Word: mitsubishis
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Acutely aware of their vulnerability, Japanese companies are sending teams of geologists and businessmen all over the world to scout for new sources and bid aggressively for existing supplies. The first of two new high-level missions, headed by Wataru Tajitsu, chairman of The Mitsubishi Bank, Ltd., will leave Japan this month to search out new oil sources in Australia, Papua and New Guinea. Japanese crews are exploring for oil-or preparing to do so -from the Persian Gulf to the Gulf of Siam, in Alaska, Colombia...
Reluctant Sellers. Japanese companies are increasingly offering long-term development loans to be repaid in ore, and directly investing in their overseas sources of supply. In Queensland, Australia, Mitsubishi has signed a long-term coal contract: in return, it is lending the developer enough money to help build a small town for the workers, a dam and reservoir, roads and a rail line. Despite this, Australia is one of several countries that have acted outright to discourage the sale of some raw materials. It has urged Australian corporations to stop selling bauxite to the Japanese in ore form, arguing that...
...workers are increasingly entering the domestic market from countries that have pools of lower-wage labor. Next year all of Ford's small Mavericks will be built in Canada, and Chrysler last week announced that in 1971 it will introduce a Dodge Colt line manufactured in Japan by Mitsubishi. For the first time, an American automaker will offer a Japanese-made car in its showrooms...
...them. Since 1968, the oil companies have put into service twelve ships of 200,000 tons or more-called "oilbergs"-and they have 170 more on order in yards from Bilbao to Yokohama. Last week California Standard contracted for a pair of 260,000-tonners from Japan's Mitsubishi. Britain's Scott Lithgow group two weeks ago landed its first order for an oilberg, a 250,000-tonner to be constructed for Anglo Norness, a Bermuda-based shipping company. The builder will launch the huge ship in two sections and weld them together in the water...
Last week Chrysler Corp. got a toehold by making a "general agreement" with Mitsubishi, Japan's second largest industrial corporation, to set up a joint company in which Chrysler would have a 35% share. The government in Tokyo will have to approve the deal, and is not likely to be quick about it. The two firms hope to collaborate on some research, then move on to marketing each other's cars in Japan and the U.S. Later, they might join in assembling Chrysler cars in Japan. Ford also started negotiating in earnest last week with Japan...