Ontario Community Newspapers

Oshawa Times (1958-), 27 Oct 1964, p. 18

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iE Toks BLN B tp ys Sa 18 THE OSHAWA TIMES, Tuesday, October 27, 1964 Bonus Bid By Bankers To Ease Shortage Of Coins WASHINGTON (CP)--There's a bank in Michigan that offers a dollar bill for 98 cents in change. | 48,000, The American Bankers' Asso- currency--somewhere. ciation has just opened a cam- ign entitled "calli Both the United States mints are working 24 hours. daily, seven days weekly to add to the 000,000 coins in American Like Canada, the U.S. has a critical coin shortage which of- pa : coins" to scrape together all the|ficials hope to alleviate early usual Christmas shopping Binge ae coin supplies even fur- | ther. | "An immediate. and serious problem" is the way Secretary Douglas Dillon of the treasury department described the shor- tage at the inaugural of the bankers' campaign to get more coins back into circulation, The reason for the shortage here is roughly the same as in Canada. The popiilation keeps growing. So do coin uses--for parking meters, laundromats, cigarette, candy and other machines. But a chief culprit is the speculator or collector, who. may buy coins the hope of making money when they grow scarce. COINS HOARDED Dillon said the. government has minted enough coins to han- die normal needs but a "'sud- stantial number of these have disappeared from circulation." He noted a "phenomenal rise in the number of amateur coin col- 000 in the last five years--al- though the real problem ias been coin speculators." "These speculators have been buying up coins in quantity and keeping them off the market in hopes of higher numismatic va- lue."" 7 lectors, from 2,000,000 to 10,000,- this sort of thing, legislation was passed permitting t he mints to go right on in 1965 turning out coins dated 1964. That cuts down the potential coin-collector value since there will be so many 1064-dated coins around. Another 60 coin presses are being installed. Early in 1965, annual output capacity will be more than 9,000,000,000. This will be twice the 1064 output in which September pro- duction was 590,000,000 coins, compared with a target of more than 600,000,000. in October and 700,000,000, in November. The bankers will press their vision stations. They will be after the le who, with a pocketful of re, often dump it into a drawer and forget it. The U.S. mint is making a lit- tle money on the boom in coin output. It does on every coin it produces and it expects the added revenue from the ex- $25,000,000. }4,000 rettto stations and 600 tele- panded production will be about Chinese Junks HONG KONG (AP)--The junk (East--has taken a tack toward the West. HERE'S A REVERSAL LAGOS, Nigeria (AP) -- Gov- begun. working a 40-hour week herited from British colonial ernment employees here have instead of the 35-hour week in- r as tralia. Kong's ship builders. "Tack" To West --the maritime mainstay of the The exotic boats that look like half moons topped with butterfly wings have become pop e craft in the United States, Europe and Aus- Production and export of these craft has become a pro- fitable industry for Hong carved dragon head bows and phoenix-tailed sterns, last year earned more than $3,500,000 for Hong Kong. Usually built from teak, these junks sport such non-oriental features as wine chests, elec- tric ranges and refrigerators. They range in length from 35 to 60 feet and in cost from $2,000 to $20,000. The shipbuilders employ arti- sans steeped in Chinese tradi- tion to do the ornate carving which gives the junks their ex- otic, distinguishing look. Some of the carvings take longer to complete than the hull and superstructure. ish took possession of the col- ony in~841, for pirates who raided stipping along the China coast. Commercial junks in the Hast range in length from 16-footers, which flit around harbors and bays fishing and carrying cargo to shore from steamers, to ocean-going 100 - footers which carry cargo from city to city. NOSE-BUDS? sitivity is limited to sweet, sour, salty and bitter sub- change it ¢an. next year, but not before the|by the roll or even bagful in| Last summer, to discerave| appeal for more change through|rule. The junks, with their ornately; Junk-building is one of Hong|stances. heres So Much for You at EATON'S Vanity Far Printed Flannelette Pyjamas Available Only at EATON'S! Glenayr ("Kitten") Sweaters Full fashioned Botany wool Dainty rose border in colours of blue, red or gold-colour on white background. Dickie front and pointed collar are trim med with washable nylon velvet ribbon. Knee tickler style top fashioned with 34 length sleeves and button front, Knee sweaters in classic stylings. 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