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Taxes. The excess profits tax will probably be allowed to die in June. Excise taxes, long under attack by liquor and other industries, may be lowered where hardship can be proved. The 12% boost in personal income taxes, approved a year ago, may be allowed to expire in December 1953. But businessmen were well aware that the U.S., now running a $10 billion deficit, can only hope for real tax relief if the Republicans find a way to cut waste in military and civilian spending...
Culver to Boost Team...
...made convertible and freely exchanged for dollars or any other currency. Rab Butler helped fan the talk, told the Houce of Commons that "by degrees" the freeing of the British pound might indeed be a "step in the right direction." By week's end, the talk got another boost: the government announced that convertibility would be one of the chief topics at the opening this week of the Commonwealth Conference...
...than they had estimated. To keep the benefits of the stronger pound, the Tories will have to find a way to slash spending. Even if the pound continues to rise, British economists guess that convertibility is still months away; that the government should wait until its dollar reserves are boosted from the present $1.7 billion to at least $3 billion. But even at best, pound convertibility would be limited to current accounts, would not affect the $10 billion in blocked sterling now held by India and other countries. Furthermore, at the start convertibility would probably only apply to the current...
...demand is so great that Jaguar Motors Ltd. last week opened a sprawling new 1,000,000-sq.-ft. plant at Coventry to boost production from 720 to 1,000 cars a month. Jaguar is aiming three-fourths of this production at the dollar market. Moreover, it is concentrating on its Mark 7 sedan angled especially toward American and Canadian tastes and powered with the same motor as its speedy XK-120 roadster. Where Jaguar sold 2,886 cars in the U.S. last year, this year it will sell 4,000 at around $4,000 each, next year expects...