Word: imported
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...densest jungle thicket for about $50 an acre; with older methods, the cost can run as high as $500. Beyond immediate clearing jobs, Caterpillar can expect to reap long-range benefits from seeing foreign countries become agriculturally self-sufficient. Explains Blackie: "If they don't have to import wheat, they can import machinery...
...machinery and by handing back more in export rebates than it takes out in turnover taxes. France, when the Italians suddenly grabbed 221% of its refrigerator market in 1962, complained that Italy was exploiting sweatshop labor. It thus won Common Market permission to impose a "compensatory" tax on such imports while French industry modernized to meet the competition. After the tax was repealed, the French tried raising import duties and imposing inordinately rigid border inspections in vain efforts to stem the appliance flow. Now. France is considering an official protest to the Common Market Commission...
...result is almost pure Utopia. Nauruans enjoy free schools, medical and dental care, electricity and water, pay minimal rents and no import duties or taxes. Under an agreement announced last week by Australia to the U.N. Trusteeship Council, Nauruans will be given partial control of the mining industry July 1; after they finish paying for it in three years, they will get complete control. Under the complex new arrangements, most of the profits from the phosphate diggings will be held in trust and reinvested. Conservative estimates are that 30 years from now, when the phosphate deposits have finally...
...since 1900, more than 38 million tons of their atoll have been scooped up and shipped out, leaving only barren, gaping holes. The natives fear that they may soon have little territory left on which to enjoy their wealth. The most probable solution is that filthy rich Nauru will import dirt to replace the phosphates...
...that were not enough, the company expects the just-negotiated Kennedy Round tariff cuts to squeeze its earnings further. Many U.S. chemicals have long been protected by unusually high import duties, and in order to win European agreement for freer trade in such fields as farm produce, tobacco and aluminum, U.S. negotiators agreed to hefty reductions in chemical levies. With those blows, plus a 30% loss in earnings after the Government forced the company to disgorge its 63 million-share holding of General Motors, the price of Du Pont stock has fallen almost 50% from its 1964 high...