Word: cottons
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...West German businessmen must generally charge 8% interest on credits, the Communists frequently charge as little as 2½%. This is not philanthropy: in every such bargain there is a concealed political string. To pay for Communist arms and aid, Egypt's Nasser has mortgaged much of his cotton crop for years ahead. By reselling this cotton at cut prices to Western textile manufacturers (including West Germans), the Communists have driven Egyptian cotton exporters out of much of the European market, have thus deprived Egypt of a major source of foreign exchange and reduced her ability to import Western...
...Halt. Worrisome as it is, the Communist trade offensive has not discouraged West Germany's own drive to the East. Partly because of the poor quality of 30 locomotives which Nasser bought from Communist Hungary two years ago, partly by agreeing to accept some of the price in cotton instead of cash, West Germany's Henschel Works fortnight ago snatched an Egyptian State Railways order for 108 diesel-electric locomotives away from both Russian and U.S. bidders. And in the Ruhr several major industrial firms are mulling over plans for a "Mideast pool" which would merge their commercial...
...bettered the New York Times's description of James Fisk Jr.: "First in war, first in peace and first in the pockets of his countrymen." Financier Fisk sacrificed the flower of his youth to selling mildewed blankets to the Union Army and smuggling Confederate cotton into the mills of his native Vermont. When peace came, he was rich enough to buy a directorship in the Erie Railroad-and so accelerated the decay of that calamitous line that Erie passengers felt safer "going over Niagara in a barrel." Fisk was a mere 36 when he died; yet, as a swindler...
Recent Western visitors to the Peking area saw cotton blowing away unharvested while the local peasantry concentrated on rebuilding Peking's showy Tien An Men Square. The great campaign to produce steel and pig iron in homemade blast furnaces created even more widespread labor shortages. Factories producing textiles for export were obliged to cut out a shift in order to free workers to stoke the ubiquitous furnaces...
...basically strong and growing, if temporarily tormented. Its free-enterprising policies have brought $970 million in foreign capital, and between 1948 and 1957, gross national product almost doubled. At first Prado hiked wages and the budget too abruptly, and the U.S. recession dropped commodity prices: copper 44%, cotton 25%. The Peruvian sol dropped from 19 per $1 to 25. But Prado fell back on his banker's training, hiked customs as high as 200% on luxuries, clamped rigid reserve requirements on banks and stabilized...