According to a Financial Times report the Indian Finance Minister has declared that because defence expenditure was rising higher taxation would be introduced and industry would have to tighten its belt.
Routor roportod cn Decombor 5th that ths Cuban Council of Ilinistors today announced tic nationalisation of all privatcly ownod clothing, toxtilo, footwoar and hardware busin :ssos in Cuba. A docreo signed at a Gounci 1 meoting last night by Prosident Osvaldo Dorticos, Dr.Fidel Castro and the interior trado ministor, Sr. lianueol Luzardo, oxcoptcd only one-man businesses with no shop assistants othor than mombsors of tho immediat. family. Tho dveerce provided componsation for owners of ono lump sum cquivalent to 10 por cont of the: value of shares, plus the romainder in 120 montily paymonts.
For some wonths shoos and undorelething have beon very scarce. The docreo sayss "Tho majority of large and medium contrus of distribution of clothing, footwear and hardware aro in private hands which fostors spoculation and favouritism in the distribution of goods to scctors of the bourscoisic. "The Cuban pespln must tako measures pormitting it resolu tely and efficiontly to face esonomic aggressions of Yankeo imperialism, and to further its rovolution against aii forms of exploitation and priviloge.