Word: bartering
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...collapse. Castro is desperately searching for more trade with the West like the deal he made a fortnight ago for $10 million worth of British buses to bolster his transportation system. But Castro cannot pay for many such deals unless he can wheedle a further relaxation of the barter agreement under which Cuba sells its dwindling sugar crop to Russia at 6? a Ib. v. the world market price of 10? a Ib. And this might take some talking-since it would leave the Communists with even less than they already have to show for their...
Gentlemen's Disagreement. In Paris, Ball also got a sympathetic reception, a pleasant change for a U.S. envoy these days. France last year exported to the Soviet bloc goods worth only about $266 million; Russian barter proposals, involving a swap of Soviet coal and oil for heavy industrial goods, are highly unattractive since France can sell its own coal and oil inside the Common Market. Besides, Charles de Gaulle believes that trading with the Soviets is a dirty business (although he seems willing to trade with Red China) and recently denied an export license to a leading French steel...
...Pakistan, even as U.S. Under Secretary of State George Ball was objecting to President Mohammed Ayub Khan's new commercial air pact with Peking, Pakistani and Red Chinese diplomats were negotiating a barter agreement last week. A Soviet mission flew into Ottawa to draw up an expanded trade treaty; last month Canada signed a $360 million wheat export deal with Red China. This month West Germany begins negotiating a trade treaty with Hungary...
...Barter Is Better. How big are the benefits? Trade between free nations and the Soviet bloc rose 12% last year to $9 billion, and Western trade with Red China was another $1.4 billion. That seems small when compared with total world trade of $141 billion, but it is significant enough to individual Western firms. Richard Thomas & Baldwins, Ltd., Britain's last remaining nationalized steelmaker, is being helped in a period of soft demand by a $2.8 million order that Red China placed last week. West Germany's Howaldt shipyard, which lately has been working below capacity, will...
...stimulate more orders from Moscow. Russia is the East's biggest trader, last year exported $1.9 billion to the West, mostly in furs, oil, iron ore and timber; it imported $1.7 billion worth of Western goods, chiefly machinery. To conserve its supply of hard monies, Russia tries to barter whenever possible, and its biggest success so far was sending 82 million bbl. of oil to Italy's state-run E.N.I, in return for large shipments of machinery and a chemical plant that the Italians are now building in Russia...