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Balance Of Payments Battle Is Renewed
The government renewed efforts to fix the balance of payments with a travel tax on tourists and a temporary ban on overseas stock purchases by bank affiliates. Fowler outlined a graduated tax above seven dollars daily outside the Western Hemisphere, plus a 5 percent levy on overseas tickets, lower duty-free limits, and cuts to gift exemptions. The move aims to reduce the 1967 deficit by about 500 million, but drew criticism from travel industry spokesmen. Additionally the Fed imposed a temporary ban on Edge Act investments by Western Europe firms. The auto sector reported 144,903 production week, American Motors posted a quarterly profit, and construction outlays edged up. Unemployment eased to 3.5 percent in January, with total employment at 73.3 million. Knudsen was named Ford president, moving from GM, to become COO and take over duties in Henry Ford II’s absence.