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...recent years. Said one Budget official: "We can always get the Bank of France to print more francs, but we cannot ask them to print dollars." With 1.5 billion francs ($4,000,000) going daily to fight the Algerian war, only increased taxes, severe import restrictions, a regime of real austerity, and perhaps a capital levy on hoarded gold, can put France's economy on its feet. But there is no sign that the French are ready for a strong government that will accept such unpalatable measures...
Sihanouk took back the premiership of his country only eight weeks ago, after sacking dutiful Premier San Yun in a welter of malicious and unproved charges that San Yun had been doling out valuable import licenses, mostly for high-priced consumer goods, to assorted ministers' wives, political chairwarmers, and some ladies closely related to the royal family itself...
Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...
...IMPORT QUOTAS are being put on woolens and worsteds by President Eisenhower, will help struggling U S. textile industry somewhat but hurt British exporters. Imports above 14 million Ibs. a year will be taxed at 30? to 37½? a Ib. plus 45% ad valorem, almost double the usual tariff. Britain alone sends about 10 million Ibs. a year worth $35 million...
...JAPANESE IMPORT CRISIS is becoming so severe that foreign-exchange reserves will be exhausted in six months if importing continues at present pace. To brake imports, Bank of Japan hiked discount rate from 7.7% to 8.4%. Reacting to boost, Tokyo stock market suffered biggest drop since Korean war ended...