Banner Graphic, Volume 5, Number 294, Greencastle, Putnam County, 13 February 1975 — Page 5

Confident progress can be made

By BARRY SCHWEID Associated Press Writer Secretary of State Henry A. Kissinger says he is “confident further progress can be made” toward another Israeli-Egyp-

White House set to approve Iran loans

WASHINGTON (AP) - The likely approval by the White House of Iran’s plan to provide loans to financially ailing Pan American World Airways would make the arrangement the most dramatic Instance of an oil-rich nation taking a stake in U.S. industry. Ironically, the surge in oil prices that has enriched Iran also has contributed substantially to Pan Am’s staggering financial losses. The carrier last week blamed a 133 per cent increase in foreign fuel costs for most of its $Bl million loss last year. An agreement for Iran to infuse new funds into Pan Am probably will be given presidential approval within the next few days, a White House source said Wednesday. President Ford’s decision could be announced later this week. “I would not expect it to be unfavorable,” the White House source said.

Offshore drilling delayed for months

WASHINGTON (AP) - The Interior Department says its offshore oil development program could be delayed up to four months by the withdrawal of invitations to oil companies to suggest Mid-Atlantic areas

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tian disengagement agreement. But Israel’s premier declared that he would not meet Egypt’s territorial demands unless the Egyptians end their state Of

If the agreement wins Ford’s approval, Pan Am would join several small-and medium-siz-ed U.S. banks, a shopping center in Atlanta, Ga., and an island resort off the Carolina coast as symbols of investments by foreign oil producers in American business. Treasury Secretary William E. Simon has estimated that the oil-rich nations such as Iran poured $11.5 billion into U.S. investments last year. However, only about $750 million has found its way into tangible business enterprises while the bulk of the funds went into short-term securities. U.S.businessmen have been quoted as saying that Simon’s estimate is low and that oilcountry investments in the United States this year could range up to S3O billion. The question of whether oilproducing countries should be allowed to invest heavily in U.S. corporations has been troubling the Ford administration-

for leasing. Assistant Interior Secretary Royston C. Hughes said the delay could even be longer if the Supreme Court fails to rule before the summer recess on a suit over ownership of the oil

deal on that Dodge. Then, find out how vou collect your check from Dodge for at least s 3OO. But there’s more. IVaae in the right car on the "Dodge of the Week," and vou get a ‘2OO trade-in bonus. That’s a total of >500.' But there’s more to the Car Clearance Carnival than "Dodge of the Week” deals. Through February 28. the Dodge Boys are offering othei great deals on all ’75 Dodges. They've got a lot of cars to move. And they're gonna move ’em. And-even if you don’t end up buying a new Dodge, you might end up driving one. Just by'entering the Dodge Boys’ Clearance Sweepstakes. 2 Each sweepstakes winner (and there'll be plenty- so one could be you) gets free use of a brand-new Dodge for one whole year. You've got nothing to lose. You've got nothing to buy. All you gotta do is come in for full details. But hurry. If you’re not driving a new Dodge by the end of the Car Clearance Carnival, it won’t be the Dodge Boys’ fault. 'Sorry, only one "Dodpo of the Week” deal per c ustomer Retail customers only, "Sweepstakes ends February 28.1975. Void in states where prohibited by law Open only to licensed drivers 18 years old or older. . _

war against the Jewish state. “We have made some progress in clarifying the Issues and indicating the directions in which a solution should be found,” Kissinger told newsmen in Cairo after talking for six hours Wednesday with President Anwar Sadat of Egypt. “The basic problem is to bring peace to the entire area and that is the fundamental problem. In reaching that,

Fewer U.S. aircraft carriers in Asia since Korean War

WASHINGTON (AP) - The United States will have fewer aircraft carriers in Asian waters next year than at any time since the outbreak of the Korean War in 1950. Meanwhile, U.S. air power in Thailand will be cut to a fraction of what it was during the American involvement in the Southeast Asian war. These moves reflect the steady waning of a U.S. military presence that once was felt strongly in countries along a wide arc of the western Pacific. American forces have been scaled down significantly in Japan, South Korea, Taiwan,

resources in the Mid-Atlantic. Hughes commented Wednesday after announcing that the department had been “premature” in asking oil companies Tuesday to submit nominations for offshore areas they would like offered for leasing. The reversal came only a day after New Jersey Gov. Brendan Byrne threatened to sue if the request for nominations were not postponed. Byrne said that under a 1971 agreement with New Jersey the government promised not to seek nominations until the oil ownership suit is settled by the Supreme Court. The court has scheduled a Feb. 24 hearing, and the Justice Department has requested a prompt ruling at least before the court recesses for the summer June 30. The government filed the suit in 1969 against Maine and 11 other coastal states to settle the issue of whether the federal

