Word: important
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Dates: during 1950-1959
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...Brazil cleared up the last of its $425 million U.S. commercial-debt backlog as Finance Minister Oswaldo Aranha's policy of ruthlessly cutting imports-powerfully aided by the coffee boom and a $300 million U.S. Export-Import Bank loan-began to pay off fast. Aranha also struck a deal to settle Brazil's ?54 million arrears to Britain. Terms: ?10 million to be paid at once, the balance in annual payments of at least ?6 million...
Bulova Watch Co. makes no secret of the fact that it does business with a cartel. Like other U.S. watchmakers who import Swiss movements, it has to; the Swiss passed a law in 1951 cartelizing their entire watch industry. Since 86% of all jewel movements sold in this country come from Switzerland (about 70% of Bulova's do), virtually every U.S. maker deals with the cartel. In doing so, the industry knuckles under to a tightly closed shop. The Swiss dictate how much watches are to be sold for, where they may be sold, and how many a manufacturer...
...killing time in the waiting room. Some of the best foreign pictures-Henri-George Clouzot's Le Salaire de la Peur and Vittorio de Sica's Umberto D-were not shown in the U.S., because exhibitors thought they would not make enough money. Even so, the continental-import trade was a little shoddy. The British did somewhat better. They produced a top-notch musical (The Beggar's Opera), a funny farce (The Captain's Paradise), a first-rate war picture (The Cruel Sea), and The Conquest of Everest, probably the year's most memorable movie...
...Tamanaco cost $8,500,000-half from the Venezuelan government, a quarter from local private capital and a quarter from the U.S. Export-Import Bank. For the U.S. salesmen who swarm to the booming capital, it offers comfortable rooms at $8 a day; for luxury-seeking tourists it has suites...
...final clubs through the three-year occupation by the military. With the end of the war and the upsurge of the veteran, the clubs edged back into activity but most members realized that the cycle was now complete. The clubs, which had started as pleasure-bent groups of little import and which had swelled to become the leading center of activity in the College, had been stripped of much prestige, importance, and self-importance. The clubs have settled on the even plateau of the past seven years, with claims of service to members and no disservice to the rest...