Word: exportability
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...good cheer was the recent news that Britain's balance of payments, for the first time in seven years, showed a $115 million surplus during the first half of this year. Since the effects of the 1967 devaluation of the pound are just starting to be felt in export orders, Britain probably has a good chance of extending its boomlet so long as world trade maintains its current brisk pace. Wilson, however, must still contend with deep national misgivings about his record and even deeper bitterness among trade unions, whose leaders showed up at the conference as determined...
Proponents of the SST have a compelling economic argument. U.S. aircraft have dominated world skies for 25 years or more, and last year $1.7 billion worth was sold abroad, the nation's largest single item of capital goods export. Now U.S. supremacy seems threatened. The British-French Concorde, which will carry up to 144 passengers at 1,400 m.p.h., is scheduled to fly supersonically for the first time this month and to go into regular service in 1973. The Soviets are even further ahead; their TU-144 has already logged nearly 200 hours of flight, and may fly passengers...
...even in the affluent U.S. Still, such a global surplus of wheat has piled up this year that producing nations are locked in a price war as they fight to get rid of their oversupply. The U.S., which allowed prices to sag last winter, has now reduced its wheat export prices three times within the past two months to counter cuts by Canada, Australia and France. The major wheat exporting nations are meeting this week in London, but despite their efforts, no agreement on a way to end the price cutting seems to be in sight...
...wheat traded internationally, as against the U.S. domestic support price of $1.25 a bushel. As the negotiators ought to have foreseen, the high world price encouraged overproduction, some of it abetted by large Government subsidies. Price cutting broke out late last year. The U.S. in mid-July cut its export wheat prices by 120 a bushel, to $1.55. At that point, the price war began in earnest...
...commerce, since the average draft of a barge is only eight feet. Tulsa officials already plan to spend $20 million in the next two years to build a port to be named Catoosa, from which they expect to ship oil field machinery destined for Europe. Arkansas grain distributors, who export 40% of the 100 million bushels of grain that the state produces annually, plan to switch from rail to barges in order to get the grain to New Orleans for the start of the ocean voyage. Some residents of northern Alabama even foresee a role for the barge ships...