Smiling new President Juan Esteban Montero, elected after his friends upset the Ibanez Dictatorship (TIME, Oct. 12), faced an appalling crisis last week, cheerfully declared, ''Courage is the greatest need!"
The crisis concerned nitrates, needful in peace as fertilizer, in war as the basis of explosives. Because Chile digs nitrates from her natural deposits, because German producers of synthetic nitrogen cut prices, threatened to ruin her, Chile's whole nitrate industry was rationalized, reorganized and speeded up last year by the creation of "Cosach," the $375,000,000 nitrate trust,...
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