Word: cash
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Dates: during 1960-1969
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...economic absurdity." The British, who arrived in Gambia in the 16th century, repeatedly tried to trade it off to France in exchange for better land. It has no railway, no airline, not even an army. It has only one hotel, one airport, one fire engine-and only one cash crop, which is peanuts...
...fund. When Jagan left, the treasury did not have enough funds to pay back the $3,650,000 collected under the plan. Burnham canceled the scheme and offered to pay off the depositors with 71% government savings certificates that will mature in 91 years. So far, demands for cash payments have amounted to less than...
...Lauritz Melchior, 74, retired patriarch of Wagnerian tenors; by Mary Markham, 40, once his secretary, now a top Hollywood booking agent, whom he married last May, 15 months after the death of his second wife; on grounds of extreme mental cruelty; in Santa Monica, Calif. Settlement: $20,000 in cash, with another $80,000 to follow upon Melchior's death...
This confidence was shaken when the Chinese New Year, always a time of free spending, produced heavier than usual calls for cash. Unable to meet the unexpected demand, two small banks, Ming Tak and Canton Trust & Commercial, closed their doors in the face of clamoring depositors. As news of the closings spread, panicked shop and office workers abandoned their jobs to queue up in lines as long as 500 yards outside a dozen more banks. Thousands slept on sidewalks overnight to keep their places in line...
...that the problem was not financial weakness but only a shortage of Hong Kong's local paper currency. To stem the run, the government ordered 5,000,000 British ? 1 notes flown from the Bank of England by chartered jet, imposed a temporary $17.50-a-day limit on cash withdrawals. With another ? 35 million in bank notes scheduled to be flown from London soon, the run subsided by week's end. To dramatize its solvency and calm its customers, one Chinese bank used psychology: it piled a hoard of gold bars on the counter...