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...Colombia's $103 million, $78 million came from the Export-Import Bank, the rest from 13 private banks. Announced purpose of the loan was "to assist in maintaining Colombia's essential imports from the U.S." Colombia is suffering from a 3,000,000-bag coffee surplus. Without the dollars the coffee could bring in, the country can hardly keep up with its current U.S. commercial debts. The choice, outlined in April by Colombian Foreign Affairs Minister Carlos Sanz de Santamaria: either the U.S. could grant a loan or Colombia would have to risk wrecking world coffee prices...
Approval of Chile's $25 million came so rapidly that details-including formal signing of the loan agreement-have yet to be ironed out. The Export-Import Bank will probably put up $15 million; the rest will most likely come from Mutual Security Agency coffers. Even the use to which the money will be put is not certain, but basically the loan's function will be to provide a dollar prop for Chile's sagging peso, hard hit by a world slump in copper prices. Last week the peso was so shaky (off from...
...gather accurate statistics, compute the effects of wage-price increases, and formulate standards for government policy. Economists such as the University of Chicago's Albert E. Rees would also like to see the Government itself put an end to price-boosting devices, e.g., farm price supports, tariffs and import quotas that shelter inefficient domestic producers. Said he: "If the Government is to condemn private enterprise for using rigid prices, it should itself cease being the greatest single source for price rigidity in the economy...
...industry's troubles, Carson added, come more from declining demand than from imports. "If all imports were stopped tomorrow, I do not see how that action would increase consumer demand. In a few years, we will be able to use every barrel of oil that we can produce, and probably every barrel we can import...
CHINA-JAPAN TRADE DEALS are off. Businessmen from Japan have been ordered to leave Red China, all import-export licenses are invalid, and ballyhooed fiveyear, $560 million Chinese-Japanese barter deal is dead. Chinese claim break is due to Japanese Premier Kishi's "hostile attitude toward China," but a main reason is that Red Chinese are trying to welsh on some deals...