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(Continued from Page A 33)
Borrowers Set
Their Own Terms
Peru won’t renegotiate its debt
repayments position with the
International Monetary Fund but
may increase exports instead. A
Peruvian spokesman said to follow
the IMF terms for debt repayment
would not only “seriously en
danger” Peru’s finances but
threaten its “very survival. Peru
refuses completely to apply the
economic philosophy of the IMF
because it in no way corresponds to
the real development needs of our
country.” Among the commodities
targeted for increased export
activity are cereal crops.
Brazil’s president warned
creditors Brazil will resist
demands for “more sacrifices” in
debt rescheduling talks. “We will
not negotiate with those who do not
take into account the social needs
of our people.” U.S. lenders hold
$5B billion of Brazil’s $105.1 billion
foreign debt.
Last Chance To Play
Income Tax Game
With 86 Rules
There’s only a few days left for
farmers to take advantage of any
tax preferences available under
the old income tax rules. FB
economist Ron Herr said some'
time spent thinking and planning
now and a visit with the accountant
may provide substantial savings
later on. Focus management
decisions on capital gains, income
earned and expenses paid. Per
sonal itemized deductions may be
worth more in 1986 than in 1987, its
the last shot at sales tax write-offs
and individuals will no longer be
able to average income, Hen
added.
Embargoes
Stifled Progress
Embargoes are “economic in
sanity” and have hurt U.S. far
mers, AFBF vice president Harry
Bell said at California FB’s annual
meeting in Monterey this week.
“They cut us out of competition
and cut in countries such as
Argentina. In an attempt to
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balance things out, our govern
ment assumed the contract
obligations of affected grain
traders at a cost of around $5OO
million. Then to stabilize grain
markets, our government made
direct purchases of wheat and corn
that cost $2.8 billion. The govern
ment owned grain depressed the
market from then on. ”
Lowered Exportations
USDA’s latest grain export
report shows a sharp decline in
wheat export shipments and warns
that earlier signs of an export
recovery “may have been only
temporary. With recent in
dications of lower forecasts of total
world import needs in 1986/87, and
strong indications of severe price
competition from other major
exporting countries, prospects for
recovery of U.S. export volume
over the next six to nine months
appear very limited. Problems
cited in the report include EC
dumping and the Community’s
failure to honor their commitment
to import more corn as part of the
Spain/Portugal accession deal;
increased competition from South
Africa in Far East markets;
Australian wheat sales to China
and the USSR and increased
Canadian supplies.
--FARMERS MAKE CON
SERVATION PAY - Farmers
increased crop and livestock
production in 1985 by 6 percent
while using 4 percent fewer
resources, according to a USDA
report of economic indicators in
the farm sector. They boosted crop
output to a new high while planting
fewer acres and using less fer
tilizer. That increased productivity
is being accomplished by farmers
who are taking their less
productive acres out of production
and using farming methods that
require less tillage. The 1985 farm
bill, for the first time included
features that will force farmers to
develop conservation plans in
order to remain eligible for farm
program benefits. Those who plant
crops on highly erodible land also
will lose benefits under the farm
program.
In presentations to Soil and
Water Conservation award win
ners in a Dupont Co. national
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Agriculture Secretary Richard
Lyng said, “The conservation
achievements of these national
winners show that good con
servation is good economics.”
One award winner, lowa farmer
Larry Johnson said of the
government conservation reserve
and sodbuster and swampbuster
programs, “it’s one way to get
them (farmers) to do con
servation.”
Another award winner,
dairyman Harry Jenkins, said
conservation had increased his
productivty. “Practicing con
servation is important both from
an economic standpoint and in
considering long-term benefits to
the land,” Jenkins said.
-LYNG OPTIMISTIC ON IN
COME AND EXPORTS -
Secretary of Agriculture Lyng said
yesterday that he expects some
improvement in farm income and
exports next year, but he made it
clear that he expects this im
provement under the 1985 farm
act, not as a result of any sweeping
changes to be made by Congress or
the administration. Lyng said the
administration plans to go with
basically the present farm
program for the coming year.
-USDA ISSUES EXAMPLES
ON PAYMENT LIMITS -
Responding to questions about how
government payment limitation
rules apply to individual cases the
USDA has prepared a set of
examples for use in county offices
to ensure uniformity in the ad
ministration of the payment
limitations. Farmers who may
have questions are encouraged to
ask their county ASCS office
personnel to see the examples they
are using on payment limitation
provisions.
-TURKEY IS KNOCKING BUT
EEC DOESN’T ANSWER - U K.
