Word: rico
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Report on Puerto Rico...
...congratulations on a masterpiece of reporting about Puerto Rico [May 14]. Just one addition: Puerto Rico's tax exemption for the manufacturer is not only "if the industry he starts is a new one for the island and not a 'runaway' from the mainland"; the industry in which he starts can be an existing one in Puerto Rico, but the factory itself must be a new addition-to the whole U.S. economy, not merely to P.R.-rather than a plant relocation that causes unemployment elsewhere...
...million last year, earnings 25% to $3,584,-125. Shield hopes to boost his gross another $75 million this year. But he is far more than an enterprising grocer. He is a director of the New York Federal Reserve Bank, and headed the 20-man Puerto Rico Food Advisory Commission, which worked out a master plan to speed native-grown food from farm to table. His latest project: organize the U.S. grocery group that will set up a fully stocked supermarket to go on display at Rome's fairgrounds this summer, thus give an older world a new look...
...transformation as speedy and effective as Puerto Rico's has worthwhile les sons for all Latin America, and for all underdeveloped countries with industrial ambitions. The lesson is not being lost; the story of Puerto Rico is better known among development-minded people abroad than it is among Americans. For this week's festivities, 323 foreign students and technicians are on hand, the latest of more than 3,000 who have come in the last five years from such distant places as the Fiji Islands, Pakistan, Iceland, Israel, Ethiopia and Nepal...
They come specifically to learn Puerto Rico's pragmatic techniques of letting private enterprise develop an area while a democratically elected government supplies aid and incentives. Luis MunÕz Marin thinks that they also see "the U.S. at its undogmatic best: the helping hand guided by the undoctrinaire spirit, so forgetful of its bigness that it fully reveals its greatness...