Word: quota
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Dates: during 1950-1959
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After killing Britain's proposed Western European Free Trade Area (TIME, Dec. 1), the French had agreed to extend to outside nations the same 10% tariff cuts and 20% import quota increases promised to the members of the Common Market. This was as far as the protectionist-minded French intended to go. They would not grant to outsiders the Common Market provision to raise import quotas in each category to at least 3% of a nation's home production (which would allow a lot more German Volkswagens than British Hillman Minxes into France). To the British charge...
...legal difficulties are involved in granting the license to such a private club, the problem is only one of a long wait. Cambridge has a perpetually filled quota of licenses, and can only dispense more when active licenses are revoked or expire...
...announcement came as 21 foreign ministers from Latin American nations gathered in Washington for an informal conference, brought a quick protest from countries dependent on lead and zinc exports. Peru's Raul Porras Barrenechea told Secretary of State Dulles: "Imposition of quotas amounts to economic aggression." Said Dulles: "It is the hope of the United States that the quota system will be a temporary measure...
Mindful of the U.S. Tariff Commission's recommendations for boosting tariffs, foreign nations regarded quotas as much the lesser evil. They were fully aware that U.S. mine production has fallen while imports have climbed (see chart). Canadian politicians railed at the ruling, but Canadian miners were more subdued. "It's easier to get rid of a quota than a tariff," said V. C. Wansbrough, vice president of the Canadian Metal Mining Association...
Cash Needed. But IMF does need cash. In boom, recession or crisis, the trend is toward increasing demand. Since Suez the fund has passed out in hard money loans some $2.7 billion, or two-thirds of all its outlay since the IMF was organized. Moreover, quotas have become unrealistic. Booming West Germany with $5.8 billion in foreign exchange and gold reserves is assessed only $330 million; the United Kingdom, with reserves of only $3 billion has a $1.3 billion quota...