UN General Assembly
1967

101. These investments are supposed to contribute to the development of Venezuela; but, according to its Central Bank, the invested capital was amortized as early as 1954, Moreover, these companies cover five times as much land as is cultivated; and at the present rate of extraction the reserves will be exhausted in fourteen years. Lastly, between 1952 and 1963 profits worth $6,226,000 were transferred from Venezuela to the United States (ECLA, "Economic Survey of Latin America", 1964).