U.S. Slump Worries Red Hungarians
AmericaÛªs economic recession is worrying Hungarian J Communist leaders, reports I the Communist newspaper Fig-lycloe.</br></br>I ÛÏWith a progressing depression our exports to the capitalist countries will encounter considerable difficulties due to tougher competition,Û the newspaper said.</br></br>; Hungary and other iron curtain countries are earning badly needed hard currencies through exports to the west. The newspaper continued: ÛÏWe have to expect the difficulties (in exports) fto draw on and become general in the future. Many capitalist countries will hinder imports by protective customs barriers because of fear of a crisis. Toughening of competition will also occur on the markets of the under-developed countries.Û Other news of international trade:</br></br>Japan has assured U. S. textile manufacturers and congressional critics that the problem of violations of cotton textile quota controls ÛÏlias been overcomeÛ and that offenders ;in Japan are being penalized.</br></br>The Earl of Gosford, BritainÛªs Parliamentary Undersecretary of State for Foreign Affairs says sterling has regained its position as the leading trading currency of the world.