalent of starva-
tion rations," Schlesinger said.
He drew comparisons with the
1970 Middle East War when
members of Congress urged the
Defense Department to do what-
ever was needed to ensure Is-
rael's survival.
Schlesinger noted that $2.2
billion in military assistance to
Israel, which Congress quickly
approved, worked out to 700 mil-
lion dollars a week for the
three-week war.
"YET WE now begrudge the
South Vietnamese 700 millionj
dollars a year for munitions,
and refuse to appropriate the re-
sources necessary for the re-
placement of their losses in

This Mardi Gras clown disp]
fire, at the foot of New Orlea
annual Mardi Gras parade.
Kiss in~
W Ith I
JERUSALEM (W) - Secretary
of State Henry Kissinger re-!
viewed Israel's position on a
further partial peace settlement
with Egypt yesterday and said
he believed another accord was
Kissinger met privately with
Premier Yitzhak Rabin, then
the two leaders called in aides
for an in-depth study of Is-
rael's demands for political con-
cessions from Egypt and the
geographic concessions Israel
was prepared to give in return.
"I AM making no effort at
this stage to engage in actual
negotiations," Kissinger told
newsmen after seven and a half
hours of talks. "At this stage
I am trying to get a full un-
derstanding of all the nuances of
each side's position."
Asked if he was optimistic
on the chances for an agree-
ment, Kissinger replied, "I
wouldn't be here if I didn't
think a solution was possible."
Kissinger leaves for Cairo to-
day and returns the following
day, when the hard bargaining
is expected to begin.
ISRAELI spokespersons said
the discussions could not be
termed negotiations. Israel
made "a clear presentation" of
its position, they said.
"No decisions were taken, no
decisions needed to be taken,"
said Dan Pattir, a spokesman
for Rabin.
State Department spokesman
Robert Anderson said Kissinger
delivered an oral message to

WASHINGTON (WP) - A top they currently are selling oil at
Treasury Department official a relatively fixed dollar price.
said yesterday that foreign i- Bennett said he sympathized
vestment in the United States with these worries because "the
has slowed down and lending to dollar means goods to them."
other nations has increased as But he also said the dollar has
a result of lower U. S. interest beer, at "pretty stable range"
rates. during the past two years.
Treasury undersecretary Jack He said the dollar has actual-
Bennett said the lower interest ly gained in value recently
rates have also led to a drop against the Japanese yen and
zx in the value of the U. S. dollar the Canadian dollar, the cur-
on world money markets since rencies of the nation's two ma-
*XSeptember, although he said the ior trading partners. The major
'1. nth.over-all value of the dollar re- decline has been against the
N.mains strong. West German mark and the
"THE MAIN reason for the I Swiss franc, where the dollar's
change since September is the value is only about 40 per cent
AP Photo decline in interest rates," Ben- of what it was in mid-1974, Ben-
Scene-stealer nett said in an interview. nett said.
"f"There has been a pickup in! HE INDICATED some oil-pro-
lays a sad face as a warehouse fire steals the limelight. The foreign lending and a slow- ducing nations may be invest-
ins' famous canal street, occurred just blocks away from the down in foreign investment ing in Swiss francs in an ef-
here." fort to diversify their invest-
__ What happens when interest ments, noting it takes only a
W ACCrates decline is that investors small amount of activity to
NEW A ()RDl: often can get a better return cause major changes in the
on their money by investing in value of the Swiss currency.
other countries where interest The Treasury Department re-
rates are higher. ported in January that there
But Bennett argued for main- was a slowdown in investments
taining present government poli- in the United States from the
cies that are contributing to the oil producing nations that areI
decline in interest rates. He members of the Organization;
dsaid a lower inflation rate of Petroleum Exporting Coun-
Sr a e li umeans a stronger dollar in the#tries OPEC.
long run. But Bennett said he doesn't
Rabin from President Ford. chances of success and warned.''THE VALUE of the dollar this know if this trend is continuing
Ford had said before Kissing- he might try to pressure Israel week was about 17.2 per cent because there have been no re-
er's departure that they would into too many concessionsr below the trade-weighted value cent figures on OPEC invest-
be in daily contact. of the currencies of the na- ment flows.
"If Dr. Kissinger doesn't em- tion's major trading partners TREASURY officials retb rted
ISRAELIsinespaers have both ides n the Organization of Econom- in January that about $11 bil-
called Kissinger's eighth Mid- l sue e i ic Cooperation and Develop- lion of a total $60 billion in
east peace mission crucial. in like measure, he will not ment OECD, as compared with OPEC oil surpluses were invest-
Editorials were generally pes- achieve his goal," wrote the its value in May of 1970. The r ed in the United States during
simistic of the secretary's Hiaaretz Daily. lower value includes the two of- 1974. About $6 billion was plac-
.::::...::::::;:::::::.:......:: ' ficial dollar devaluations of ed in government securities,
: 1971 and 1973. about $4 billion in bank depos-


Michael Cooney
Joe Hickerson


the Ark's Annual
A not-to-be-
missed event!!

