U.S. businessmen have long been warning the Administration that a Point Four program to develop backward countries can't work unless there is also a Point One to guarantee the safety of U.S. investments abroad. Last week came the latest proof that they are right.
Since 1933, Ultramar Petroleum, a joint subsidiary of Socony-Vacuum and the Texas Co., has been refining crude oil shipped into Argentina from Colombia and the Gulf of Mexico area, and marketing the finished products through 1,500 affiliated outlets. But when Juan Peron, who has never encouraged foreign investments in Argentina, refused to let Ultramar take out...
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