Word: zinc
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...exports, but, by failing to curb overproduction, their real problem, left open the question of how long the agreement would work. Now the U.S. is also taking the lead in setting up a study group to plan a stabilization board for the world's hard-pressed lead and zinc producers. It favors these plans in the hope that they may replace unpopular import quotas that have alienated friends, such as the quotas put on lead and zinc imports to protect domestic producers...
...relieve the "genuine distress" of the lead and zinc industry. President Eisenhower announced the expected quotas that will cut imports of the two metals 33% from their current levels. Set at 80% of the 1953-57 average, the quotas will allow imports of 354,720 short tons of lead, v. a five-year average of 481,638 tons, and 520,960 short tons of zinc, v. a five-year average-of 651,200 tons...
...announcement came as 21 foreign ministers from Latin American nations gathered in Washington for an informal conference, brought a quick protest from countries dependent on lead and zinc exports. Peru's Raul Porras Barrenechea told Secretary of State Dulles: "Imposition of quotas amounts to economic aggression." Said Dulles: "It is the hope of the United States that the quota system will be a temporary measure...
...Some governments will have to cut back budgets to accommodate reduced revenues, may possibly slap on discriminatory quotas against U.S. goods in retaliation. But the State Department hopes the quotas will give an important push toward working out an international agreement to stabilize the prices of lead and zinc, hopes that the necessity for the quotas will then be eliminated...
After kicking around Congress for weeks, the Administration's metals subsidy plan (TIME, May 19) finally died last week at the hands of the House of Representatives. Originally put forward to bolster prices in five depressed industries (copper, lead, zinc, tungsten, fluorspar) -and incidentally win support for the President's reciprocal trade program from mining-state Congressmen-the $458 million support program ran into rough going after passing the Senate. Chief reason: many Congressmen felt that the bill would aid mainly those big international producers who are making money anyway and are doing most of the importing that...