Word: gluts
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Dates: during 1950-1959
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...unhappy exception in the generally flourishing economies of Western Europe is the coal glut; mountains of coal rise high alongside the smoking industrial chimneys. More than 14 million surplus tons clog Germany's Ruhr, and 20,000 miners have been laid off. Continued production at Belgium's notoriously uneconomic Borinage shafts (TIME, March 2) added to the stocks of 7,000,000 tons of coal already piled up in Belgium, so that, as one coal producer put it, "we literally have no more room anywhere to put the coal we produce which nobody will...
...small, obsolete and uneconomic. As in the U.S.'s depressed Harlan County, Ky. (TIME, Feb. 23), coal seams are ever deeper and narrower, and the extraction cost is far above that of the big, modernized mines in the German Ruhr. Last year's recession created a glut in European coal-the surplus now stands at 26 million tons, with 7,000,000 in Belgium alone. The formation of the six-nation European Coal and Steel Community-creating a common market in these products in France, Italy, West Germany, Belgium, The Netherlands and Luxembourg-finally forced the government...
...average, a shade above the December level and only a fraction above a year ago. Several major raw materials even registered sharp decreases. Lead was marked down from 12? to 11? per Ib. when the metal piled up despite import quotas. Because of a worldwide glut in oil, British Petroleum Co. lopped 18? per bbl. off the price of Mideast oil. Creole Petroleum cut 5? to 15? off the price of Venezuelan oil, and in the U.S., Gulf and Ohio Oil dropped their buying price for crude...
Next to waging the cold war and preventing a hot one, the most gruesome task confronting the U.S. Government is coping with the farm-glut scandal. Swollen by the costs of buying and storing farm surpluses-largely created by obsolete federal price supports-Agriculture Department spending will mount this fiscal year to $6.9 billion, more than twice the combined outlays of the State, Justice, Interior, Commerce and Labor Departments...
...underwriting such feeble steps as 1956's since-discarded acreage-reserve provisions of the soil bank and his new, too-little, too-late corn program, which, by abandoning production curbs in return for a very modest decrease in corn price supports, threatens to bring on a bigger corn glut than ever...