When the Commerce Department last week released its quarterly reckoning of U.S. international receipts and payments for the first three months of 1968, the totals turned out to be both bad and good. Bad was the fact that there still was a deficit, this time to the tune of $600 million, and that the once heavily favorable trade surplus on which the nation depends had slipped again to a modest $100 million. Good was the news that other transactions—an in flow of $360 million to U.S. banks, the sale of $677 million in U.S. securities abroad—had helped to offset...
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