Sam Hinton


Barry O'Neill


Wednesday, February 12
Day Calendar
WUOM: Joseph Helier, author,
Catch-22; Something Happened, at
Hopwoods Presentation, 10 am.
Zoology: Dr. Geerat vermij, U. of
MD "Tropical Molluscan Shell Ar-
chiteture-The Interoceanic Arms
Race as a Factor in Aesthetics,"
Lec. Rm. 2, MLB, noon.
Commission for Women: Regents'
Rm.. noon.
Black Sec./Clerical Committee:
Trotter House, noon-1 pm
CEW: Coping with Re-entry ser-
ies, "Around the Campus," 330
Thompson. noon.
Ctr. Afro-American African Stu-
dies: Harold Cruse, "Pan African-
ism: Myth or Reality," Ctr. Afro-
Amer., African Studies, 1100 S. U.,
12:10 pm.
Social work: Sar Levitan, Geo.
Wash. U., "The Future of the Work-
er", Rackham, Amh., 2-4 pm.
Ctr. Coord. Ancient, Modern Stu-
dies: John W. Aldridge, "What the
Novel is and Does," 2408 Mason, 4
Physics & Astronomy: Richard
Tousey, Naval Research Lab, 'NRL
Solar Observations from the Orbit-
ing Skylab," P&A Colloq Rm. 4 pm.
Botany: Dr. G. vermeij, "On
Leaves of Lianas," 1139 Nat. Sci., 4
Statistics: Dennis V. Lindley, U.
of IA. "Why Randomize?" 3227 An-

geil Hall. 4 pm.
Computing Ctr.; CCS: B. Canm-
han, "The IBM 370/168 Computing
System and MTS," Nat. Sci. Aud.,
7:30-9:30 pm.
General Notices
Manuscripts for Major and Mi-
nor Hopwood Contest due today, 4
Att. Students: German 101. 102,
& 231 Midterm Examinations given
Tuxes., Feb. 18. 7-8 pm; exam out-
lines & room assignments available
in your regular scheduled classes
Career Planning & Placement
3290) SAS, 764-7460
Psychodrama training for Psych.
BA's thru U. S. Dept. of HEW,
Wash. D. C. beg. July 1, 12-month
internships with stipend of $6,282
(more if higher degree or exp.);
submit Civil Service Form 171 to
Employment Ofc, Psychodrama
Prog., St. Elizabeth's Hosp., Wash.
DC 20032.
Pre-Professional Traineeships, 12-
months, offered by The Devereux
Foundation, Devon, PA, for Psych.
majors; stipends $316/mo plus hous-
ing & bd.; higher ay for pre-doc-
toral counseling & clinical pslch.
grad students, 12 mo. internships.
Minority students interested in
health career: Harvard offers Sum-
mer Prog., Science or Math training
on job, without charge for rm.,
board, tuition; especially for sophs.
& jrs.; appi. deadline Mar. .

But last September, the dollar
was only 13.8 per cent less than
the OECD currencies. The dol-
lar was at its low point in June,
1973 at 19.6 per cent below the
other currencies.
A decline in the value of the
dollar compared to other cur-
rencies means the cost of goods
the United States imports in-,
creases, while the price of U.S.
exports decreases.
SOME OF the oil producing;
nations, especially Kuwait, have
expressed concern that the,
lower value of the dollar meansj
oil receipts will buy less, since

its and about $75 million in real
estate and direct investments.
The Treasury said figures are
not available on exactly where
the property and direct invest-
ment money has been placed.
Bennett also said in the inter-
view that a report on the na-
tion's 1974 balance of payments,
to be released Friday, will show
a substantial deficit, but that
it will be a "meaningless num-
"The bigger the deficit, the
bigger the investment here, and
j the bigger the investment the
i better," he said.

".. has become a
major Ann Arbor
musical event."
-Mich. Daily



Hoot 75c

sBRCU( v

Feb. 20-4 & 8 p.m.
Union Ballroom



Fellini called it the
visionary film of the '70's.
A great film
whose time has come.

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A Stanley Kubrick Production "A CLOCKWORK ORANGE" Starring Malcolm McDowell - Patrick Magee " Adrienne Cord
and Miriam Karlin ' Screenplay by Stanley Kubrick - Based on the novel by Anthony Burgess - Produced and
Directed by Stanley Kubrick - Executive Producers Max L. Raab and Si Litvinoff Original soundtrack available on Warner Bros. Records
u - From Warner Bros A Warner Communications Company
Under 18 ..uiw, imacc ompanym .c~Fo anrBo __

L' i n n 'dl i

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