Word: bartering
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Dates: during 1950-1959
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Premier Nobusuke Kishi's tricky victory of the Chinese flags (TIME, April 21) did not last long. To make a $196 million barter deal with Red China, he had agreed to a Red Chinese trade mission in Tokyo, which would be allowed to fly Communist China's flag over their headquarters and on their cars. To mollify Nationalist China-which had slapped a protest boycott on Japanese goods-Kishi ruled that Red China's flag would not have diplomatic status in Tokyo, but would get police protection under the laws against damaging private property. Formosa was pacified...
...weeks after President Magsaysay's death, the new Garcia administration gave an organization called the Philippine Coconut Producers' Federation permission to barter copra for foreign goods. The federation, Senate investigators later learned, was merely a front for a naturalized Chinese operator who exported only a fraction of the copra he was supposed to, but managed to reap a tidy $600,000 profit by selling to Manila merchants his dollar import allocation...
...others did boggle. Nationalist China called it the first step toward full diplomatic relations between Tokyo and Peking, and retaliated by slapping a boycott on Japanese goods, thereby trying to force Japan to choose between the chancy Red barter deal and its solid trade with Formosa ($149 million last year). And so began the battle of the flag...
...Turkey last week U.S. buyers of the new tobacco crop found their hard-cash deals being squeezed by satellite countries. Americans buy at the official rate of 2.8 liras to the dollar. The Communists pay in barter deals at a rate of 14 to 15 liras to the dollar-covering the cost by boosting prices of their goods. Much of the Red-bought tobacco does not go to satellite citizens, but is eventually sold in the U.S. for dollars. Since U.S. companies have recently found a better, cheaper tobacco in Greece, they are not worried by Red competition in Turkey...
...money for local schools and roads. In Central Sumatra veteran Colonel Ahmad Husein followed their lead, took over the regional administration, soon was exporting rubber to Singapore. Tall, efficient Colonel Simbolon in North Sumatra and scholarly Colonel Barlian in South Sumatra also went into the business of army-managed barter and invested the profits in schools, roads, barracks. The operation was scrupulously honest. When Djakarta challenged Simbolon's operations, he produced bank records to show that he had not diverted a single rupiah...