Word: chiles
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Dates: during 1940-1949
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With new industries abuilding and others blueprinted, Chile was like a specialty shop expanding to department-store size. Then the price of copper, Chile's specialty, started to slip. Last week, when it hit 16? a Ib. (down from 23½? a lb. since March 29), Chileans began wondering just how long they would be in business...
Anaconda, largest of the two U.S. companies that together own 96% of Chile's mines, announced a 30% cutback, laid off 2,615 workers. Higher-cost Chilean-owned mines had already shut down or soon would. That would add several thousand more to the unemployment rolls. Meanwhile, in the U.S., the price drop brought cries from copper-state Congressmen for revival of the prewar tariff on U.S. copper imports. If it were reimposed, Chile would be shut from any big share of the U.S. market...
...copper market cost the Chilean government $5,000,000 in royalties. By last week the price decline had already brought a $32.5 million-loss in this year's foreign exchange budget. The production cut also meant a fall of 1.8 billion pesos in the taxes that Chile collects on mine operations. "If this situation had presented itself in 1952 instead of 1949," sighed President Gabriel Gonzalez Videla, "it would have been of no importance." But at a time when Chile's industrial development program (TIME, May 30) was still far from paying...
...miners' union hall. Before long, 14 other engineers and foremen, including six U.S. citizens, were brought to the hall. The kidnaping of the engineers was part of a plan to force the return of Mine Union Boss Juan Lechin, who had been banished to Chile along with 19 of his aides on a charge of plotting to overthrow the government...
...condone the horrible conditions under some of the [Latin American] military regimes," says Miller, "but you can't withdraw your ambassador, either. On the other hand, in a positive way you can show your solidarity with a country like Chile, which has a stable and democratic regime that should be encouraged. You can do a lot with the right approach...