Word: ductions
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...industrial picture is equally gloomy. The government has revised its projected growth rate from 10.7% downward to 6%, but forecasts of zero or even minus growth abound for 1974. Last week's announcement by the Arab countries that they intend to cut oil pro duction another 5% in January could lead to a disastrous 20% to 30% shortfall in deliveries. Yoshiya Ariyoshi, chairman of the Mitsubishi-owned N.Y.K. shipping line, calls the situation an economic Guadalcanal-"the point of farthest advance where the steady retreat began." Like many other businessmen, he considers a depression a real possibility...
...live within the budget. Said Nixon: "It is very disconcerting to note that al ready before the Congress are spending proposals which, if enacted, would bust the budget to the tune of at least $6 billion." Yet, in a quick turnabout, he ruled out any substantial saving from are duction in military spending...
...engines. But Lockheed will have to put up an estimated $80 million to $100 million to develop the modified plane, and it does not now have the money. It has already used up $150 million of its Government-guaranteed loan, and will need the rest merely to continue pro duction of the conventional TriStar. Haughton says he is planning to raise the needed cash by floating a new bond issue, but how well it would sell is in some doubt...
...President Salvador Allende pro claimed a Day of National Dignity and declared: "Now we will be the owners of our own future, truly the masters of our destiny." Chileans confidently predicted that under state management copper pro duction will jump to 840,000 tons this year, compared with 640,000 tons in 1970, and the projection is not considered unrealistic...
...workers did not have the one incentive that might have galvanized them into greater effort: consumer goods. Pro duction of household and personal articles increased, but not nearly enough. One result has been a flourishing black market. Westerners in Russia are regularly offered outrageous prices for their clothing, even though buyers and sellers run the risk of being imprisoned. Food prices on the legal "free markets" have jumped so high (cucumbers: $7.50 per lb.) that people living in southern regions find it profitable to hand-carry some delicacies to Moscow...