Newspaper Page Text
PAGE SIX
Puerfoßico’sßid To Lure Industry
Runs Gamut From Soup To Taxes
By NEA Foreign Service
! SAN JUAN, Puerto Rico —
(NEA)—Puerto Rico, looking tow
ard the 1962 deadline of its famed
industrial tax holiday, plans a new
low-level tax program aimed at
_@rawing new enterprises from
. mainland America for many years
o come.
.. The island is now in the third
year of an ambitious 15-year de
velopment campaign with econ
omic independence as its goal.
. [Thus fzr it has lured 77 new en
. terprisés employing 9000 workers
“whose payroll is close to $8,000,-
~ 000 a year,
. But this is just a starter. The
~ Puerte Rico Industrial Develop
ment Co., government agency
sparking the drive, wants to cre
‘mte 100,000 jobs in all. The island
has a large pool of wunemployed
.~ and 11,000 employables are swell
~jng the total zea'rty.'
4. Ted Moscoso, director of the de
- Wwelopment company, says island
officials think the time has arrived
(™o give U. S. industries clear as
~surance of what to expect when
. the tax holiday ends.
. As now envisoned, here’s what
“~¥ldustry can look for in Puertc
. Rico after 1962:
. No tax exemption for new es
" gablishments which move in.
. Instead, a low corporate income
. tax to apply to all Puerto Rican
‘tindustries, new and old. Accord
‘ying to Moscoso, this levy would be
. *nominal-—much less than 10 per
“gent.”
+ The island’s governor, Luis Mu
“tmoz Marin, voices the philosophy
jbbehind this plan: “The greatest in=
lucement to private investment in
Sproduction is a tax rate which in
fgeneral is low, This is better than
#m high rate with total exemption
% or certain new industries.”
e* # @
‘. Moscoso believes that with this
#kind of prospect mainland enter
% rises now troubled by the ;un
“ertain Puerto Rican tax outlook
1 take the plunge.
i . "I see it as a test, too, for the
“BMhory of men like Beardsley
: that industry, if allowed to
# k under a light tax load, will
i velop to a point where it will
ix‘%g! ield substantial tax revenues even
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at low rates.”
Moscoso savs Puerto Rico's new
tax plan probably won't be ready
for action by the island legislature
before some time next year. Ard
since the island government needs
more money, it won’'t be enough
just to figure out an attraetive
{uture rate for corporate levies,
To keep pace wilh economic ex
pansion and act as a further mag
net, Puerto Rico must embark on
a big development of public serv
ices—power projects, water and
sewer systems, vocational schools,
hospitals and clinics, housing.
Possible sources of the funds
needed for this work: better en
forcement of present tax laws af
fecting non-exempt industries; up~
ward reassessment of .real prop
erty for tax purposes; revised in
heritance and gift taxes, and &
capital gains levy on property
sales. {
Action in this field can’t be put
off too long. The island’s treas
ury surplus has sunk to about
$170,000,000 from a high of $267,-
000,000 when World War II ended.
The U. S. outlays in the island,
heavy during the war, are taper
ing off.
But Moscoso believes that up to
now the appeal cf the island as a
home for industry is largely un
dimished. Wage rates are up 100
per cent from 1939 levels and still
rising, but they aren’t considered
likely to approach mainland levels.
Furthermore, U. S. industries have
found Pueto Rican labor inherently
more skillful t:xax: th::y anticipated.
Moscoso isn’t wasting time try
ing to lure industry indiscrimin
ately. In repeated forays to the
mainland, he seeks out companies
whose products and operations
could fit well into the Puerto Rican
scene. Island isolation presents
virtually insurmountable raw ma
terial and market problems for
some enterprises.
When the American business
man shows up here for a first
hand look, he gets expert handling.
The development company digs
into his probiems with a will, Is
land taxi drivers and waiters have
been schooled especially to cope
with the habits and expected ques
tions of the mainiand industrialist.
Even thé American stomach is a
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's ~ 3
COLOGNE _SIX YEARS AFTER—Much progress has been made in covering over the scars that
war made six years ago, and a street corner that was once the scene of death and destruction is
¢ { . P ; a 1 - L g s 2
now one of peace and calm. As Cologne citizens move quietly about their daily affairs, evidence
of reconstruction is on all sides
subject of concern to enterprising
'islanders. Right now they’re try
ing to induce some good cooks to
open restaurants around town.
