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...this point, and after all banks had closed for the weekend, Gaillard was ready for his big step. It was devaluation, but with a difference. The franc was devalued to 420 to the dollar in all tourist transactions. Imports in effect would cost 20% more, except on those imports deemed vital to the continuing expansion of French industry. On these "exceptions," such as fuel and key raw materials (wool, cotton and steel products), accounting for about 60% of French imports, the rate would remain 350 to the dollar. The calculated effect: a cut in import spending. Next, to give France...
...free enterprise created by Economics Minister Ludwig Erhard. He has also pushed tax concessions and government-backed credits for exports, trimmed away many of the restrictions that plague business in other European countries. Today, 90% of all the goods flowing into West Germany from the dollar area have no import quotas v. 67% three years ago. Although there are some limits on foreign investment by German businessmen, they are so high as to be almost meaningless...
...Government-subsidized cotton exports hit 7,700,000 bales v. 2,200,000 bales in 1956; wheat shipments rose to 535 million bu. from 340 million bu. Agriculture Department expects foreign sales boom to level off in current fiscal year because of bumper cotton, wheat crops abroad, new import controls in some dollar-short countries...
HOWARD HUGHES is also target of trustbusters. Justice Department charged that his Hughes Tool Co. divided world markets to prevent import into U.S. of German-made oil and gas well-drilling equipment that would compete with him. Suit says that since 1950 Hughes has illegally pooled patents and consulted on prices with West Germany's Alfred Wirth...
...abundant summer there was little outcry from the American public against the U.S. creeping inflation. In fact, the few complainers were grumbling mostly about governmental action designed to stop the creep-e.g., the U.S. tight-money policies (see BUSINESS). In France and Japan, there were real outcries against import controls, in India against present wage ceilings in nationalized factories. When the chairman of Sweden's Riksbank (roughly equivalent to the U.S.'s Federal Reserve) increased the discount rate to 5% last month, Sweden's Socialist-Agrarian government, sensitive to popular pressures, kicked the banker...