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8-23-71

MAY 3 0 1974

CONTENTS

Discussion between members of the Subcommittee on International Trade
of the Committee on Finance and the witnesses:

Abraham Ribicoff (chairman)

Page

1-3,

5, 6, 18, 21-24, 28, 43, 45, 56-58, 60-62, 76, 81, 84, 85, 88, 90-98, 101-104,
119, 121, 122, 165, 167, 185, 188, 189, 197, 200-206, 212-214, 219-221,
233-237, 241-243, 247, 253, 258, 261, 264, 267, 268, 276-280, 292-295, 298,
299, 301-303, 306-308, 311-314, 331, 333, 342, 345, 350, 353-356, 361, 362,
365-369, 372, 374-376, 378, 380-382, 387, 390, 394, 398, 400, 405-411,
414-416, 418, 419, 423, 427-430, 434, 439-444, 448, 449, 455, 457, 458, 460-
462, 464, 469, 471, 472, 483, 487-489, 491, 496-501, 505, 506, 508, 509, 511,
514-516, 518-522, 524, 527-532, 540-545, 549, 555, 557, 561, 562, 567, 568
Russell B. Long---
50-56,

82-84, 86, 87, 94, 97, 99-101, 103, 104, 186-188, 206–208, 241, 242, 245–247,
263-267, 292, 308-311, 400-404
Clinton P. Anderson..

Herman E. Talmadge.

394, 448
3,

4, 24-27, 58-61, 189-192, 194, 195, 258–261, 280, 292, 293, 302, 303, 307,
382, 387-390, 399, 411-413, 416, 429, 442-445, 449, 455, 457, 460, 474,
478-482

J. W. Fulbright....

Wallace F. Bennett.

5, 45-50, 52, 76-81, 197-200, 337, 345, 346-350

5,

43-45, 195-197, 206, 260, 267, 268, 274-276, 281, 398-400, 408, 409, 415,
416, 448
Clifford P. Hansen.

4-6,

28, 40-43, 61, 62, 73-76, 93, 94, 98, 99, 188, 189, 208-212, 237-240, 244,
261-264, 280, 291, 294, 295, 308, 342-345, 372-375, 378-380, 394, 395
Paul J. Fannin..

350-353,
369-372, 376-378, 380, 390-393, 414, 415, 430, 431, 445-448, 458-460,
474-478, 491–495, 505, 522, 524–526, 531, 532, 545–549, 568-570

Departmental Witnesses

Connally, Hon. John B., Secretary of the Treasury, accompanied by:
Hon. Paul A. Volcker, Under Secretary for Monetary Affairs; and
Hon. John R. Petty, Assistant Secretary (International Affairs) -
Houthakker, Hon. Hendrik S., Member, Council of Economic Advisers.-
Palmby, Hon. Clarence D., Assistant Secretary for International Affairs
and Commodity Programs, Department of Agriculture..

Samuels, Hon. Nathaniel, Deputy Under Secretary of State for Economic
Affairs, Department of State---

Shultz, Hon. George P., Director, Office of Management and Budget_.
Stans, Hon. Maurice H., Secretary of Commerce___

Public Witnesses

18

254

424

381

483

213

Ahlbrandt, Roger S., president, Allegheny Ludlum Industries, Inc.,
Pittsburgh, Pa___.

555

Allegheny Ludlum Industries, Inc., Pittsburgh, Pa., Roger S. Ahlbrandt,
president_-_-

555

American Federation of Labor-Congress of Industrial Organizations,
George Meany, president...

167

Ball, George W., senior managing director, Lehman Brothers, Inc., New
York, N.Y

333

Borch, Fred J., chairman of the board, General Electric Co..
Brooks, D. W., chairman of the board, Gold Kist, Inc.-.

506

450

ATRI

Burlington Industries, Inc., Ely R. Callaway, Jr., president, accompanied
by:

Dr. Buford Brandis, chief economist, American Textile Manufacturers
Institute; and

Robert P. Lynn, vice president and general counsel, Burlington Page
Industries, Inc.

Business International, Inc., Orville L. Freeman, president...
Callaway, Ely R. Jr., president, Burlington Industries, Inc.; accompanied
by:

Dr. Buford Brandis, chief economist, American Textile Manufacturers
Institute; and

280

462

Robert P. Lynn, vice president and general counsel, Burlington
Industries, Inc.

280

Chiles, Hon. Lawton, a U.S. Senator from the State of Florida __ Danielian, Dr. N. R., president, International Economic Policy Association___..

