Word: alessandris
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...Domestic currency, freed by Alessandri, has stabilized at 1,052 pesos to the dollar (up from the 1958 low of. 1,200). Foreign-exchange reserves are .back to $30 million, highest since January...
...Finance Ministry in Santiago last week, urging government contractors to stop in and pick up their monthly checks-cashable immediately. In Chile, where contractors are resigned to waiting years for the government to pay, it was a sign of real progress. In the nine months since Paper Tycoon Jorge Alessandri, 63, moved in as President on a free-enterprise platform, the longtime degeneration of the national economy has been halted, even reversed in spots. Items on the ledger...
...Jorge Alessandri, Chile's industrialist-President, is determined to run his country on the same hardheaded business principles that he formerly used to run its prosperous paper monopoly. Last week a broadside bill giving Alessandri absolute control of Chile's economy for one year sailed through the Senate and headed back to the Chamber of Deputies for approval of its Senate-added amendments...
...bill authorized Alessandri to grant a once-and-for-all nationwide wage adjustment, reorganize the tax system, fire civil servants, establish a new monetary system, modify the nation's banking. He will also be empowered to reorganize public utilities, consolidate government or semi-government agencies, control monopolies and practices that restrict free trade. The powers are drastic, but so is the squeeze on Chile's economy. The 1959 budget of $465,600,000 is unbalanced by $242,500,000; industrial output has sagged 10% in the past three years; food production falls far short of keeping up with...
Chile's main income source, copper, will greatly help Alessandri's program. Selling for 31½ ? per Ib. on the New York market last week, copper was a fat 6½ ? above last year's low-and each penny's increase in the copper price means an extra $10 million a year for Chile. Moreover, Alessandri, who was elected by a Conservative-Liberal coalition, has congressional support from the Radicals, most important of the oppositionists. Dancing with Princess Alexandra at a British embassy party, Bachelor Alessandri, 62, was a picture of relaxed confidence...