Word: terme
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Dates: during 1950-1959
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...laws on cooperatives, depletion allowances and overseas investments, had to put them aside until next year. It took the committee months of floundering to settle on a measure to finance highway construction. Faced with President Eisenhower's request for removal of interest-rate ceilings on long-term Treasury bonds. Mills proposed three different solutions. failed to muster adequate support for any of them, wearily gave up fortnight ago and postponed any further action on the President's request for the rest of the session...
...Overnight all 1,000-and 500-rupiah notes were arbitrarily cut to one-tenth of their value (though smaller bills were not changed); 90% of every bank deposit over 25,000 rupiahs was frozen, so that the money could be seized for obligatory long-term loans to the government, and banks were closed for two days to straighten out their accounts and report to the government. A new exchange rate of 45 rupiahs to the dollar was proclaimed. All this was done to the accompaniment of denunciations by Sukarno of "vulture capitalists." Added he: "Whoever scoops up wealth...
...proud" of the part U.S. capital has played in the economic development of friendly nations -and particularly in Canada's postwar boom. Since 1953, he said, for every dollar withdrawn from Canada as an investment profit, U.S. firms have reinvested more than $2 in Canada's long-term growth. They have paid $450 million yearly in Canadian income taxes, built up some of Canada's most profitable exports, e.g., nearly $1 billion in pulp and paper sales annually to the U.S. Said Kearns: "We have never regarded capital invested in Canadian enterprises as anything but Canadian...
Congress' refusal to act on the Administration's debt-management program last week continued to disrupt the market for Government and corporate securities. Even as President Eisenhower drafted a special message urging Congress to lift the 4¼% interest-rate ceiling on long-term Government bonds, the Treasury announced that it had to pay 3.824% interest on short-term (91-day) bills, the highest since the bank holiday of March...
...effects of the Treasury's reliance on short-term borrowing in the midst of an overall tightening of the money supply (TIME, Aug. 31) were readily apparent. By drawing $1.6 billion in new cash during the last month, Treasury financing-despite Federal Reserve Board buying support-boosted the rate on 26-week Treasury bills to a record 4.15%. The yield on most long-term Government bonds was more than 4% for the first time since the 1930s, and some yields rose as high as 4.8%. Corporate bond yields also rose; unable to sell their public-utility offerings...