Word: exportation
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Dates: during 1970-1979
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Corn should stand knee-high in most Midwest fields by July 4. Instead of rejoicing, though, farmers are nervously wondering whether they will be able to find markets for all the corn and grain from the huge harvests expected this year. Normally, 25% of all U.S. grain is exported to foreign buyers, who pay about $10 billion a year. Now that giant market is being threatened by a scandal involving: 1) bribery and fraud in federally licensed grain-inspection procedures, 2) suspected skimming of grain off export cargoes by the operators of grain elevators, and 3) laxity by the Department...
...expects the scandal to stop there. Operators of grain elevators are suspected of holding back some grain destined for export, selling it to domestic buyers, and covering the shortages by dumping lower grades, broken kernels or rye into the grain shipments bound for foreigners...
Rodent Enriched. The Department of Agriculture has much to answer for. According to a report written by the department's Office of Audit in 1973 and made public last week, the department's Grain Division once held back a plan to determine uniformity in export shiploads because of the objections of a single trade organization, whose members included large exporting companies. In addition, the report said grain inspectors often failed to notify the Food and Drug Administration of "deleterious substances" in grain destined for human consumption. Among them: poisonous mercury-treated kernels, rodent excreta and insect-damaged kernels...
...jobless rates down). But they are hardly sufficient to bring back the halcyon era of double-digit G.N.P. growth that Japan enjoyed before it was rocked by twin economic shocks in the early 1970s. Dollar devaluations and yen revaluations raised prices of Japanese goods abroad and cut into export earnings; that plus quintupled oil prices touched off the inflationary explosion...
Remarkable Record. In recent months headlines have been filled with charges of payoffs overseas-and some damaging admissions. United Brands has admitted paying a $1.25 million bribe in Honduras to get a banana export tax reduced, and Gulf Oil conceded making illegal contributions of $4 million to South Korea's ruling political party. Last week the Senate Subcommittee on Multinational Corporations took up the most eye-opening case of all, that of Northrop Corp., the Los Angeles-based aerospace giant, which has a remarkable record of selling warplanes to foreign governments. Its tiny, efficient F-5 Freedom Fighter...