THE FROZEN MITT.
WALL STREET V. BOOSTERS.
NEW YORK, July 30. Wall Street bankers are closing down on what they call the foreign exploitation of rubber and coffee at the expense of Americans.
The Aso Paulo Mercantile Combination this week tried, and failed, to secure a loan of 40,000,000 dollars (approximately £8,000,000) secured by coffee held in Brazilian warehouses.
Bankers at the same time asserted that rubber propositions from British colonies might expect to encounter difficulties.
After the last coffee loan of 45,000,000 dollars (approximately £9,000,000), to Brazil was floated in London and New York three years ago, coffee jumped from 10 cents to 24 cents a pound. Today it stands at 19 cents.
Wild price fluctuations started with the negotiations for another loan. The Brazilian Government meanwhile is restricting the amount of coffee exported.
Brazilian dispatches charge Americans with boycotting Brazil. To this the Secretary of Commerce (Mr. H. C. Hoover) replies that the United States has always maintained a free and open market for foreign buyers, but Brazil is not doing so in regard to coffee.
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Auckland Star, Volume LVI, Issue 192, 15 August 1925, Page 10
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178THE FROZEN MITT. Auckland Star, Volume LVI, Issue 192, 15 August 1925, Page 10
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