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During the next three years China will need to import large quantities of American cotton, tobacco, wheat, oil, gasoline and many manufactured articles. She will therefore need credits. The highest figure for such necessary credits given by American and Chinese economic experts is $250 million a year-a tiny fraction of what is said to be Europe's requirements. Let us scale that down to $200 million and budget for our total Three Year Plan $600 million of credits for purchases in the U.S. from this autumn to the autumn...
...Germany last July to buy automobiles, spare parts, shoemaking machines, airplane tires and numerous other articles difficult to acquire in Bulgaria. Not having any dollars for these purposes, but having access to a considerable quantity of fairly good Bulgarian-made cigarets, Atanasoff and his associates decided to bypass the import-export authorities, and deal "directly" on a "practical" basis. Why not? Theirs was not an official military mission such as the Dutch or Swiss had accredited to the Control Council, but simply a purchasing mission with passports visaed by the Soviet occupation authorities...
...Government had studied every alternative before concluding that import restrictions were inescapable. British Foreign Secretary Bevin's idea of an Empire customs union was quickly rejected, for it would force Canada into the sterling bloc. Some Canadians suggested economic union with the U.S.-razing tariff walls and eventually tearing down the customs houses. This was politically impossible; in 1911 Sir Wilfrid Laurier's government was tossed out for proposing a milder trade reciprocity. Besides, economic union would almost certainly lead to political union...
...dwindling dollar supply; 'but they would close only a third of the gap between what Britain sold abroad and what she bought abroad. The other side of the scale was British production. A higher production rate was supposed to close the other two-thirds of the import-export gap. If every coal miner worked five minutes more a day, for instance, he would produce as much in exports as the British Government hopes to save by the new gasoline restrictions. What were the chances that British production would rise...
Parker warned his fellow townsmen that U.S. exports are 2½ times greater than imports, that the rest of the world is running short of dollars with which to buy U.S. goods, that this "may well cause a serious recession in the U.S. economy." He hoped that his "Peso Pay-Off Day" would impress upon Janesville that "your Congressmen and Senators can go a long way toward averting this danger by reducing [import] barriers...