Word: quota
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...year and an average of 279 in the ten-year postwar period. Promptly, Secretary Benson announced another cut in cotton plantings. For 1956, they will be reduced to 17,391,304 acres, 4% less than this year. This acreage at average yields will produce 10 million bales, the lowest quota allowed...
None of the abundant policemen have set to work on the corn and beans deal; instead, a new food scandal broke. Guatemala's established importers of flour charged that Minister of Economy Jorge Arenales had set up a quota system that virtually handed an import monopoly to a group of businessmen represented by his own former law partner. Arenales tried to defend his move as an encouragement for growing and milling wheat locally. But the press was unconvinced. Columnist José Alfredo Palmieri sighed: "Corn, beans, and now flour-the best profits are always made on hunger . . . Food speculation...
...biggest U.S. petroleum producers were over an oil barrel last week. Defense Mobilizer Arthur S. Flemming warned them that unless oil imports are cut voluntarily, the President may slap a rigid quota on imports to protect small U.S. producers. Flemming's suggestion: the oil companies should get together and work out an industry plan to restrict imports. The oil companies, which have had more than their share of antitrust suits, were not eager to work out any scheme that would, in effect, slice up a market between them. Furthermore, they do not agree with Flemming that imports have reached...
...import quota was originally set by a presidential Cabinet Committee in February; at that time it was ruled that imports should not exceed the level of 1954, when they accounted for 16.6% of total U.S. production. The big companies did not agree with the Cabinet ruling, but they insist that they have held the line. They argue that it is smaller companies that have pushed up imports of crude oil to nearly 15% above the 1954 level...
...most important split over imports lies in the argument over world trade. If the U.S. slaps a tough quota on oil imports, the economy of other nations, such as Venezuela, will be permanently damaged. Not only will the U.S. lose a strong ally and a source of the petroleum that its industrial society desperately needs, it will also lose a good customer. Venezuela sold $120 million worth of oil to the U.S. last year, but bought $900 million worth of goods in return...