Business & Finance: Flying Down to Rio

A huge four-engined Sunderland flying boat last week approached Buenos Aires from the east, lazily circled the city. Along the Plata estuary, 30,000 enthusiastic Porteños watched the plane land smoothly. Then out hopped the plane's proud owner and Pan American Airways' newest South American competitor, Argentine shipping tycoon Alberto Dodero.

Shipowner Dodero has long wanted to start his own airline connecting Buenos Aires and Montevideo and Asuncion (now connected by his ships). To do so, Dodero tried unsuccessfully to buy U.S. planes in 1943. In England last summer the reception was warmer. Dodero was royally wined & dined. He got the...