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    "label": "Dorado Beach Summit Conference Pool Report #5 - Add. #2",
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    "title": "Dorado Beach Summit Conference Pool Report #5 - Add. #2",
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        {
            "day": 28,
            "logicalDate": "1976-06-28",
            "month": 6,
            "year": 1976
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    "ocrText": "Digitized from Box 28 of the White House Press Releases at the Gerald R. Ford Presidential Library\nJune 28, 1976\nDORADO BEACH SUMMIT CONFERENCE POOL REPORT #5--ADD.#2\nConference sources described in detail this morning the opening remarks\nof German Chancellor Helmut Schmidt, who chaired the discussion of pro-\nblems between North-South, developed-developing countries. Schmidt's\ntheme was that the position adopted at the recent meeting of the United Nations'\nConference on Trade and Development would not, repeat, not help the countries\ngenuinely at need. In fact, he said, the real winners would be a handful of\ntwelve undeveloped countries which might gain a slight advantage, the Soviet\nUnion which would enjoy a large advantage, and six developed nations which\nwill enjoy \"windfall profits\" by gaining double benefits from any universal\ncommodities' stabilization fund.\nAt the recent Unctad meeting in Nairobi, the less developed countries, joined\nby the Soviet Bloc, pushed through a resolution urging that stabilization funds\nbasically financed by commodities' importing nations be established which would\nplace a floor under the price of each commodity involved. They would do so\nby purchasing the commodities whenever the market price fell below the\nestablished'floor\" level and storing the raw material until a rise in prices\npermitted its sale.\nBy Schmidt's detailed analysis, agreeing with a long-established U.S. position\nheld that the great majority of the 87 less developed countries which were\nanalyzed by the German government would suffer from such a program, not,\nrepeat, not.gain.from it.\nAmong the East-Bloc nations, including the Peoples Republic of China, nearly\nall twelve countries suffer deficits in raw materials export, except the Soviet\nUnion, which is a large net exporter, and would be the \"chief beneficiary\" as\nSchmidt'said of a general commodities stablization pool.\nSchmidt noted that there was a \"transfer effect\" which would basically enable\nall the industrial nations, even those which are net raw materials exporters,\nto pass on their cost increases to others in heightened prices of their finished\ngoods sold in export. And even for the twelve major exporters among the =\nldc's, Schmidt's said, they have indirect costs, which actually reduced the\nreal earnings from raw exports below levels indicated by simple export-import\ndata.\nSchmidt's conclusion, therefore, was that a universal system of commodities\nstablization funds would not help the developing word as a whole and benefit\nthe rich.\nA general discussion of the commodities issue followed Schmidt's presentation,\nconference sources said.\nJerry Cahill--NYDaily News\nRich Thomas--Newswe ek\nLen Filk--NYTimes"
}