THE COFFEE Cams.
Readers of this column, or, at all events, holders of- San Paulo and Brazilian Bonds, probably know well enough that the great fall in the autumn of last year was due to the coffee crisis, the coffee defence schemes having brought about an impossible position. Hope began to revive, however, when it was learned towards the close of the year that certain London bankers had granted short-term credits to the San Paulo Government in connexion with a plan for easing temporarily the coffee situation, by facilitating sales along certain lines. In the months which have intervened I believe that the whole situation has been most thoroughly investi- gated, and that if .the plans considered shimld materialize and the loan I have mentioned should be floated, the development will be one justifying a hopeful view with regard to the Brazilian financial outlook as a whole.
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