Word: jute
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Dates: during 1960-1969
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...powerful and growing force in commerce and finance. India's shrewdest small businessmen for many years, they have now moved inexorably into big business. Marwaris control 60% of Calcutta's commerce and industry, 45% of Bombay's. They hold half the capital in the Indian jute industry, and 90% of the capital of companies trading on the Calcutta stock exchange...
From shopkeeping, the Marwaris have expanded into speculation, finance and industry. They moved into jute milling by dispatching platoons of Marwari workers into British mills to learn the technical secrets the British had refused to share. Calcutta's Marwaris moved from the shop-crowded Burrabazar to the financial district's Clive Street, where they set up curb markets and soon moved onto the exchange. Marwaris are India's best bookmakers, so fond of betting that they will wager on the sex of an unborn child or the number of pips in a tangerine flake...
...banana ships unloaded under court order. Even so, bananas began to run short in neighborhood markets, and housewives who succeeded in finding some paid 23? a lb. v. the pre-strike 17?. Crude rubber prices shot up as much as 10%, and Eastern carpet factories, cut off from the jute they need for carpet backing, talked of shutting down...
...China behaved in so inscrutably Oriental a manner last week that even Asians were baffled. After a series of smashing victories in the border war with India. Chinese troops swept down from the towering Himalayas and were poised at the edge of the fertile plains of Assam, whose jute and tea plantations account for one-fourth of India's export trade. Then, with Assam lying defenseless before her conquering army. Red China suddenly called a halt to the fighting...
Despite the turbulence of Argentine politics and the world grain market, Bunge & Born has prospered because it has shrewdly spread its bets into so many countries and industries. By building a reputation for strict honesty and rigid adherence to delivery dates, it has become the biggest shipper of jute in India. Biggest of all the overseas subsidiaries is New York's Bunge Corp., which last year rang up sales of more than $500 million, including more than $125 million from storing and shipping U.S. surplus grain...