Word: payments
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Dates: during 1950-1959
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Wait for Autumn. Last month India's able, tough-talking Finance Minister T. T. Krishnamachari slapped a ban on all imports requiring foreign exchange unless the sellers agreed to payment deferments of from seven to nine years. British, Italian and West German suppliers responded coolly, though some West Germans are ready to offer goods on a deferred-payment plan-at 8.5% interest. Russia and Eastern European satellites, on the other hand, have been quick to inform India that they are eager to grant deferred payments-and at only 2.5% interest, a political price which U.S. observers feel is significant...
...expensive to buy and operate. An 80-to-112-passenger Boeing 707 costs as much as $5,250,000; its captain may get up to $30,000 annually (v. top pay of $25,000 in DC-7s). Yet many airmen fear that they may not be able to complete payment on the jets. The trunk lines' profits are so shaky that they have been able to find firm financing for only 25% to 33% of their total $2.6 billion in jet fleet orders...
...billion program containing the Administration's request for authority to barter U.S. farm surpluses to Iron Curtain nations in return for strategic materials. The bill also allows the Administration to complete the second half of a $95 million agreement that provides for loans to Poland and payment in Polish currency for U.S. farm surpluses...
...Democratic Congressman Stewart L. Udall turned up a case that went a long way toward explaining their reluctance. The case: Arizona Cotton Farmer Jack A. Harris, who put his entire 1,600-acre Pima County cotton farm in the soil bank in return for a $209,701 Government payment, then turned around and plowed up a new farm to grow three times as much cotton. Cried Congressman Udall: "Here is boondoggling on a grand scale. Indeed, the word boondoggling is utterly inadequate to describe this program. We should coin a new term, boonswoggling...
Last week, after Hubble and a reporter-photographer team drove 347 miles to investigate a 60-year-old woman's complaint that she had been bilked out of her $22.40 down payment on a prefabricated garage, a Pictorial story reported that a "Pic Watchdog" had tracked down the promoter, extracted refunds for 20 other victims. Another Pictorial expose, in last week's London edition, was based on readers' complaints that they had been shortchanged on a two-week tour of Italy promoted by a former Indian army brigadier named Jalawar Singh Garewal. The Page One headline: BALONEY...