Foreign Secretary Geoffrey Howe
told Turkey’s foreign affairs
minister Ali Bozer that it is still too
early for Turkey to be considered
for membership in the European
Economic Community. Turkey has
expressed interest in joining the
EEC, which is still trying to make
adjustments needed as a result of
the entry of Spain and Portugal at
the beginning of this year, said
Howe. If Turkey does apply for
membership in 1987, as some
expect, it may take several years
for the EEC to produce an opinion
on Turkey’s application.
-TWO TEXAS BANK
FAILURES BRING TOTAL TO 135
- Failure this week of banks in
Booker and Lago Vista, Texas
r' Faftnintf fiatvfttoyr Beetlnb«P27? IMMM*
raised the total for the year to 135,
15 more than occurred in all of
1986. The FDIC gave no reason for
the failures, which raise bank
closings in Texas to 25 for the year,
but has arranged for the takeover
of insured deposits of the Booker
bank by the First National Bank of
Perryton and is looking for a
transfer of ownership of the Lago
Vista facility.
-CRACKS IN THE BAMBOO
CURTAIN - Government shifts in
several Soviet leaning economies
have resulted in talk of shifts
toward more flexible systems
indicating growing awareness that
Communism and Socialism is not
all it is cracked up to be. Com
munist authorities in Afghanistan
appear to be holding their own in
factories with their Soviet-style
principles, but are finding slow
going in the countryside where
fanners like their independence.
Tanzania and the Communist
regime in Viet Nam also have
experienced shifts toward greater
economic freedom as well, ac
cording to stories of far-flung
origin appearing in today’s
Chicago Tribune.
-DEERE FOUNDATION
RECEIVES TRUST FOR
TRAINING - A $1 million fund has
been donated by an heir of the
founder of Deere & Co. to provide
retraining for employees of the
company who have been laid off or
terminated because of the tough
economic times. The fund, donated
by Mary Jane Brinton of San
Francisco, great great grand
daughter of the firm’s founder,
said she wished to share some of
the benefits this great company
has given to me.” The fund, to be
administered by the Deere
Foundation, will be used to
generate income and the proceeds
used to pay for education and
retraining programs according to
priorities set by regional advisory
committees to be established by
the company. Foundation officials
expect the fund to generate $BO,OOO
to $lOO,OOO per year.
Not All Cats Get Shots
HARRISBURG - Rep. Terry R.
Scheetz today advised farmers and
other land-owners that not all cats
are covered under the state’s new
rabies vaccination law recently
signed by Gov. Dick Thornburgh.
Scheetz said he added an
amendment to the measure to
exempt farm cats who spend no
time in the home.
“Only cats who spend some part
of the day in the house are included
in the rabies inoculation
requirement,” he said.
“This provision ensures that
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-CONSUMER PRICES INCH
UPWARD - Led by higher prices
for food and automobiles, con
sumer prices rose a modest 0.3
percent in November. Lower
energy prices helped hold the
increase down, the government
said. Economists expect inflation
for 1986 to average a modest 1.3
percent, compared to 3.8 percent in
1985 and they anticipate an in
flation rate of 3.5 to 4.0 percent for
1987. “1986 will be remembered as
the year in which inflation rose at
its slowest rate since 1964,” said
White House spokesman, Larry
Speakes.
-EEC HAS ONLY A FEW DAYS
TO AVOID TARIFFS - The USDA
is getting ready to impose duties on
European wines, cheeses, hams,
vegetables and olives if the EEC
does not make good on its promise
to compensate the U.S for the five
fold increase in Spanish tariffs on
U.S. corn imposed as a result of
Spain’s entry into the Common
Market. U.S. Secretary of
Agriculture Richard Lyng said
there has been disagreement over
the amount and form of com
pensation. “We await further
information from the European
Community or the whole issue gets
down to one of retaliation,” Lyng
said.
-BRAKING SPEED WANTED
ON NO ETHANOL ADS - The
recent announcement by Amoco
that it would discontinue its
negative advertising on ethanol
fuel was fine as far as it goes, says
Illinois Farm Bureau, one of the
leaders in the campaign to revuild
confidence in ethanol fuel. But
says IFB, how quickly the com
pany will remove “no alcohol
added” decals from its gasoline
pumps remains to be seen.
Members will be watching for their
disappearance, as well as wat
ching for Shell and other retail
establishments to follow suit, says
IFB.
farmers and others who have
strays on their property at one
time or another cannot be fined
because of them. Since these are
not house pets, they are very
difficult to catch, much less
vaccinate.”
Another amendment added by
Scheetz will make the new law
easier on dog owners. That
provision will allow registered dog
kennel owners, not just
veterinarians, to give the
inoculations.