Word: importance
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Dates: during 1940-1949
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...effect on trade with the U.S. is already noticeable. To husband its dollars, each country has clapped on stiff import controls. Chile's Foreign Exchange Control Board, for instance, has decreed that only essential items, such as machinery for new industry, can get import permits. By such close-to-the-vest trade, Chile hopes to offset her $100,000,000 deficit...
...Peru, where nothing can be imported without a license, restrictions are just as drastic. Every request for a permit must be published in the official El Peruano (including the intention to spend $8.50 from a U.S. bank account for a subscription to TIME). Even so, Peruvians' funds are so tight that half the applications to import machinery, locomotives, lathes, trucks, etc. are turned down. Since last March, the Government itself has spent 14% of Peru's foreign exchange, mainly for food bought in Chile and Argentina and sold to the public at a loss...
Earlier in the week Peru's Congress voted to resume payment on long-defaulted bonds held in the U.S., in hopes of getting a U.S. Export-Import Bank loan. But both Chile's and Peru's prospects for new U.S. loans are poor. Perhaps, in the long run, the Strong Man will be a bigger help than...
Aftosa, First of All. Last summer Mexicans were rash enough to import 320 tickproof Brazilian zebu bulls. The bulls brought the dread aftosa, or foot-&-mouth disease. By last week an epidemic had spread through ten states, and excited patrons were refusing perfectly good steak in Mexico City restaurants. Worst of all, the U.S., soundly fearing infection of its own herds, had banned the import of Mexican cattle. This was a deep hurt; 500,000 head shipped over the border each year make a big difference in northern Mexico's prosperity. Last week, while the U.S. Congress shoved through...
President Miguel Aleman was sure to raise the subject of an Export-Import Bank loan-possibly as much as $400,000,000-to make his ambitious new program of irrigation and industrialization stick. But that would take time, and there were no experts in the Truman party of seven. Perhaps when Aleman came north to repay the call in April the two men would be more ready to talk...