Word: ibs
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...They don't see why steaks from grass-fed beef cost 98? a Ib. when all the farmer gets for that meat is 14?." Their anger touched one of the most sensitive nerves in U.S. politics. In Washington a congressional committee responded by proposing price supports for cattle while the Department of Agriculture is already investigating the spread between the price of beef on the hoof and on the butcher's meathook...
...competition was spurred by the U.S. Government itself, which gave long-term contracts to producers abroad to insure a big enough supply for the Korean war.and the rearmament program. As foreign mines stepped up production and defense demands tapered, prices started down. Lead has dropped from 19½? a Ib. in the spring of 1952 to 13½?; zinc has fallen even more sharply, from 19½? t010?. At current low prices, U.S. mines simply cannot compete with foreign producers. Up to 70% of U.S. mine costs are in labor, at an average $16 a day. In North Africa...
...time of war foreign supplies might be cut off. But that is not a strong argument, since more than 75% of zinc and 50% of lead imports come from Canada and Mexico. In any case, the Tariff Commission can only boost the tariff by about a cent a Ib.; what the miners want is a sliding scale that would push tariffs up as prices fall, something that only Congress can enact...
...contract broke a long deadlock between the U.S. and Bolivia's revolutionary government. Ever since the RFC stopped buying tin in quantity in 1951 because it thought the price (up from around 80? to $2 a Ib.) was exorbitant, Bolivia has suffered severe economic cramps (TIME, May 5, 1952 et seq.). Negotiations with the U.S. for a new, long-term contract were not helped when Bolivia nationalized its tin mines and offered to pay off investors, many of them in the U.S., at only one-third of the value of the tin companies...
...government, keenly aware that the U.S. (the world's biggest tin consumer) would refuse to buy Bolivia's tin unless some fair plan was worked out to repay the stockholders, announced an agreement insuring compensastion. On sales of tin at prices between $1.06 and $1.21½ a Ib., 5% of revenues will go toward compensation claims; between 90? and $1.05. Bolivia will set aside 2½%, between 80? and 89?, 1%, and below 80?, nothing. Even at that, it will take investors a long time to get their money. Current New York price for tin: around...