416

119

Davis, Kenneth_N. Jr., former Assistant Secretary of Commerce for
Domestic and International Business___

532

Freeman, Orville L., president, Business International, Inc.
General Electric Co., Fred J. Borch, chairman of the board.
Gold Kist, Inc., D. W. Brooks, chairman of the board.

462

506

450

International Economic Policy Association, Dr. N. R. Danielian, president_ Lehman Brothers, Inc., New York, N.Y., George W. Ball, senior managing director___

119

333

Meany, George, president, American Federation of Labor-Congress of
Industrial Organizations___

167

Pisar, Samuel, attorney

362

Wright, Joseph S., chairman of the board, Zenith Radio Corp.
Zenith Radio Corp., Joseph S. Wright, chairman of the board..

84

84

Allegheny Ludlum Industries, Inc., letter of Roger S. Ahlbrandt, presi-
dent, to the chairman of the subcommittee__.
American Footwear Manufacturers Association, Iver M. Olson, senior vice
president and chief economist, statement-

Appendix A

Communications Received by the Subcommittee on International Trade Expressing an Interest in the Subject of Foreign Trade Ahlbrandt, Roger S., president, Allegheny Ludlum Industries, Inc., letter to the chairman of the subcommittee..

566

566

653

Ashland Oil, Inc., Orin E. Atkins, president and chief executive officer, letter with attachment to chairman_

598

Atkins, Orin E., president and chief executive officer, Ashland Oil, Inc., letter with attachment to chairman___

598

Bengston, Nelson, secretary, Russian Dollar Bondholders Committee of the U.S.A., letter with attachment to the chairman__.

720

Brooks, D. W., chairman of the board, Gold Kist, Inc., letter to the chairman of the subcommittee____.

461

Business International, letter of Orville L. Freeman, president, to the chairman of the subcommittee_

464

Correa, Manuel J., president, International Trade Club of Chicago,

statement..

Emergency Committee for American Trade, Donald M. Kendall, chair-
man, statement with attached tables to the committee.-
Fannin, Hon. Paul J., a U.S. Senator from the State of Arizona, statement
read by Hon. Clifford P. Hansen, a U.S. Senator from the State of Wyoming_
First National Bank of Chicago, Gaylord Freeman, chairman, statement_
Ford, Henry II, chairman of the board, Ford Motor Co., statement__
Ford Motor Co., Henry Ford II, chairman of the board, statement_
Freeman, Gaylord, chairman, The First National Bank of Chicago,

statement_

Freeman, Orville L., president, Business International, letter to the chair-
man of the subcommittee__.

Freeport Minerals Co., Bruce E. Harrison, vice president, statement_
Gold Kist, Inc., D. W. Brooks, chairman of the board, letter to the chair-
man of the subcommittee___

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V

Hampton, Robert N., director of marketing and international trade, National Council of Farmer Cooperatives, letter with attachment to the Page chairman

Hansen, Hon. Clifford P., a U.S. Senator from the State of Wyoming, letters to:

All Members of the Senate..

Hon. Maurice H. Stans, Secretary of Commerce..
Harrison, E. Bruce, vice president, Freeport Minerals Co., statement.
Hildebrand, George H., Deputy Under Secretary for International Affairs,
U.S. Department of Labor, statement..

International Trade Club of Chicago, Manuel J. Correa, president,
statement

International Union of Electrical, Radio & Machine Workers, Paul Jen-
nings, president, letter with attachment to the chairman__
Jennings, Paul, president, International Union of Electrical, Radio &
Machine Workers, letter with attachment to the chairman..
Karp, Abraham I., marketing consultant and specialist in applied tech-
nology, letters to the chairman___

677

28

240

647

579

830

702

702

860

Kendall, Donald M., chairman, Emergency Committee for American
Trade, statement...

880

Knoppers, A. T., senior vice president, Merck & Co., Inc., statement with attachments to the chairman__.

724

Lobred, Leonard K., director, International Trade Division, National
Canners Association, statement.

687

McCoy, Frank E., letter with attachments to the chairman of the subcommittee...

562

Merck & Co., Inc., A. T. Knoppers, senior vice president, statement with attachments to the chairman_.

724

National Association of Manufacturers, statement__.

665

National Canners Association, Leonard K. Lobred, director, International
Trade Division, statement-

687

National Council of Farmer Cooperatives, letter of Robert N. Hampton, director of marketing and international trade, National Council of Farmer Cooperatives--

677

Nation-Wide Committee on Import-Export Policy, O. R. Strackbein, president, statement with attachments___.

