Word: cottone
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Dates: during 1970-1979
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...Guatemala, but own only 14 per cent of the land. A subsistence farmer, who cannot grow enough corn for his family on his one or two acres of land or sell it for a reasonable price in the fluctuating market, must migrate to work on the coffee or cotton plantations--called fincas--at harvest time...
Demand for Cotton. Exports are significantly responsible for the shortages that are forcing prices up. Some 6,000,000 bales of U.S. cotton, no less than 45% of this year's crop, will be sent abroad. The Japanese have bought about 1,800,000 bales, 2½ times their normal purchase. The U.S. Government no longer permits the Japanese to convert their huge hoard of dollars into gold, and so they are moving their money instead into such commodities as soybeans, wheat, shrimp-and cotton. In addition, China, hit by a bad crop, is buying unexpectedly large amounts...
...cotton crop was hurt, too, by flooding this spring. Worse yet, the Agriculture Department last winter anticipated surpluses rather than shortages, and it cut back the number of acres on which it pays its standard 150 a lb. subsidy. That move saved the taxpayers $100 million, but by reducing the cotton crop by 4%, it aggravated shortages and drove prices...
Though the Agriculture Department's move was designed to help cotton farmers, most of them were angry. The reason: months ago they committed their crops for sale to brokers at prices averaging a little less than half the current levels. A minority of farmers who held out are now reaping windfall profits, as are the brokers, who bought at low prices...
...shortages become more severe, talk of export restrictions has begun to crop up. Georgia Democratic Senator Herman Talmadge is demanding controls on all commodity exports because of the cotton crisis. The U.S. learned to its sorrow earlier this year that controls on individual commodities lead to problems in other areas. When the Government slapped controls on exports of soybeans in June, foreign buyers simply put their money instead into related U.S. commodities, like peanuts and alfalfa, whose exports then had to be controlled too. A blanket program on all exports would be patently unacceptable to the Administration, which believes that...