Word: copperizing
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Much of the Philippines' violence rises from the chasm of poverty that separates rich and poor. Though the 7,100 islands of the republic are rich in natural resources (gold and copper on Luzon, iron on Samar, chromite on Mindanao) and fecund with such crops as tobacco, sugar, corn and rice, average Filipino income is only $120 a year. Fully 6% of the population is unemployed, and a third of all Filipinos work only three months a year. Manila's wealthy suburb of Forbes Park glitters with swimming pools, but children starve to death regularly in the shack...
Duped Chiefs. Whatever happens, Zambia's independence will mean a mighty comedown for the London-based holding company that once ran the Rhodesias as a corporate fief. Simply known as "Chartered," the company raised its own army to cut through the bush and opened up the copper belt. As both ruler and landlord, Chartered also built railroads, clinics and some schools. But Zambian nationalists, who dispute the legality of the company's rights, claim that it duped Lewanika and other illiterate tribal chieftains into signing away their rights...
...expense of running it, did Chartered begin to reap stable financial rewards. Though it operated no mines itself, it handed out concessions to South African companies. It now owns an interest in most of the territory's mines, which produce 15% of the world's copper; royalties from their operations accounted for $18 million of the British South Africa Co.'s net earnings of $22 million last year...
Chrysler and General Motors set historic highs during the week, and Ford came within an inch of its alltime peak. Many companies that sell to the automakers-in steel, copper, rubber, glass -also jumped smartly. Another fast riser was Du Pont (up 17 points, to 276), which still holds 23 million shares of G.M. stock...
...hold, Peking has established trade missions in Mexico and Chile. Last year Mexico sold an estimated 500,000 tons of wheat to China, plus 22,000 bales of cotton; a 500,000-bale deal is pending for this year. Chile is selling nitrates and a small amount of copper. Roving teams of Chinese businessmen have bought wheat in Argentina, arranged to sell some textiles in Haiti. But so far Latin Americans have generally bought little. U.S. estimates put Chinese sales to Latin America at only $25 million last year...