Word: gap
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...tourist dollars, earnings of British companies in foreign countries, the fees garnered by British banks, shipping and insurance companies abroad. But in the past three years the "invisible" profits have fallen sharply: from $641 million in 1958 to a mere $62 million last year. To compound the trade gap, exports slipped dangerously in the spring. As a result, Britain, living beyond its means, has spent gold from its reserves to cover the gap five months in a row (at a time of the year when Britain is usually piling up gold). In world money marts, where a fraction...
Fleet Street snickered last February when Berry introduced his new paper, designed to "fill the gap" in a Sunday field that seemed all ends and no middle-one that ranged from the cerebral approach of the Sunday Times to the News of the World, with an appeal that is blatantly visceral. At sight of the upstart Telegraph, a paper advertised as being neither "weightier than you wanted" nor "more frivolous than you fancied,'' the frivolous Sunday sheets smiled indulgently. The Sunday Times could not resist predicting that the newcomer might prove useful as a primer for fledgling intellectuals...
...glowing expectations for the domestic economy (see above). Treasury Secretary Dillon last week voiced cautious optimism about the U.S.'s position in the world economy. After running up an $11.2 billion balance-of-payments deficit in the last three years, the U.S. this year is narrowing the gap. Preliminary figures indicate that for the first six months of 1961, the overall deficit will run only $600 million v. $1.3 billion for the same period last year. In the so-called "basic balance of payments" (which excludes short-term capital flow), the U.S. will probably show a net surplus...
...make the trade gap still wider, British exports in the last three months have dropped 4% below the January-February level. One reason is that Britain seems determined to price itself out of foreign markets. In the past twelve months, the British worker's average wage has risen more than 4% while industrial output has scarcely risen at all. The result: an increase in manufacturers' costs, which in the end could only be absorbed by charging higher prices...
There are all too many reasons why Nikita Khrushchev might want the Geneva talks to continue unsuccessfully forever. The U.S. has a much bigger and better variety of nuclear warheads than the Soviets. The Soviets can only close that gap by continuing with secret tests while U.S. tests stand suspended. Central Russia has plenty of underground salt mines where nuclear explosions would make hardly a quiver on a far-off seismograph. And at least one top U.S. official says that the West has lately recorded some "pretty big bangs" inside the U.S.S.R.-although whether they were of nuclear nature remains...