Word: price
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Dates: during 1940-1949
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With new industries abuilding and others blueprinted, Chile was like a specialty shop expanding to department-store size. Then the price of copper, Chile's specialty, started to slip. Last week, when it hit 16? a Ib. (down from 23½? a lb. since March 29), Chileans began wondering just how long they would be in business...
...companies that together own 96% of Chile's mines, announced a 30% cutback, laid off 2,615 workers. Higher-cost Chilean-owned mines had already shut down or soon would. That would add several thousand more to the unemployment rolls. Meanwhile, in the U.S., the price drop brought cries from copper-state Congressmen for revival of the prewar tariff on U.S. copper imports. If it were reimposed, Chile would be shut from any big share of the U.S. market...
Life's Blood. Every 1? drop in the copper market cost the Chilean government $5,000,000 in royalties. By last week the price decline had already brought a $32.5 million-loss in this year's foreign exchange budget. The production cut also meant a fall of 1.8 billion pesos in the taxes that Chile collects on mine operations. "If this situation had presented itself in 1952 instead of 1949," sighed President Gabriel Gonzalez Videla, "it would have been of no importance." But at a time when Chile's industrial development program (TIME, May 30) was still...
...these steps did not go far enough, Chile planned to create a state-controlled Corporation del Cobre which would control the production, price and distribution of all Chilean copper. In effect, U.S. companies would lose their firm hold over the world's biggest source of the metal outside U.S. borders. Chile was reluctant to take the move. But its determination to stand on its own economic feet, whether well-shod by U.S. dollars or not, was too strong to permit an alternative...
...also decided the time had come for plain talking. It turned down the U.A.W.'s wage and pension demands and proposed freezing wages for 18 months. Said Ford's Bargainer John S. Bugas: "It would be utter folly to take any action which would increase the price of our products." The A.F.L. agreed. In its official Monthly Survey it warned that wage demands could force employers into bankruptcy. Said A.F.L.: "Competition is back; prices can no longer be raised indiscriminately to cover higher costs. Business executives show new interest in cutting expenses. Production per man-hour...