Word: wriston
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...WALTER WRISTON: Twenty years ago, it was appropriate for the U.S. to enter a race with a weight on its back as a handicap. Our productive capacity was such that we did not have to worry too much. Now we are aware of the fact that other countries have not honored their commercial treaties. We are aware of the discrimination of the Common Market against American exports in some 23 cases...
...WRISTON: Administrative practices are a major difficulty. You ship fruit over to the Common Market, and they have one inspector on the pier. With that delay, the fruit spoils before the ship can be unloaded. They say that they are not discriminating against us-it just happens that the other fellow's brother graduated from college that day and he went to the ceremony with his sister...
...WRISTON: The export of the American mentality along with our goods and services does us a great disservice. For example, the Trading with the Enemy Act gets everybody who has a foreign subsidiary into trouble. The nations where these subsidiaries operate want them to trade with certain countries, but U.S. law forbids it. You have to interview the shrimp to find out whether they are Communist or Hong Kong shrimp...
...WRISTON: The British sent a group of chartered accountants to Japan for a six-month study to find out what it costs to build a tanker there. At the end of six months they had had a lot of hot baths and a lot of polite conversation, but they did not find out the real costs. A platoon of cost accountants could make it a life's work and still not find...
...combination of Government v. private borrowing," cautioned Walter B. Wriston, president of First National City Bank of New York, "already has caused interest rates for everyone to rise. It will get worse, much worse, in the absence of the tax surcharge." And Sidney J. Weinberg, a senior partner of Goldman, Sachs & Co., prophesied "catastrophic developments in capital and credit markets" without...