Word: buying
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Dates: during 1960-1969
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Instead of financing the development of expensive home-grown weapons, Britain will buy much of its gear for the 1970s from the U.S., a decision that strikes a severe blow at Britain's lowflying aircraft industry (see WORLD BUSINESS). The R.A.F.'s new bomber force will be 50 swing-wing General Dynamics F-111A's, which Britain is buying from the U.S. for $297.5 million. The navy will be outfitted with four U.S.-type Polaris submarines, and the army will be regrouped in a few strategically located bases (Singapore, Bahrein, Gibraltar) from which units can be quickly...
...homes with color will approach 25% by next spring, two-thirds by 1970. The only catch is that despite the $1.5 billion they splurged on color in 1965, and despite vast improvements in tuning control, purchasers have discovered that good reception is something that mere money still cannot buy-it takes practice and patience...
...commercial banks will have $3 billion less to put into long-term credit this year than last. With a swiftness that startled even investment men, the money shortage has driven interest rates on some new bond issues to 45-year peaks, prompting investors to sell stocks in order to buy bonds. Last week $40 million of Long Island Lighting Co. bonds went on sale with a 5.13% interest return, one of the highest yields ever placed on a corporate issue of its type. The Federal National Mortgage Association had to pay a record 5.38% to sell $250 million...
Hurrying to Buy. Inflation is an international malaise (see WORLD BUSINESS) and symptoms of it are appearing all over the U.S. Last month wholesale prices climbed at an alarming annual rate of 6%. The Government's chief price expert, Commissioner Arthur Ross of the Bureau of Labor Statistics, expects prices to rise more markedly in 1966 than in 1965, when the wholesale index went up 3.4% and the consumer index 2.2%. The biggest increases will be in bills for medical care, recreation and repair services; the price of houses will rise more sharply than in recent years...
Britain long ago gave up the idea of any serious role in missilery and space, and last year the Labor government canceled three military aircraft programs. Last week the government beat a still more painful retreat. In the biggest postwar Royal Air Force order, Britain announced it would buy 400 military planes over the next four years-but 250 will be Lockheed, McDonnell and General Dynamics aircraft (see THE WORLD). The British will build parts for some of them...