Word: exporters
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Trimming Fat. Last week President Ongania was acting more like an armor-plated hare than a tortoise. To encourage exports so that the country could pay a $700 million foreign debt, the new President devalued the peso by 16% to about 250 for a U.S. dollar. In a nationwide speech, he advised that "the style today will be to export everything possible and to consume what's left." He even began negotiations with private companies to renew the oil contracts that the previous administration had canceled...
Capital for investment is becoming scarcer because of Wilson's extraordinary Selective Employment Tax (TIME, Sept. 16). By forcing employers to pay a frankly discriminatory head tax on workers in the service trades and giving tax rebates to employers in export-oriented manufacturing industries, the measure aims to shift British workers out of areas that serve the consumer and into those that serve the pound. The tax is siphoning cash out of corporate treasuries at an annual rate of $2 billion, which is about one-fourth the amount that private industry normally invests in capital improvements. One other result...
...just going to crumble if the nations do go their separate ways and seek national solutions, but in two years the problem will only be worse when the national solutions haven't worked. The experiences of the 1930s prove that Europe is too small to try to export your problems to your neighbors...
...satellite-status of most Canadian industries also affects Canada's export position. American parent concerns, striving to increase their sales to other countries, do not look favorably on attempts by their own subsidiaries in Canada to compete for the foreign market. Many of these subsidiaries sell only to their parent concerns, and therefore may not always operate in their own best interests...
Several years ago, for example, the Ford Motor Company (Canada) Ltd. had concluded a deal to export automobiles, manufactured in Canada, to Communist China. The deal was killed in Detroit...