Word: colombia
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Dates: during 1950-1959
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...often the trick was to get the most prominent citizen in a village to buy. For example, when the mayor in one town bought, 17 others lined up to buy. Soon Dauphinot branched out more, became Brazil's most active stock underwriter, was doing business in New York, Colombia and Venezuela. All told, Deltec has sold stock to some 50,000 Brazilians, 80% of whom, Dauphinot estimates, had never owned stock before. The buyers put their money into such Brazilian subsidiaries as Squibb, Dunlop, Willys, General Tire, Lone Star Cement, I.T.&T. and Brazilian department-store, telephone, textile, cement...
With Brazil priced out of the market, the No. 2 coffee country, Colombia, is not so badly off. It has only a little more than 3,000,000 bags in storage, and most of this is the result of an agreement reached last year between Latin America's seven biggest producers to hold some coffee off the market in an effort to prop prices. Just the same, Colombia's exporters are grumbling that holding back only encourages rival African producers to enlarge their share, now about 20%, of the world market. Pegged prices, they insist, allow African producers...
Both Brazil and Colombia want the U.S. either to set minimum prices for coffee and establish import quotas for each coffee-growing nation or begin stockpiling. The U.S. is not yet ready to go that far. It is willing to grant stopgap aid, e.g., a $103 million loan to Colombia a fortnight ago. And it is willing to work jointly on plans for more orderly marketing. "The U.S. finally has admitted that the problem is mutual," said one Latin American ambassador in Washington last week. "That's quite a change...
...Colombia's $103 million, $78 million came from the Export-Import Bank, the rest from 13 private banks. Announced purpose of the loan was "to assist in maintaining Colombia's essential imports from the U.S." Colombia is suffering from a 3,000,000-bag coffee surplus. Without the dollars the coffee could bring in, the country can hardly keep up with its current U.S. commercial debts. The choice, outlined in April by Colombian Foreign Affairs Minister Carlos Sanz de Santamaria: either the U.S. could grant a loan or Colombia would have to risk wrecking world coffee prices...
...toasted ants it is always a seller's market in Colombia. A favorite cocktail delicacy, and popularly reputed to give their eaters courage, they are so highly regarded that Colombians call them the "caviar of Santander." The only thing they dislike about the ants this season is the sky-high price of ten pesos ($1.34) per lb. (about 150 ants...