Word: tins
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Time to Explain. The tin decree, climaxing long years of bloody struggle, was the most important act of nationalization in Latin America since Mexico expropriated its foreign oil companies in 1938. The three nationalized companies-Patińo,* Hochschild, Aramayo-produce 72% of the country's tin. Though Bolivia now mines only 15% of the world's tin, it still accounts for virtually all that is produced in the Western Hemisphere. And tin is still backward Bolivia's one cash crop, providing 80% of the country's foreign exchange. Last week's decree...
...nationalization, the companies received what appeared to be a demand for $505 .million in unreported foreign exchange and $15 million in allegedly evaded income taxes (TIME, Nov. 3). Last week the President's experts explained that this was not a final reckoning. The implication was that the tin companies, if they agree to dicker instead of fighting the regime by litigation and fomenting embargoes abroad, might still wind up with some cash compensation for their shareholders (including the U.S. citizens who reportedly own 26% of Patino Mines & Enterprises stock...
...striking such a bargain, President Paz Estenssoro has offered engineers and other foreign employees of the three companies security of tenure, salary and other contract benefits if they will keep on working for the government's newly constituted Bolivian Mining Corp. But coming to terms with the tin barons and their experts may not be the President's toughest problem. Speaking to the miners at Catavi last week, Labor Boss Juan Lechin, Bolivia's left-wing Minister of Mines, said: "Nationalization must be carried out without payment to the thieving tin barons." Now, more than ever...
...with blood. In its death throes, a whale rammed the boat containing three generations of Higdons. It smashed three planks below the water line, but the skiff stayed in the drive. Ashore, 12-year-old Charlie Williams thrust a lance into a beached whale. The din was terrible: clanking tin cans, shouts from fishermen, screams from women on the beach and a frantic pounding of whale tails on water. Blubber for the Plant. Examining the carcasses, the fishermen found that they had set a season's record: 3,200 with three weeks still to go. Best previous year...
...government in Bolivia took over his mines under a nationalization decree (see HEMISPHERE), Bolivian Tin King Antenor Patińo was in Manhattan in the process of being parted from some of his fortune. A few hours before he planned to fly to Paris, he was haled into court by his Spanish-born wife and charged with being $400,000 behind in support payments. She wanted a settlement before he left the country. "I'm going to ... Paris this afternoon," pleaded Patińo. "No, you're not," snapped the judge. "You're going to city prison...