Word: newsprint
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Some of Canada's key industries felt a painful squeeze. Automobile sales for the first eight months of the year were off 6%. Newsprint production declined in September and was expected to dip further in the final quarter; higher production costs had trimmed paper-company profits by 20% to 30%. In prospering Alberta, a slump in both domestic and export sales of crude oil cut scheduled November production to the lowest rate in 2½ years. Drilling was off, and one drilling contractor reported: "One third of our rigs are down and the others are not making any money...
...Soviet bloc has sent Nasser oil, wheat, and old military hardware. But the Communists have been unwilling or unable to supply many of the items his Western-oriented economy needs, notably spare parts and lubricating oils. What they have sent has often proved inferior, e.g., low-quality newsprint that tears in Cairo's high-speed Western presses. Cracked a Cairo editor: "Pravda must go to press at 6 o'clock at night." The domestic economy twitches along in austerity and torpor, with tea and sugar scarcely obtainable except at black-market prices, and the regime invoking military...
...were willing to spend it. But automobile production was down slightly for the year, and Chrysler of Canada announced that it would operate only one shift a day during the 1958 model year rather than two. Steel production was a little below last year's rate, and newsprint manufacturers last week announced plans to cut back. Reflecting a gloomier outlook for earnings and dividends, industrial stocks sagged...
...three have been scrambling to regain circulatory lifeblood. even if it means draining the other fellow's veins. This week Hearst's Journal-American (circ. 585.121) launched its boldest raid on rival circulation. At the cost of "close to $1,000,000" a year for more newsprint and personnel, the paper began running complete daily stock-market quotations-a reader-fetching feature hitherto monopolized in the afternoon by Scripps-Howard's World-Telegram and Sum (circ...
Cross-Country Effect. The effects of the rate touched all of Canada. In Montreal a spokesman for the Canadian Pulp and Paper Association, whose members sell newsprint for U.S. dollars, complained that the "abnormal and artificially high value of the Canadian dollar" had created an "urgent and pressing problem" for ex port industries, which still must pay their domestic costs in high-priced Canadian dollars. In Alberta cattle growers found the interest of U.S. buyers waning in the face of a 6% exchange...