COMMODITIES: Squeeze in Cocoa?

Great Britain last week extended its monopolistic state-trading system to the peacetime cocoa market. In a White Paper, Britain let it be known that its wartime policy of buying and selling its West Africa cocoa (close to 60% of the world's) would be a permanent practice.

Henceforth importers in the U.S., which uses 40% of the world's cocoa, will buy at Britain's price. (Britain also announced that state trading in cotton will be permanent policy.)

The British claimed that they were only trying to protect the native grower "from short-term fluctuations of world prices." They denied any intention of nullifying the...

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