Word: zealander
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Dates: during 1960-1969
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Sunday afternoon Harvard faces Vesper Boat Club of Philadelphia--the crew which kept the Crimson out of the Olympics in 1964--and crews from New Zealand and Australia which finished first and second at the North Americans...
...surprise came when West Germany--which everybody figured as the number one crew--was beaten in the second trial heat by New Zealand. This doesn't mean, however, that West Germany is out of the competition. Like Harvard, New Zealand wins an automatic spot in the finals, but all of yesterday's losers enter another heat today, and West Germany should easily make it to the finals...
...artificially high wool price that New Zealand maintains with its vast government price-support scheme is mostly to blame for the country's present plight. Last season the government wool commission, which protects domestic sheepmen, had to buy and store 650,000 bales, a third of the total output, at 47? per lb.-80 higher than the average open-market price for Argentine wool. Buyers from abroad were unwilling to pay the New Zealand price, which they considered outrageous...
Prime Minister Keith J. Holyoake's Cabinet decided on drastic measures to recoup some of the loss. These include ending state subsidies on such staples as bread and butter, longtime features of New Zealand's elaborate welfare system. Taxes on gasoline, tobacco and liquor have gone up. The nation's imports and bank loans have been curtailed, and down payments for installment buying increased...
...Parliament dared to call for the welfare state's demise, for such a proposal would be political suicide in New Zealand. But something had to be done to get wool sales going again. So, after weeks of deliberation, the wool commission decided to lower its protective floor price 8?, to a more realistic 39? per lb., for the coming year. It hopes that with a bit of luck, the state will have to buy little of the next crop...