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U. S. World Trade Problem Topic Of Mass Convention
NEW YORK (AP) - One ot the I
thorny problems caught in the!
middle during the change in
administrations is world trade.
Where we're hurting and where
we stand to benefit will he get
tine a verbal coins over here this
week at the National Foreign
Trade Convention.
Some 2.000 American and for
eign businessmen, financiers and
government officials are on hand
to thrash it out.
Wide Rang of Problems
'The ' problems range far and
wide our loss of gold and dollars
to other lands, charges of loss of
jobs by Americans either because
imports cramp our domestic man
ufacturers or because U. S. cor
porations rush to put up plants
overseas to make goods they once
made here for export.
What's to do about seizure of
our property overseas, as in Cu
ba? Or about our exports still
running into barriers abroad al
though the dollar gap is now his
tory? Or about the tax treatment
of profits Americans make on
their investments abroad?
American exporters will be as
sessing the competitive threat
from the European trade blocs
the Inner Six or Common Market
and the Outer Seven or Free
Trade Association.
Consider Communist Threat
And over all the formal talks
and conferences and over the idea
swapping in the corridors where
the delegates mingle will be the
shadow of the hammer and sickle
the threat, real and potential,
to non-communist world trade by
the Red bloc.
Actually, the Americans en
gaged in foreign trade can boast
of a much better balance in their
dealings this year than last. Our
exports this summer were run
ning at about $20 billion a year,
compared with $15. S billion in the
early part of 1959. Our imports
have swung lower. In September
we imported $232 million less than
in the 1959 month.
The National Foreign Trade
Council, sponsor of the convention
has predicted that for the year
as a whole our exports should top
imports by $3.4 billion. It esti
mates final figures for the year
as exports $18.8 billion, imports
$15.4 billion.
U.S. Runs Behind
- But Uncle Sam is still running
behind in total payment of dollars
to foreigners against receipt of
dollars from them.
Outweighing the commercial
trade surplus are the amounts
spent for foreign aid. V. S. in
vestment abroad, foreign travel
and U. S. military bases. The def
icit may come to nearly $4 bil
lion again.
It is because of this deficit the
last three years that foreigners
can turn in their growing supply
of dollars to buy gold from the
U. S. Treasury.
In 1949 the Treasury had $24 6
billion in gold, at the end of 1957
it had $22.9 billion, and today
just a little more than $18 billion.
Must Increase Exports
Washington holds that the most
promising way to correct the de
ficit in the balance of payments
will be to increase our exports
still more. Those at the conven
tion will be discussing ways and
means.
A big topic will be the growth
of American private investment
overseas, which has played its
part in the total flow of dollars
abroad. The Department of Com
merce says U, S. companies will
put $3.85 billion into plants and
equipment outside this country
this year. Canada will get $1.23
billion of American investments,
West Europe $1.1 billion, Latin
America $874 million, and other
regions the remainder.
But a major cause of the flow
of dollars abroad that set off the
flurry in the London gold market
the price rose for one day to
nearly $41 an ounce, against the
legal price here of $35 has been
a rush of short-term investment
funds from this country to foreign
money markets where interest
rates are higher.
This problem involves the poli
tical and economic question of
tight or easy credit, dear or cheap
money. And back of that is the
further situation of business
slackness in the United States
while Western Europe has been
booming. Interest rates have been
eased here to fight the slackness
and raised abroad (until recently)
to control the boom.
The 2,000 at the world trade
meeting will have plenty to talk
about.
INTERNATIONAL SPORT
SYRACUSE (AP) Soccer is
an international game at Syracuse
University. Members of the Orange
team include Luckson Ejofodomi of
Nigeria. Manuel Padron of Vene
zuela, Sucre Perez of Ecuador and
Gaston Schwarz of Peru.
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Much of the middle and southern part of the nation can look
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FROM NINE TO FIVE
By Jo Fischer
I If I
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"Sorry, Coma is out to lunch. Do you want me
to tell her anything that's too good to keep?"
Mon., Nov. 14, 1960 The Newi-Review, Roseburg, Ore. 13
The Crossword Puzzle For Today
Animal Life
Answar to Prtvioul Punlo
ACROSS
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