Word: imported
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Dates: during 1960-1969
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...Japan, which like Britain must live on its foreign trade, increasing imports and decreasing exports ultimately spell economic disaster. Last week came news that the nation's foreign-exchange reserves had dropped more than $100 million in August alone, will have shrunk from $2 billion to $1.4 billion by the end of fiscal 1961. Frantically, Masamichi Yamagiwa, Governor of the Bank of Japan, called for import curbs and a substantial rise in Japan's already high 6.9% bank rate, to discourage businessmen from borrowing expansion capital...
...dissatisfied-spirit return to haunt his family. The final cremation budget: $110,000. This included the price of a trip to far off Singapore by the rajah's eldest son; tinsel, gilded paper and assorted, brightly colored gewgaws required for the crematory tower were not available in import-restricted Indonesia. The family's 200-year-old palace was redecorated, and 1,200 roasting pigs were set aside for the nine-day public barbecue preceding the cremation...
...WILLIAM TELL (New Glaurus, Wis.), an import from Europe, is a lavish adaptation of Schiller's play particularly popular with Wisconsin's Swiss-Americans. At the climax, the Swiss hero draws his bow with fervor, shoots the apple from his son's head (the boy nods on cue, the apple falls, he leans over and picks up another one hidden in the grass with a shill arrow in it). In the audience, half the town roars with pride-the other half is in the play...
Even in Japan, where manpower is so cheap that there is little incentive to economize on wages, automation is spreading. Tokyo's Kawasaki Steel Corp. is building an electronically controlled mill that will ultimately produce steel at prices competitive with U.S. mills-even though the Japanese must import almost all their coal and ore. Other Japanese companies turn out auto parts, cameras, transistors, television sets and chocolate bars on automated equipment. Manufacturing a two-cylinder motorcycle now costs Japan's booming Honda Motor Co. (TIME, Aug. 25) no more than it used to cost to make...
...There will be short-term hardships but long-term gains for U.S. business. Britain is the U.S.'s best European customer, buying some $1.4 billion worth of goods in 1960. If the British enter the Common Market, they will be obliged to cut their tariffs on what they import from the six continental partners by some 50%*-which will put U.S. goods at a new disadvantage. But the freer movement of goods, capital and labor within the Market will spur Europe's overall growth, and in turn stimulate Europe's demand for U.S. products and raw materials...