Word: exporters
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Last week the 21-nation Organization for Economic Cooperation and Development dismissed Britain's export performance as "consistently unsatisfactory." Seeking to calm the foreign fear, Chancellor of the Exchequer James Callaghan unfurled what amounts to Labor's third budget in nine months: a series of tough deflationary measures that stop just short of import quotas, which would be Britain's last line of defense against devaluation...
...stem imports, the government ordered a reduction in the amount of money available for purchases abroad, also stipulated that British importers stop paying in advance for foreign goods. Estimated saving: $126 million a year. To spur British sales abroad, Callaghan said that interest charges for short-term export credits will be trimmed from 7% to 6%; the government will also delay planned construction projects for schools, hospitals, housing and roads-thus bravely inviting a rise in unemployment in hopes of overcoming labor shortages in key export industries, such as shipbuilding. To dampen domestic demand and bring down export prices...
Among the bank's most important customers are Thai farmers, whose rice and corn bring in 42% of Thailand's export income and account for much of its 6% economic growth rate. In the first program of its kind, the bank makes crop loans at 12% to 15% interest-compared to the 180% some village moneylenders charge-and has written 9,000 loans averaging $150 each, with practically no defaults...
...further help the peasantry, the bank has recently put forward a much-debated plan for revamping the Thai economy. It not only calls for crop-support programs, but also urges repeal of the 25% export tax on rice, by which the government gets 8% of its revenues. Farm taxes would be replaced by excises on tobacco and urban property, helping distribute the nation's tax load and its income more equitably, aiding Thailand's industries by giving farmers more power to purchase manufactured goods. The government publicly opposes the idea, but some officials privately favor...
Chin Up. Controversy is nothing new to the businessman who controls 60% of the bank's stock, President Chin Sophonpanich, 54. He made-and lost -several fortunes in the export-import trade, fell out with the late Prime Minister Sarit Thanarat, and lived outside the country from 1957 until last year. Even in his long exile in Hong Kong, Chin used his wide international contacts to build up the bank's foreign business, left its local affairs in the hands of a youthful staff. Whatever its reservations about Chin, the government is happy to see his bank prosper...