Word: important
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Dates: during 1960-1960
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...dying Congress was not only rough on the Democrats, it also deliberately defied President Eisenhower. After the 21 nation Organization of American States condemned Dictator Trujillo's Dominican Republic for aggression and called for sanctions against it (TIME, Aug. 29), Ike needed authorization to cut imports of Dominican sugar to the U.S. The Senate obligingly voted unrestricted authority to the President, but the House capriciously insisted that he would have to wait until the OAS members formally invoked sanctions. In a schizoid mood, neither House nor Senate would budge, and the new sugar bill died with the Congress...
...prices of what it buys (industrial ma-thinery, tractors, cars) are rising steadily. ¶Foreign private investment-as lately as five years ago the Latin American area was the No. 1 beneficiary-is falling fast. Capital from U.S. Government sources has also been decreasing. In 1959, the Export-Import Bank of Washington collected far more in repayments and interest from the region than it laid out in new money...
...Import Later. Lederle officials, who have invested $13 million in developing the Cox product, were stunned by the PHS endorsement of Sabin vaccine, which was financed by March of Dimes funds and had the powerful support of the National Foundation. Also stunned was Dr. Hilary Koprowski, an early Lederle worker on the vaccine, now at Philadelphia's Wistar Institute. At issue was the question whether the Sabin vaccine was indeed safer than the Cox and Koprowski varieties, as the PHS implied...
...gold. Since 1946, by the colony's own report, some $601 million worth of gold has poured into-and through-Macao (pop. 200,000). Most of it also passed through the hands of Dr. Pedro Lobo, onetime chief economic officer of Macao, who is credited with monopolizing gold import licenses for Macao's "gold syndicate...
...gradually turning the business over to his son Rogerio. 36, who is one of the owners of the single-plane airline that flies gold in from Hong Kong, only 15 air minutes away. On arrival each shipment of gold is meticulously weighed by Portuguese authorities determined to collect the import duty of 42? an ounce, the biggest source of Macao's revenue. After the weighing, the authorities discreetly withdraw. Then the syndicate's employees melt down the international gold bars (usually weighing around 27 lbs.) into the portable 9-oz. bars or thin gold sheets preferred by smugglers...