Word: timber
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Industrial nations, particularly the raw-material-starved Japanese, long hungered after Indonesia's largely untapped hoard of oil, copper, nickel and timber. But intense nationalism and chronic political upheaval kept foreigners out until volatile President Sukarno was overthrown in 1965. Since the new government began encouraging outside investment two years later, hundreds of companies from Japan, the U.S., Europe and the Philippines have poured $250 million into the archipelago, mostly for mining and logging, and have pledged to spend another $1.15 billion. On top of that, they are spending $150 million annually exploring offshore...
Mountains and Jungles. Indonesia's resources are as vast as the country itself, which ranks fifth in the world in population. There are 300 million acres of teak, sandalwood, ebony and other valuable timber, at least one-fortieth of the world's oil reserves under the soil and probably far more offshore, and unmeasured quantities of copper and nickel ore. Experts estimate that Ertsberg Mountain in West Irian, which is the Indonesian half of New Guinea, contains 33 million tons of copper, gold, silver and iron ore all by itself...
...Choice. Forest and oil exploitation, however, are already bringing returns. U.S. and Asian loggers boosted Indonesia's timber exports to $110 million last year, 70% over 1969, and expect to double that by 1973. Working with Pertamina, the state-owned oil monopoly, several foreign firms-including U.S.-owned Atlantic Richfield Co. and Union Oil Co.-recently began producing oil from wells in the Java Sea and adjacent waters. Already the major oil producer in the Far East, Indonesia expects to pump out 1,000,000 bbl. a day this year and 2,000,000 daily by the mid-1970s...
...Saigon. In these areas, its future problems will be to maintain what it has rather than engage in new construction. Against these assets must be set the neglect of the water system in the Delta, the destruction of highway bridges, the damage caused by defoliation and the damage to timber by artillery fire. In addition the Vietnam railroad has been put out of commission. But that may turn out to be a benefit, provided it is permanently abandoned...
...special" problems created in almost every industry when the President fired his economic stop-action gun. Fuel-oil dealers were fearful that they might have to continue selling at summer discount rates until Nov. 12, when the 90-day emergency period will be over. Lumber-company officials wondered how timber could be sold at auction when bidders presumably could not offer more than the maximum price gaveled down over the past month. Boston landlords complained that new taxes, which became effective before Aug. 15, could not be reflected in their rent payments until three months later...