Word: drained
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Financial difficulties are further aggravated by the prevalent lease system. Under this setup, rooms are rented for a full year beginning in September. The student must therefore pay for his apartment even if he does not use it in the summer; this constitutes a serious drain on his resources. Summer sublets almost always entail a loss, since the supply in a college community far exceeds the off-season demand. This enhances the attractiveness of such a location as Revere--a resort area--where a profitable sublease is relatively easy to acquire...
Within minutes, the sewer tax was down the drain, and D'Alesandro had his inspiration. Why not tax the bothersome Sunpapers and Baltimore's TV stations on their ad revenues? For that matter, why not tax the advertisers themselves? Last week D'Alesandro finally introduced his bill to raise $4,200,000 by hitting advertisers with a tax of 7½% on their outlays, soaking newspapers, radio and TV stations 2% of their ad revenues...
...threw its vital balance of trade out of kilter to the detriment of its entire economy. Through the second quarter of 1957, imports poured in at the rate of $5.1 billion annually, 60% more than in 1956 and $2.4 billion more than the most optimistic estimate of exports. The drain on Japan's foreign-exchange reserves reduced them from $1.5 billion at the end of 1956 to $875 million last month (or to $270 million, excluding frozen, debts and import contracts still to be paid). In addition, home-front inflation has hiked the cost of living nine points since...
...less Arab rancor. Israel had its port, was taking full advantage of its busy new trade route to Africa and the East. Nasser had even allowed some Israel-bound cargoes through the Suez Canal. And at week's end Israel opened the Lake Huleh reclamation project, designed to drain 15,000 acres of malarial swamp that lie partly in the neutral zone along the Syrian border. In its six years of construction, Syria had repeatedly complained to the Security Council about the project. Last week the Syrians, chastened and preoccupied, raised not a murmur of protest...
...first time in eight months Britain's pound was able to look the U.S. dollar in the eye last week. In London, Zurich, New York, Tokyo, wherever money is exchanged, the pound fetched its full par value of $2.80, halting the heavy drain on Britain's gold and dollar reserves and all talk of imminent devaluation. The renewed confidence in the pound was the result of a tough new policy of boosting Britain's bank rate from 5% to 7%, thus tightening up the money supply to curb runaway home-front inflation...