Word: highness
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Dates: during 1960-1969
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...years ago, for the Class of 1958, admission to Harvard correlated equally with academic and personal factors-that is, a student with a high academic rating and a low personal rating was about as well off as a student with a high personal rating and a low academic rating...
...would prefer not a remembrance of his fame as an enemy of rascals but of his less well-known role as the organizer of the Friendship Train, which sent $40 million worth of food to postwar France and Italy in 1947, and as the rebuilder of a Tennessee high school that was bombed...
...glut is bumper crops resulting from good weather. On top of that, the major exporting nations, except the U.S., have expanded their wheat acreage. In Australia, for example, the amount of farm land devoted to wheat has doubled in the last five years. Improved technology and a new high-yield strain of dwarf wheat have greatly reduced the annual import needs of food-shy India and Pakistan. Both countries now expect to become self-sufficient in wheat production by the mid-1970s...
...makes the price of wheat more sensitive than ever to the harsh pressures of supply and demand. In 1961, when the world wheat glut reached a record 1 billion bushels, the surplus consisted exclusively of U.S. and Canadian produce stored at North American facilities. Today, surpluses are also piled high in Australia, Hungary, Bulgaria, the Soviet Union and Common Market countries. Most of the new exporters lack both the storage capacity and the inclination to retain their surpluses in order to stabilize world prices. As a result, the 1968 International Grains Arrangement, which was aimed at fixing minimum world prices...
...pact placed a price floor of $1.73 a bushel on wheat traded internationally, as against the U.S. domestic support price of $1.25 a bushel. As the negotiators ought to have foreseen, the high world price encouraged overproduction, some of it abetted by large Government subsidies. Price cutting broke out late last year. The U.S. in mid-July cut its export wheat prices by 120 a bushel, to $1.55. At that point, the price war began in earnest...