Word: trade
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Dates: during 1950-1959
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What is likely to anger foreign natipns -and raise cries that the U.S. preaches but does not practice free trade-is the fact that domestic sales, as the President himself noted, "have increased in recent years, reaching an alltime high last year." But despite this, domestic producers have campaigned for strict import curbs ever since 1949, complaining of low wages abroad and their own high costs. However, imports' total share of the market in 1956 was only 29%, and the "serious injury" the U.S. companies complained about amounted to barely an 8% increase in five years...
Both naka-darumi and oi-uchi seemed to be exactly what the country needed. Japanese industry, which must import virtually all its raw materials, has been expanding faster than it could sell the manufactured goods on world markets, thus threw its vital balance of trade out of kilter to the detriment of its entire economy. Through the second quarter of 1957, imports poured in at the rate of $5.1 billion annually, 60% more than in 1956 and $2.4 billion more than the most optimistic estimate of exports. The drain on Japan's foreign-exchange reserves reduced them from...
Austerity & Growth. Finance Minister Ichimada does not expect an overnight cure for Japan's expansion troubles. Japan's international payments may actually wind up $400 million in the red by the end of fiscal 1958. But for fiscal 1959 he hopes to balance Japanese trade by boosting exports to $3.1 billion while holding imports to $3.2 billion. Instead of leaping ahead by 10% to 20% each year, national income and industrial production may only grow 3% or 4% next year. Says Finance Minister Ichimada, who calls himself "a realistic optimist": "Our keynote is austerity. There...
Died. Giuseppe di Vittorio, 65, burly, brawling boss of Italy's Communist General Labor Confederation (CGIL) and onetime (1949-57) president of the party-line World Federation of Trade Unions; of a heart attack; while dedicating a new labor hall at Lecco, near Milan. Di Vittorio strongarmed his CGIL into an 8,000,000-member postwar political powerhouse, saw it dwindle to 3,000,000, become well-matched by Italy's free unions. Last year he publicly denounced the "intervention of foreign troops" in Hungary, was branded a "class collaborationist" and bounced from the WFTU presidency...
Hollywood got set for the holiday trade and the annual year-end scramble for Oscars. Still in the can but ready for release are a batch of ambitious films with which cinemoguls hope to capture both cash and glory...