Word: seamens
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...trade gap-the difference between high imports and low exports-was down from $295 million in July to $193 million in August, for the best showing since February. Part of the improvement could be attributed to the resumed shipment of exports after Britain's 45-day seamen's strike. But Jay, a 59-year-old economist, thought there was more to the story than that. He felt that the drastic measures recently imposed by Prime Minister Harold Wilson to hold down consumption and wages were beginning to take effect. "Deductions drawn from the figures for recent months were...
...face brutal treatment at the hands of border guards. But not always. Take the skipper of a Rumanian patrol boat who recently intercepted a family of five that was trying to row across the Black Sea to Turkey. The skipper ordered the runaway family into the cutter, ordered his seamen into the rowboat, and the six roared off together toward the Turkish horizon-and freedom...
...anticipated in installment buying. Homeowners, whose mortgage rates go up and down with the bank rate, now face increases in their mortgage payment. The total effect will be a belt tightener for England, whose foreign trade balance sagged another $295 million in June because of the 45-day seamen's strike that tied up British vessels...
...seamen's strike, the government reported, had cost Britain $137 million in gold and dollar reserves during June alone. That meant a four-month drop in reserves of $372 million, forcing London to call on a $750 million line of credit it has with the Federal Reserve Bank of New York...
Next day, as if to prove his point, the Seamen's Union executive council, non-Communists all, voted an end to the 45-day-old strike that had idled 26,000 seamen, tied up some 900 ships, and may already have cost the British economy perhaps as much as $300 million. There was no reason not to, since the seamen had obtained nearly everything they wanted: a reduction of the work week to 40 hr. by next June (meaning more overtime), plus the promise of a whopping 48 days of annual leave. The settlement will increase the shipowners...