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...machinery the Japanese textile industry has cut costs 20% below prewar levels, and such processes as Cluett, Peabody's "Sanforizing" have opened up new export markets from Australia to Canada-to the consternation of U.S. textilemen. Japan's petroleum industry, which in 1949 had to import 92% of its finished petroleum products, last year was able to produce 90% of the products at home, due largely to some $71 million invested by Caltex, Standard-Vacuum, Union Oil and Tide Water. By agreements signed with Armco International Corp., Japanese steelmen have been able to cut costs 5% and boost...
...more than $7 billion. It is rising so fast that the Agriculture Department last week was getting ready to ask Congress to boost the borrowing authority of the Commodity Credit Corp. from $10 billion to $12 billion. This mountain of food has caused the U.S. to impose strict import quotas on agricultural commodities, a policy which is not only condemned by foreign nations, but is opposed by the U.S. itself when other nations practice it. Furthermore, the U.S. angers its friends almost every time it tries to get rid of its surpluses abroad at competitive prices. Example: U.S. attempts...
Complex exchange and import controls and the delicately balanced state of U.S. popularity in many nations block the sale of surpluses almost everywhere. Bulk buying contracts, such as the United Kingdom has for Argentine meat, often make it impossible for the U.S. to work into new markets. In Hong Kong there is a rule that 25% of the cotton used by the crown colony's mills must come from Commonwealth sources. When the U.S. offered to sell butter to France so that every schoolchild would get a pat of butter with his lunch. French dairymen objected...
...Issued a proclamation allowing the import of an additional 51 million pounds of peanuts to alleviate a drought-caused shortage that is pinching candy manufacturers...
...tactics made Hungary one of the most useful of Soviet satellites. Slice by slice, Hungarian agricultural productivity was cut down to make way for industrial projects. Forced collectivization of farmlands drove farm workers into the factories, and the fertile country, once one of Europe's breadbaskets, had to import grain. But Hungarian steel and aluminum fattened the Soviet war potential and bulletheaded Boss Rakosi was so well regarded in Moscow that he escaped the cosmopolite" purge which carried off Czechoslovakia's Slansky, Rumania's Pauker and other Jewish Communist leaders before Stalin's death...