Word: lumped
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Correspondents learned from authoritative sources in the City and at the Treasury last week that Sir Frederick will propose: 1) to settle Britain's debt once & for all by a lump sum payment in Roosevelt dollars (worth 65? each last week); 2) to raise this lump by selling British dollar bonds to U. S. investors...
Under the Empire's present debt agreement Britain is scheduled to pay the U. S. roughly $11,000,000,000 in annuities running until 1984. The lump sum Sir Frederick reputedly has in mind is $1,000,000,000. If he finds that Wall Street cannot float so large a bond issue, the lump may have to be smaller. "The best solution, of course," correspondents were told by a candid Exchequer functionary, "would be cancellation of the entire debt...
Since only Congress can swallow or reject the British lump, and since Congress is not to meet until January, Sir Frederick and President Roosevelt face the pressing issue of what to do on Dec. 15, when a British annuity payment of $117,000,000 falls due. On the previous annuity date, last June 15, the President accepted a British "token payment" of $10,000,000 in lieu of the $76,000,000 then due. In London last week City financiers were confident that Sir Frederick will offer a "much larger token" on Dec. 15, hoping thus to put Congress...
...somewhat lonely lump in Cuba's pot of ajiaco criollo, President Grau San Martin began to pick a Cabinet. He put in a customs house man, Jose Barquin, as Secretary of the Treasury; an obscure doctor, Antonio Guiteras, as Secretary of the Interior; the son of the famed discoverer of the yellow fever mosquito, Dr. Carlos J. Finlay as Secretary of Sanitation and Public Instruction; a rich architect and engineer, Eduardo J. Chibas, who was a de Cespedes man, as Secretary of Public Works. Meanwhile last week the rest of the hash was still boiling...
...apparent that, unlike his old associate Col. Luke Lea, who is fighting extradition to North Carolina where a six-to-ten year sentence awaits him, Rogers Clark Caldwell was coming back fast. He signed contracts for the second biggest tobacco deal in history. Biggest was R. J. Reynolds (Camels) lump purchase of 60,000,000 lb. of burley from a growers' association several years ago. Last week Mr. Caldwell was not far behind. For approximately $3,750,000 he agreed to buy 40,000,000 lb. of dark-fired tobacco from two big cooperatives, giving him a practical corner...