863

Olson, Iver M., senior vice president and chief economist, American Footwear Manufacturers Association, statement__

653

Ross, Robert, Soviet Import Export, Inc., letter to the chairman__ Russian Dollar Bondholders Committee of the U.S.A., Nelson Bengston, secretary, letter with attachment to the chairman__

698

720

Samuels, Hon. Nathaniel, Deputy Under Secretary of State for Economic
Affairs, letter to the chairman of the subcommittee__
Soviet Import Export Inc., Robert Ross, letter to the chairman.

393

698

Stans, Hon. Maurice H., Secretary of Commerce, letter to Hon. Clifford P.
Hansen, a U.S. Senator from the State of Wyoming--
Stewart, Eugene L., general counsel, Trade Relations Council of the
United States, Inc., letters with attached statement to the chairman. 837, 879
Stitt, Nelson A., director, U.S.-Japan Trade Council, letter to the chair-

241

man_.

649

Strackbein, O. R., president, the Nation-Wide Committee on Import-
Export Policy, statement with attachments____

863

Trade Relations Council of the United States, Inc., Eugene L. Stewart, general counsel, letters with attached statement to the chairman_-_- 837, 879 U.S.-Japan Trade Council, Nelson A. Stitt, director, letter to the chairman. Wright, Joseph S., chairman of the board, Zenith Radio Corp., letter to the chairman of the subcommittee__

Zenith Radio Corp., letter of Joseph S. Wright, chairman of the board, to the chairman of the subcommittee___.

649

88

88

Articles:

Additional Information

"Nixon Votes New Way To Report Trade Balance".
"Japan, Inc.-Winning the Most Important Battle"

"A Time Symposium-Free Trade v. the New Protectionism"
"Ford Warns of Industry Troubles".

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Articles-Continued

Additional Information-Continued

"National Restrictions on International Trade", speech by John C. Renner, Director, Office of International Trade, Department of State__

GATT articles:

XII-Restrictions to safeguard the balance of payments..
XIX-Emergency action on imports of particular products.

Material supplied for the Record by witnesses:

Percentage of cost of labor in a TV set, Joseph S. Wright...

Partial summary of foreign holdings of multinational companies,
AFL-CIO..

Page

268

303

305

88

177

Employment impact of U.S. trade policies.

192

Inventory of nontariff barriers on trade in nonagricultural products,
Department of Commerce---

221

U.S. imports of commodities subject to quantitative restrictions,
Department of Commerce_

234

Increase in nonagricultural employment in Georgia and Louisiana
and consequenses of the exodus of the textile industries from Mas-
sachusetts and New Hampshire, Council of Economic Advisers____
U.S. employment in textiles and apparel, Ely R. Callaway, Jr...
Published average hourly earnings of wage workers in manufacturing
in major industrial countries, Department of Labor..

Some implications of the world company, speech of George W. Ball..
Equalization of tariffs, Department of State---

Effects of the Common Agricultural Policy on the consumer, Depart-
ment of Agriculture_..

263

280

295

356

393

---430, 443

Extent the United Kingdom adoption of common agricultural policy
would raise retail prices in the United Kingdom, Department of
Agriculture..

Foreign countries which report imports on a c.i.f. basis.
Officially misleading foreign trade statistics, statement of Hon. Russell B.
Long, chairman, Committee on Finance, excerpt from the Congressional
Record, May 11, 1971...

Press releases:

Anouncing formation of the Subcommittee on International Trade___
Announcing first hearings of the Subcommittee on International
Trade__

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and U.S. port of entry, for selected illustrative products..

Trends in U.S. foreign trade__

Relationship between the entered value and c.i.f. value, by country

Summary of President's powers to restrict imports___

441

502

28

7

13

29

31

39

53

53

54

206

281

443

496

504

883

Appendix B

Foreign Trade A Survey of Current Issues To Be Studied by the Subcommittee on Foreign Trade (Pamphlet prepared by the staff)

Appendix C

Staff Analysis of Certain Issues Raised by the General Agreement on
Tariffs and Trade (Pamphlet prepared by the staff)_.

Appendix D

Responses of the Departmental Witnesses to Senator Abraham Ribicoff's
Request for Their Comments on the Testimony of Fred J. Borch (De-
partments of Commerce, State, and Treasury and Council of Economic
Advisers).

Page

885

917

943

Appendix E

Trade Policies in the 1970's-Report by Senator Abraham Ribicoff to the
Committee on Finance.__

965

Appendix F

Discriminatory Ocean Freight Rates-Submission for the Record by the
Federal Maritime Commission_.

985

Appendix G

Statement by the Special Trade Representative on Border Taxes_____

1003

Appendix H

United States-Japan Trade in the 1970's-A Strategy Analysis Prepared by the Boston Consulting Group, Inc.......

1011

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