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Last week the U.S. Export-Import Bank lent Japan $60 million to be used for importing more raw cotton from the U.S. The loan was one part of a broad program designed to boost both overseas and domestic consumption while holding down production. The goal for 1956-57 is a 20%-25% increase over total cotton sales in 1955-56 by doubling exports to 4,500,000 bales while keeping domestic consumption at last year's 9,200,000-bale level or even increasing it. With flexible price supports between 75% and 90% of parity, Agriculture Secretary Ezra Taft...
...bananas, cacao, coffee) fell off this year. President Velasco ran up deficits by spending lavishly for public works and-to keep the army contented-for military equipment. The government owes public employees back pay, is half a year behind on loan repayments to the World Bank and the Export-Import Bank...
...then ordered state-owned businesses to stop advertising in Red papers. When private businessmen also pulled out, advertising virtually vanished from the Communist press. Furthermore, where the Reds once got all the newsprint they wanted from Iron Curtain nations on unlimited credit terms, the Italian government refused import permits except for newsprint bought through normal channels, thus made the Communists pay out their cash for their supplies. As a result L'Unita alone loses more than half a cent for every copy it prints, has piled up a whopping $5,000,000 deficit over the last few years...
...IMPORTS to U.S. are nearing crackdown by Office of Defense Mobilization. With oilmen planning still more import boosts in fourth quarter, on top of 3% third-quarter increase, ODM will issue final warning for industry to cut back at least 4%, "or the Government will have to order the cuts itself...
...month after his return to St. Louis, Martin was asked by War MobiMzation and Reconversion Chief John Snyder to join the Export-Import Bank as a director. Within a year Martin was appointed Ex-Im chairman (at $15,000), presided over the bank's expansion of capital to $3.5 billion. Determined not to allow the bank to become a handout window, Martin once refused to make a loan to China that had been requested by General George C. Marshall, then Secretary of State, insisted that he would never approve a loan unless it were economically sound. In 1948 Martin...