Word: chiles
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After a quarter-century of trying to set its foreign exchange rates by complex official decrees, Chile chucked the philosophy of government control over the value of the peso and went back to the supply-and-demand free rate...
...Chile's experience with controls started out in 1931 as a Depression attempt to subsidize business by giving varying values to the peso (which had been traded freely at eight to the dollar). Depending on their utility, as evaluated by the bureaucracy, various imports got various rates; e.g., whisky was made proportionately more costly to import than milk. Export rates, too, were adjusted to let commodities-in theory at least-meet foreign competition; there was a "copper dollar," a "wine dollar," a "nitrate dollar" and a "sulphur dollar." Soon the government was in the satisfying business of creaming...
...became an ardent booster, hand-picked Waugh and backed his policy of increasing the flow of loans. Now President Waugh is funneling out new loans at a greater rate than last year. Among them: $19.6 million to the Santos-Jundiai Railway in Brazil, $3,300,000 to Chile for more steel, $14 million to Iran, $65 million to the Philippines for general economic development...
Indio Muerto was explored and found promising four years ago. Anaconda quietly bought it, but felt little incentive to mine it: the Chilean government was taking a discouraging 85% of taxable income. Then, last May, Chile voted a new tax law that takes 75% of taxable income at the present production rate, but drops as output rises, sinking to 50% when production is doubled. With new incentive, Anaconda's subsidiary, the Andes Copper Mining Co., drilled enough exploratory holes at Indio Muerto to block out 78 million tons of high-grade ore (1.6% copper...
...mine will go into production in four or five years, just in time to replace the company's dying Potrerillos mine. It thus promises not only to increase Chile's total output of about 450,000 tons of copper a year, but will head off an actual decrease. Out of satisfaction and relief, the company last week renamed the mine El Salvador-The Savior...