Word: exportable
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Dates: during 1950-1959
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Through the wheat markets of the world last week ran a two-word scare: price war. To move more of its towering wheat stocks into export, the U.S. raised its subsidy to exporters, thus permitted them to cut export prices 10? a bushel (to about $1.75). Canada promptly followed suit, and Trade Minister. C. D. Howe warned that more price cuts would be made if necessary. Wheat trading slowed to a halt in England and other European markets. Argentina's Minister of Economic Affairs Alfredo Gomez Morales charged the U.S. with "dumping." Said Sir John Teasdale, chairman...
Supply & Demand. The price cutting was the result of too much wheat. Five years ago, 46 nations formed the International Wheat Agreement, and such big producing nations as Canada, the U.S. and Australia agreed to allot a certain amount of their wheat for export in a stipulated price range (not to exceed $1.80 a bushel). When inflation, the Korean war and poor foreign crops put wheat in tight supply, the International Wheat Agreement worked fine, at least for the importing nations, which got what they needed at bargain prices. But recently, with wheat in surplus, I.W.A. has not worked...
...madam called Fauna who runs the Bear Flag and once masterminded a flourishing South American export trade in shrunken human heads. She keeps a former competitor's noggin in a desk drawer to remind her of the good old days...
...Kemper's call was as effective as Souza Dantas' timely report on U.S. export prospects in Brazil. At week's end the Export-Import Bank announced that to "serve the mutual interests of trade and of the economies of the two countries," terms of the credit would be relaxed to permit Brazil to pay its debt over 7½ years. For his part, Souza Dantas said that half of Brazil's dollar earnings in excess of $1 billion (last year's total earnings: $765 million) would also be applied to reducing the debt...
FOREIGN BUTTER PRODUCERS are up in arms against Agriculture Secretary Benson's plan to sell surplus U.S butter overseas at low prices (42? to 47? a lb., v. about 58? in the U.S.). Both New Zealand and Australia, which export about 500 million Ibs. of butter annually, have protested to the State Department that Benson's cut-rate prices constitute dumping. But Benson still plans to go ahead; in fact, he is adding surplus corn, barley, oats and rye to his cut-rate foreign offerings...