Word: bartering
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FARM SURPLUSES, now approaching the $7 billion mark, will probably be cut under a new disposal program soon to be announced by the Administration. Idea is to set up a special office to barter food for commodities and services abroad. On surplus butter, prices to U.S. and foreign consumers would be cut 15% to 25% below current market levels, then slowly boosted as the surplus dwindles...
...distributed outside normal trade channels.-In the U.S. the Agriculture Department expects to give away $170 million worth of surplus food this year to state welfare agencies and school-lunch programs. Now Washington is discussing plans to provide free food for similar programs abroad. Another idea is to barter farm surplus for goods and services that the U.S. Government would otherwise have to pay for in dollars. This week Japan signed an agreement to take $40 million worth of surplus food in part payment for U.S. purchases of arms and ammunition under the offshore procurement program (see below). The Agriculture...
...Trade? The Japanese should know that Communist trade rarely works out as advertised, and usually contains more propaganda than produce. Last year's barter deal with China for $170 million in raw materials such as iron ore and lumber in return for finished products from Japan has yet to produce its first delivery. Nevertheless, Japan's economy is so shaky that businessmen are clamoring for more business with China despite U.S. pressures. They think the fact that trade would strengthen China in the cold war is not as important as the fact that Sino-Japanese trade would also...
...people, the U.S. should let it stew in its own juice. On the contrary, by the fruits of free enterprise the Russian people could learn to love freedom more, it was argued. And besides, such exports might give the U.S. a chance to make an advantageous barter deal, getting from Russia materials in short supply, e.g., manganese...
...cheaper fuel. The sickness was happily concealed immediately after World War II because both European and Asian coal mines were out of commission, and the U.S. exported shipload after shipload of coal to fill the gap. Now foreign mines are going again, and no amount of barter could induce foreign purchasers to pay the price for, and the freight on, U.S. coal. And no greater damage could be inflicted on a shaky, free world economy than to saddle nations with high-priced U.S. coal. (It costs about $20 a ton in Japan...