Word: interamerican
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...sponsored company to provide capital for Latin American companies by buying their securities. Last week Pennroad Corp., TIME Inc. (which publishes editions of some of its magazines in Latin America) and South American Gold & Platinum Co. announced that they are forming just such an investment company called the Interamerican Capital Corp. It will be the first big-risk capital corporation set up "for the primary purpose of making diversified, direct commitments" in Latin American business...
...firmest U.S. no went to the idea the Latinos cherished most: an interAmerican bank, with capital supplied by all 21 governments, for massive development loans. When the U.S. refused, arguing that present lending outlets were sufficient, the Latin Americans discussed going ahead alone-only to find that three important countries (prosperous Venezuela, Cuba and Colombia) were unwilling to commit their own reserves to such a bank. In the end the delegates agreed on "further study...
Last week, before the Women's National Republican Club in New York, Nelson Rockefeller charged that the U.S. is now "ignoring, neglecting and underestimating" its "fundamental ties with the governments and peoples of other American republics." Said he: "InterAmerican unity has lost much of its vitality, momentum and direction. Disunity and unrest in many parts of Latin America are far more widespread and serious than most people in the U.S. realize. The U.S. has dealt with hemispheric problems on a spot basis, only after they have reached crisis proportions...
...projects. When he came to the future, he dotted no i's, crossed no t's, but he did make a firm commitment. Said Acheson: "Almost every kind of project contemplated in the worldwide program [of help to undeveloped areas] has been developed and tested in cooperative [InterAmerican] programs . . . Present plans include a substantial expansion of these joint activities in this hemisphere...
...Lima's red-carpeted Chamber of Deputies, the first conference of the new anti-Communist C.I.T. (InterAmerican, Federation of Labor) whisked to a successful close. There had been only a few bad moments...