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...world market. A wheat surplus, spurred by government subsidies, is snowballing. To complicate matters, the subsidies have encouraged cattlemen to reduce herds and convert pasture land to wheat. As a result, many of the country's packing and canning plants are idle, and Uruguay has been trying to import beef cattle from Argentina to keep them going. Batlle Berres is sure to have a few words to say about wheat, especially since the U.S., carrying a big surplus itself, is beginning to cut into Uruguay's markets by selling to dollar-short customers such as Brazil, for local...
...domestic industries whose prices are 10% to 15% higher than world levels. To keep these industries going, France charges low tariffs on raw materials it needs, but imposes duties as high as 33% to 40% on finished goods, then pushes the barriers still higher with additional special taxes and import quotas. Cars, for example, are imported under a modest 20% tariff, but with added taxes, the total bite comes to 60%. Depending on how business is doing, quotas, taxes and tariffs are raised or lowered at the drop of a franc; sometimes one barrier goes down while another goes...
Defense Mobilizer Arthur S. Flemming last week handed U.S. oil companies a knotty problem. Foreign oil, said he, is coming into the country too fast. If U.S. companies want to avoid their first taste of Government import curbs, they must cut crude-oil imports voluntarily by 7% during the last quarter of 1955 and the first of 1956. A House Judiciary subcommittee promptly let out a shout of warning. Asked the subcommittee: How could the oil companies comply without acting in concert and thus violating antitrust laws? Flemming pointed out that he had merely made a suggestion...
Shortages have grown worse. Chrome-mining firms cannot even get enough foreign exchange to buy dynamite; textile mills have closed because they cannot get funds to import wool tops and dyes. The sinking state of Turkey's credit has scared off foreign enterprisers who might otherwise have taken advantage of Menderes' generous terms for new oil and other foreign investors...
None of the abundant policemen have set to work on the corn and beans deal; instead, a new food scandal broke. Guatemala's established importers of flour charged that Minister of Economy Jorge Arenales had set up a quota system that virtually handed an import monopoly to a group of businessmen represented by his own former law partner. Arenales tried to defend his move as an encouragement for growing and milling wheat locally. But the press was unconvinced. Columnist José Alfredo Palmieri sighed: "Corn, beans, and now flour-the best profits are always made on hunger . . . Food speculation...