“The U. S. businessman likes to
have a place to meet, eat and talk
over his problems,” says Moscoso.
From here on it looks like the
slogan of Puerto Rico’s develop
ment program is going to be:
“Come to Puerto Rico, where
taxes are low, labor is cheap, the
people are friendly and the soup
is good.”
. THE BANNER-HERALD,' ATHENS, GIORGIN |
WARSAW PUSHES
REBUILDING
WARSAW— (AP) — The new
Warsaw is rising hour by hour.
Eighty thousand of its present
625,000 inhabitants are engaged -in
the wvast reconstruction effort,
which is to be maintamed until
1955.
The German Army systematic
ally destroyed 77,000,000 cubic
meters of Warsaw’s 103,000,000
cubic meters of building space.
About a quarter of this loss has
already been made good. New
state-owned apartments to house
200,000 citizens are under way.
Some now are going up where the
Ghetto wall stood. The Ghetto’s
stony desert is being cleared for
new construction.
Warsaw’s rebuilding is a source
of national pride, cutting acress
hostile ideologies. For Poles, re
gardless of politics this is a labor
of love.
For a particularly good meat
soup, brown the meat bones in a
little fat beiore adding them to the
water and vegetables.
SQUEAKS
£ }
@ \4l'; From I
J\/ The |
: I
ROTARY WHEEL |
!
by SAM WOODS |
A very delightful and’interest
ing program, arranged by Abit Nix
and O. C. Aderhold, was given at
the weekly luncheon meeting of
the Rotary Club Wednesday with
Miss Dolores Artau presenting the
speaker, Miss Tsuyaho Sahamoto,
Japanese student at the Univer
sity under sponsorship of the
Knights Templar and Rotarians.
Miss Artau is foreign student
counselor at the University and in
presenting the speaker paid trib
ute to the Rotarians in their work
with roreign students, ten of whom
are under their sponsorship at the
University. ‘;
Mr. Nix said that the Knights
Templar, after a careful study,
selected Miss Sahamoto for this
' special scholarship.
The attractive Japanese girl, a
college graduate in her own coun
try and later a teacher of Home
Economics, has entered the Uni
versity to further her education in
this field.
Better Relationship
She gave an interesting account
of her trip from Japan to Athens
via California and emphasized the
beauty of America and the many
kindnesses shown her by all, She
has mrade several speaking tours
in Georgia and North Carolina,
striving*to build a better relation
ship between her homeland and
this nation,
Richard Bloodworth has arrang
ed a good program for next Wed
nesday with Jackson Smith as the
speaker. He is Georgia represen
tative for the Dale Carnegie
courses and his subject will be
“Making More From Memory.”
May birthdays were announced
by Preston: Almand and Edsel
Benson presented birthday cakes
to the following: Paul Keller,
Randall Bedgood, jr., Clarence
Chandler, Marion Hubert, Hamp
ton Rowland and Col. James Shu-
felt, June Fellowship is headed by
Joe Wickliffe, with Dan Arnold,
Graham Daniel, F, H. Mendenhall,
O. B. Mcßae, Hampton Rowland
and Cliff Ward.
Bishop Grant presented the
guest, James Barrow, with How
ell Erwin, jr., and a Roamin’ Ro
MOVIES ARE BETTER THAN EVER
| *PHONE 4107
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Last Times Tonite: Friday e
Jeanne Crain
Clifton Webb Dan Dailey
Maureen O’Hara in I “YOU WERE MEANT
“SITTING PRETTY” FOR ME”
} . THE BIG STORY BEHIND
\ _"OPERATION VITTLES”
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PALACE FEATURE STARTS: 12:29, 2:46, 4:53, 7:00, 9:07
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— Last Day ~-
“RECKLESS MOMENT”
THURSDAY, JUNE 1, 1950,
tarian, Sid Wheeler, Moaroe, .. <
presented an ash t;ay. ‘
m
Use cottage cheese in a hanchieon
salad; serve it on top of a bed of
cole slaw, or stuff prunes with the
cheese and serve on shredded lc:.
tuce.
Friday — Ssturday
WHIP WILSON
ANDY CLYDE
in
"GUN
SLINGERS "™
. "o Last Day =
“ANY NUMBER CAN PLAY”