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...billion budget during its five-year transitional period, agreed to contribute 8.6% in the first year with payments rising to 19% in the fifth year. After seven years, the British financial commitment will be open-ended. Like other EEC members, London will hand over all its food-import levies, customs duties, and possibly some sales-tax receipts directly to the Community treasury...
Political Power. One of their most important points is that massed economic power translates into political power, through the ability of wealthy businessmen to finance campaigns for office.* The big money, they say, flows to candidates who favor retention of the oil-depletion allowance and import quotas on petroleum and steel; the quotas enable domestic industries to charge higher prices than they could if foreign products were able to enter the U.S. more freely. Economically, however, the dispute centers on whether giant enterprise is efficient...
...Yangtze. American businessmen may now sell to China a wide variety of goods. If the Chinese have the cash-and inclination-they will be able to plow their fields with American farm tractors, use U.S.-made fertilizers, pesticides and insecticides and even import American livestock for breeding purposes. They can equip their offices with U.S.-made desks, typewriters, check writers, telephones and simple calculators, outfit their factories with American forklift vehicles and a wide assortment of U.S. machinery...
...depositing money in Common Market banks, instead of collecting interest on those deposits. The Commission also suggests a double standard for exchange rates, such as Belgium recently adopted, and West Germany is now considering for its superstrong mark. There would be one rate for "current" transactions (mostly export-import deals and tourist spending); another rate, presumably less favorable to foreigners, would cover loans, investments and other transactions. This would be financial isolationism with a vengeance, and the double-exchange-rate system sounds like an administrative monstrosity...
...Reject!", knowing the opposite to be almost exclusively the case. Down in New Haven, one could assume, they had nothing better to do than buy blue and white scarves (the official Yale Scarf, incidentally, is manufactured in Harvard Square), carve their initials into the tables down at Mory's, import girls for football weekends. Harvard was more worldly than that, initiating academic, political and social trends which Yale could only sniff at or copy (or both...