Word: exporting
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Dates: during 1960-1969
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...even in the affluent U.S. Still, such a global surplus of wheat has piled up this year that producing nations are locked in a price war as they fight to get rid of their oversupply. The U.S., which allowed prices to sag last winter, has now reduced its wheat export prices three times within the past two months to counter cuts by Canada, Australia and France. The major wheat exporting nations are meeting this week in London, but despite their efforts, no agreement on a way to end the price cutting seems to be in sight...
...wheat traded internationally, as against the U.S. domestic support price of $1.25 a bushel. As the negotiators ought to have foreseen, the high world price encouraged overproduction, some of it abetted by large Government subsidies. Price cutting broke out late last year. The U.S. in mid-July cut its export wheat prices by 120 a bushel, to $1.55. At that point, the price war began in earnest...
...Europe, factories are humming at or near their capacity, but consumers are spending money so fast that some firms cannot fully meet the demand for their products. French automakers, for example, are making many domestic buyers wait for delivery of new cars because they are giving priority to export orders...
Addressing a political rally a year ago, Zambian President Kenneth Kaunda insisted that he had no intention of nationalizing the foreign-owned copper mines that account for 95% of his country's export income and half of its government revenues. Said Kaunda: "The copper mines are big business...
...which is owned by Manhattan-based American Metal Climax, Inc., and Anglo American Corp. of South Africa Ltd. In addition to taking over controlling interests in the firms, Zambia will substitute 25-year leases for their existing leases "in perpetuity," and replace the present 44% royalty and export tax with a 51% mineral tax. The nationalized companies' holdings have a book value of about $784 million. Kaunda expects to pay shareholders for their loss entirely out of future copper profits. These are already so heavily taxed that even if dividends are maintained at their present level, the Zambian government...