Taxes from production of fuels and minerals, and lease payments on state lands have been set aside by legislative acts to endow two permanent funds worth about $ 5. 65 billion, ... 9 ... In addition, during fiscal year 1991 , payments to New Mexico from taxes on federal lands were S 108 million ,all earmarked for public education.
... 10 ... About $566 million came from taxes and permanent-fund earnings attributable to oil and gas production. ...11 ... Tourism is an important industry in New Mexico, yet its economic impact on the public sector is dwarfed by that of mineral production.
New Mexico came through the recent recession in much better shape than most other states. It does not have a deficit. ...12...States that rely primarily on a sales tax or on an income tax have big problems during economic downturns. Income growth per head in New Mexico averaged 6. 1/00 in the year to October 1992-one of the fastest growth rates in the United States.
A. It has a broadly based tax structure an important point.
B. In 1992 it produced more oil than Colorado and Kansas combined.
C. However, the extractive mineral industry in New Mexico is one of the state's strongest economic forces.
D. During fiscal year 1992 New Mexico raised permanent funds worth about $6.1 billion.
E. the combined value of oil and gas production was $ 2. 8 billion.
F. Some 16, 000 employees work in the extractive industries and their wages are among the highest of any major industry.
G. the $39 million earned by these funds in 1991 was used to finance education and other public services.
H. Only S 25 million came from agricultural taxes.
I. New Mexico's extractive mineral industries contribute about a third of the state's $ 1. 9 billion general-fund income in fiscal year 1991.PART THREE
. Read this letter about Compensation Trade ,and answer the following questions.
Ministry of Foreign Trade 19th January , 1 993
Xi Changan Street
Beijing , China
This letter is in regard to the window glass business between our firm and the China National Light industrial Products Import & Export Corporation, Daren Branch and the Daren Window Glass Factory.
1. Our two sides sincerely worked in the past and the window glass business has already been done successfully. However, the quantity of products doesn't meet our requirements. This company wants to develop the trade and business further in this line. We now expect to begin working with all the other branches and window glass factories on the same basis ,i. e. compensation trade.
2. For the U. S. A. market, we require very large quantities of small cut sizes. Therefore, we are asking your prompt assistance to help us out in expanding glass-cutting business. We would highly appreciate it if you take this matter into consideration. We are certain that ,with your prompt cooperation, our purchases of Chinese window glass for sale in the U. S. A. market will very quickly increase to a large and substantial volume. With the establishment of diplomatic relations between our two countries ,the time is now right for a very quick and large increase in trade between us.
3. For your information, we are doing everything possible to cooperate in achieving our mutual goal of making the window glass business a very large one. We have offered to purchase various equipment for your Dairen factory which will increase its products, improve quality and raise its efficiency. We have offered to accept payment for this machinery in the form of buy-back of glass. We have also cooperated with the factory in making suggestions for better efficient packing and containerization. The factory has been very cooperative and receptive to our ideas. As we want to begin our business with the other branches too ,we plan to offer the same suggestions and proposals to purchase machinery for them.