Word: jute
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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...
...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...
...Tudor office building in Buenos Aires, a clattering telex last week typed out more than 1,000 messages a day from the four corners of the world. There was news of jute prices in Calcutta, of harvest prospects in Illinois, and of grain shipments from Australia. All these reports had the same addressee: Bunge & Born Ltd., a firm so powerful that Argentines call it "El Pulpo"-the Octopus...
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...