Word: coppered
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Chile's government last week carried out a major overhaul of the taxes it imposes on the subsidiaries of the big U.S. companies (Anaconda and Kennecott) that mine 12% of the world's copper there. The new law, scrapping a legal tangle of income taxes, fixed selling prices and exchange-rate penalties that added up to 85% of operating income, provides for an ingenious graduated income tax in reverse. If production stays at present levels, the companies will pay 50% of operating income as their basic tax, plus 25% as a surtax. But the surtax will shrink with...
Coming at a time when U.S. copper prices are at a near record for peacetime, 36? a lb., the law is deftly designed to 1) boost production, 2) bring Chile millions of dollars in new capital and increased revenues, 3) raise company profits, and 4) provide the world with more of Chile's abundant copper. "A victory for good sense," commented a Santiago newspaper...
...tiny Yard, a minute status of John Harvard sits in place before University Hall, as solemn in miniature as in life size, Diminutive hand-painted copper-wire figures people the paths and streets around...
...Americans prosperous simply because they stumbled upon a fabulous lode of natural resources? The book quotes the late Economist Wesley Mitchell, who pointed out that American Indians "lived in a poverty-stricken environment. For them, no coal existed, no petroleum, no metals beyond nuggets of pure copper . . . A precarious food supply, flimsy housing, mystical medicine and chronic warfare limited the increase in numbers." Says Dewhurst: "Technology, in fact, can be thought of as the primary resource; without it all other resources would be economically nonexistent . . . Technological progress during the past century, especially since 1900, appears to have been more rapid...
...thereby reducing one of the sources of demand that might take up part of the slack when automakers cut their buying. Even as these reports were being issued, metal prices began to sag a bit. Steel scrap, critically short a few weeks ago, fell $2 a ton, and scrap copper declined...