Word: chiles
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...copper nationalization will have the most serious effect on the Chilean economy and on Allende's relations with the U.S., since three U.S. companies (Anaconda, Kennecott and Cerro Corp.) own the bulk of the remaining foreign interest in Chile's copper mines. Allende has also expropriated 350 latifundios (large estates), with a total of 2,593,000 acres. Although very few landless families have been relocated thus far, he likes to boast that "in five months we have done one-third of what the previous government did in six years...
...cost of Allende's revolution has proved higher than many of his countrymen yet realize. So far, direct controls have checked Chile's chronic inflation, which last year galloped away at the rate of 34.9%. The controls have crippled Chilean businessmen by forcing them to hold down prices while having to pay higher taxes and higher wages to employees. Allende has granted cost-of-living increases ranging from 34.9% for public employees to 47% for private workers. The government's policies have also laid the foundation for renewed inflation by increasing the money supply 55.2% during...
...result of the deteriorating economic situation, the Chilean escudo has slipped to an exchange rate of more than 40 to the dollar on the black market (v. 14.5 at the official rate). Since December, Chile's foreign reserves have dropped from $332 million to $255 million. As foreign technicians have left the country, discipline at the mines has fallen steadily. At the giant El Teniente copper mine, absenteeism has increased from 7% last year to more than 25% in February, while copper production at some mines is running 20% behind last year...
...congress, which was never investigated by the U. S. Government, was called to examine the problems of underdeveloped countries, and attracted scientists, artists, and intellectuals from numerous nations, including North Korea, Cambodia, Chile and France...
FRANK C. WESTCOTT Santiago, Chile...