Word: bartering
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Dates: during 1960-1969
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...Russians and other Cuba traders were either unwilling or unable to supply machines for industry without a better barter deal, so back to sugar it was. This year the crop is up to 6,000,000 tons-but Castro is still hurting...
...crash industrialization, Castro has again turned priority effort toward sugar, Cuba's one cash crop. The current harvest has produced a healthy 6,000,000 tons. Trouble is, so much of it (4,800,000 tons) has already been committed-to Russia, Red China and other countries, under barter agreements-that only 800,000 tons are left, after domestic needs, to sell for badly needed foreign exchange...
...sugar is already earmarked for Castro's Communist partners, leaving little for the world market. Of the total, 3,300,000 tons will go to Russia, Red China and other Communist countries at a price Castro claims to be "something over 6? per lb." This trade is strictly barter, and the Russians are notorious for their markups. Compared with what they would pay in the West, the Eastern European satellites shell out 59% more for Russian crude oil, 66% more for coke, 36% more for lead. Experts believe that Castro takes a similar beating...
...tons. That leaves 800,000 tons that he can sell on the world market. The trouble there is that so many people are producing so much sugar that the price has tumbled from 12? a lb. to 2? a lb. in 19 months. Altogether, in sales and barter with the free world, Castro can raise only about $145 million this year-hardly a bonanza, considering that Cuba got about $275 million for a smaller crop last year...
...Barter. At Abingdon, the tourists attended the Barter Theater's performance of Julius Caesar, and the First Lady presented the theater's annual award to Presidential Arts Adviser Roger Stevens for his contributions as a Broadway producer. In keeping with the little theater's name, the group bargained its way past the box office: Lady Bird unwrapped another White House seedling, and Mrs. Humphrey brought a bucket of vegetables-"not to be thrown...