Word: oiling
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Dates: during 1950-1959
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...government an estimated $195 million a year, in increased subsidies and lost taxes, at a time when the government needs every franc it can lay hands on. In just over a year, excessive consumption of imported raw materials-aggravated by the post-Suez necessity of buying U.S. "dollar oil"-has cut French gold and foreign-exchange reserves from $1.7 billion to $934 million. Between the Algerian war (daily cost: about $3,000,000) and increased old-age pensions, this year's national budget shows a record $3.5 billion deficit...
Half Frozen. The usual remedies for such difficulties are to cut expenditures or raise taxes. Instead the Socialist government has chosen an easy way to manage its debts. Two weeks ago, to help finance oil imports, a group of French banks negotiated a $100 million loan from a U.S. syndicate headed by Chase Manhattan Bank. Last week Ramadier himself introduced a $285 million government bond issue on terms so generous that it will cost the government $20 million a year in interest and bonuses, and investors lucky enough to hold the first bonds retired stand to earn...
...Imperial African Transport Society and the ente in charge of Albanian banks, have long since outlived their functions and represent a net loss to the Italian taxpayers. But even more of a menace to Italy's economic health are such aggressive, purposeful enti as E.N.I., the burgeoning oil and gas corporation which, under the leadership of hard-driving Enrico Mattei (TIME, Nov. 29, 1954), has waged a determined fight to prevent private capital from sharing in Italy's oil development...
Djakarta's press, disliking Sukarno's plan but hesitant to criticize him, kept silent until Hatta spoke out against Sukarno's proposal to set up a "guided democracy" with all parties represented. "Oil and water," Hatta snapped, "don't mix." Hatta had a sane and solid answer to Sukarno's oft-repeated plea that "we cannot ignore the 6,000,000 people who voted for the Communist Party." Said Hatta: "Leave them in the opposition.'' Encouraged by Hatta's stand. Djakarta newspapers took...
...hungry '30s on a promise to pay "dividends" to all citizens, got ready at last to hand out the cash. Premier Ernest Manning's government last week set aside $11 million, about one-third of the revenue it will receive this year from the province's oil and gas boom, for direct distribution to the people of Alberta. Shares this year will amount to about $22 for every adult Canadian citizen with five years' continuous residence in the province. With oil and gas revenues growing steadily, they should be even larger in years to come...