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...plea well presented. After a second meeting, Dulles dashed off for a luncheon talk before the American Chamber of Commerce, then flew to Brazil's new capital, Brasilia, for a farewell dinner with Kubitschek. Then he headed back for Washington, where at week's end the Export-Import Bank announced that credits totaling $58 million in favor of the Bank of Brazil had been granted by a consortium of U.S. private banks, along with a $100 million credit from the Export-Import Bank itself...
Huge Debts. The President's other big problem is an economy dragged downward by the Rojas regime's extravagance and the estimated $70 million sag in coffee income this year. The junta made a start by imposing what Colombian businessmen call "organized recession," including severe import restrictions on everything from toothpaste to typewriters. The cost of living is still climbing at a rate of 20% a year, and Lleras warns that if coffee prices are not stabilized, "this country may explode...
Petrobrás' shortcomings cannot be hidden. It produces 50,000 bbl. of crude oil a day. must import the other three-fourths of the 200,000 bbl. daily consumption at an annual cost of $250 million-roughly equal to the current year's trade deficit. All the oil comes from a single area in Bahia, and Bahia crude is heavy and high in paraffin content, useful mostly for waxes, asphalt and fuel...
...that normally passed through the canal, the new Middle East emergency committee will stress production as well. All the major overseas operators will be members, plus several wholly domestic companies, which were excluded from the Suez committee. For better coordination the plan provides a fulltime government employee (probably Oil Import Administrator Matthew Y. Carson Jr.) as chairman-rather than an industry representative, as during Suez. With details already worked out, Seaton figures that the committee could swing into action on 24 hours' notice...
SMALL CAR FOR CHRYSLER is in the works. Chrysler wants to import and distribute French Simcas, is dickering to buy Ford's 15% interest in Simca, plus big block of stock from Simca treasury. Price of Simca sedans...