Working within the framework of existing law, Chile's Marxist president, Salvador Allende continues on his course of bringing business enterprises into the public domain.
Working within the framework of existing law, Chile's Marxist president, Salvador Allende continues on his course of bringing business enterprises into the public domain. The first major victim of the takeovers was the giant Ford Motor Company assembly plant in Casablanca (about 50-miles west of Santiago) last month.
Foreign banks appear to be next on the list takeover. The government has requested them to present sale prices which will then be negotiated. Several of the banks have indicated they will comply.
The latest moves by Dr. Allende indicate that in his seven months in office he is keeping elections promises to take the "Chilean road to Socialism." Previously the government had expropriated farm lands and mining concerns.
SYNOPSIS: The government of Marxist President Salvador Allende is proceeding with legality and speed to end large-scale capitalism in Chile.
This is the Ford assembly plant outside Santiago. Announcing that the factory had lost 16-million-dollars in three years of operation, Ford shut it down in May.
The laid-off workers then seized the plant. The government announce that Ford could not fire them and threatened reprisals if it tried to do so. Ford's American officials paid a severance bonus to the company's Chilean executives and quietly left the country. Now government officials are trying to get the plant back to work without Ford.
This factory, Chile's largest textile mill was taken over by the government without a work stoppage Present plans call for giving workers a say in the factory management. Previously the plant was owned by a Chilean family named, Yarur.
As sign at the factory entrance reads Yarur -- Territory Liberated from Exploitation.
Until it can be torn down the status of the company founder has been covered with a sheet.
Foreign banks are next in line for a takeover. The government requested them to propose sale prices for negotiation. Three bank apparently will sell out voluntarily to the government.
The First National City Bank of New York, however, is resisting. Evidently it would prefer outright nationalisation to being forced to make a sale it doesn't want to.