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there will undoubtedly be individual steps, and I personally have some ideas what these steps might be in the context of an over-all peace.” Kissinger was flying back to Israel today with a stop en route in Syria. He said he would return to the Middle East about March 10. This also indicated he had hopes for an agreement since previously he made his return conditional on his finding that there were points that

the Philippines and Thailand, as well as being withdrawn from South Vietnam. National disenchantment over the Vietnam war set this trend in motion. It has been helped along by budgetary pressures, rising operating costs and cutbacks in U.S. conventional forces, particularly the fleet. Reduction of the Navy’s total carrier force from 15 to 13 ships next year will mean that two instead of three carriers will be deployed in the western Pacific. With one 7th Fleet carrier sent into the Indian Ocean on a fairly regular basis, the

government or the states own oil and gas resources beyond the three-mile offshore limit. In a statement issued through Hughes, Interior Department Secretary Rogers C. B. Morton said that when he requested nominations he was “unaware that representation had been made by the federal government to the Supreme Court that the Department of Interior would not call for nominations before the court’s determination in the case ...” Morton had said two weeks earlier that trie nation’s pressing need for oil compelled him to disregard the agreement, which was made before a time of serious oil shortages. Meanwhile, two Ford administration officials said Wednesday that unless the United States becomes more independent of foreign oil, a future Arab oil embargo could “strangle” the United States. Commerce Secretary Frederick B. Dent said, “An oil embargo like the one in 1973 would strangle us, because we would have become even more dependent on Mideast oil than we were in 1973.” Dent said he did not intend any connection between his remarks on possible economic strangulation and Secretary of State Henry A. Kissinger’s recent statement that the United

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could be negotiated. Meanwhile, Premier Yitzhak Rabin told the Knesset, Israel’s parliament, that his government will not give up the strategic Mitla and Gidi passes and the Abu Rudeis oil fields unless Egypt makes a formal declaration of nonbelligerency. Sadat told the Times of London earlier this week that Egypt will give a formal guarantee against a new war only as part of a final peace settlement.

cutback could leave the United States with only one carrier in the western Pacific at times. At the height of the American involvement as many a six aircraft carriers were on the line, most of them within striking range of North Vietnam, South Vietnam and Laos. Before that war, throughout the years dating back to the Korean War, the United States normally maintained three carriers with the 7th Fleet. One ship usually cruised in the Ja-pan-Korea area, a second patrolled the Taiwan Straits, and the third prowled the South China Sea and other waters-

States might consider using force against oil-producing nations if there is “some actual strangulation of the industrialized world.”

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WASHINGTON (AP) - A plan by the European Common Market to resume subsidizing cheese exports to the United States was put into effect a week ago, according to a State Department telegram being circulated among various government agencies. The telegram was sent by U.S. representatives in Brussels to Secretary of State Henry A. Kissinger on Feb. 7. It said the subsidy program, which had been suspended since last July, was effective Feb. 6. A copy of the message made available to The Associated Press said also that the subsidies were only for exports of cheese to the U.S. market and not any other dairy products. Also, the telegram said, the new subsidy rates did not include Cheddar cheese, the kind produced most in the United States. The renewed export subsidies by the Common Market are being viewed with Concern by American dairy producer representatives as possibly the beginning of another attempt by Europeans to dump massive quantities'of milk products on the U.S. market. ' President Ford promised last Oct. 31 that he would impose

Plan to resume export subsidies

countervailing import duties on European dairy products if the Common Market resumed its subsidy program, an action sought for years by dairy groups and generally supported at this time by Agriculture Secretary Earl L. Butz and other officials in the Agriculture Department. The National Milk Producers Federation, which represents dairy cooperatives nationally, filed a suit in Sept. 1973 against the Secretary of the Treasury to force the use of countervailing

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THE PUTNAM COUNTY BANNER-GRAPHIC FEB 13/14/1975

duties on subsidized imports. The federation contends that subsidized European cheese and other products Undercut prices for domestic products and thereby hurt American dairy farmers. Largely because of that pressure, the Common Market suspended cheese subsidies last July 12 for at least 90 days. But so much had been booked in advance for subsidies under a “pre-fix” arrangement that subsidized European cheese continued to be shipped.