Word: trade
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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...
...wink at the practice. Businessmen swore that they could not operate without external balances, and even some government agencies had undeclared accounts of their own. But Spain's sick economy has been going from bad to worse. In the first nine months of 1958 the country suffered a trade deficit of $263 million. Its exports of citrus fruits are down more than 60%. It has so little left in gold reserves ($57 million) that it cannot even scrape up enough money to pay for the crude petroleum it needs each year. Desperate for hard currency, and shocked...
Chile was in the final phase. Confronted by a 20% budget deficit, a $718 million foreign-trade debt and an unemployment rate of 10%, President Jorge Alessandri's month-old "businessman's government" devalued the currency. Down 18% went the value of the peso, from 837 per dollar to 989, in the hope that such exports as steel and wine, thus cheapened, would rise proportionately...
Amateur newsmen gallantly took to the field. Student editors of New York University's Square Journal put out a twelve-page edition using wire-service copy, and Harvard Crimson staffers rushed down from Cambridge with 8,000 copies of a "New York Edition." For their commuter trade, the New York Central mimeographed a neatly capsuled news summary ("Oldest daily railroad commuter newspaper in New York City"). Not to be outdone, the Long Island Rail Road and the Long Island Press displayed news bulletins in Pennsylvania Station. Schrafft's chain with 39 Manhattan restaurants, presented their customers with...
BRITISH ECONOMIC comeback has put nation in best trade position in decade. November exports climbed so high that British trade gap dropped to $25.8 million, one of lowest since...