(Hutchinson New*-UPI Telephoto) THE HARD WAY — Little Loree Eisaman, of Kerrville, Texas, isn't the smoothest dancer in her dancing class but she's trying. A broken leg and cast 'make it pretty hard to point your toe,' Loree says. International Firms Continue to Grow BRUSSELS (AP) - Some of them have bigger incomes than a country the size of Norway or Austria—and as much influence on world affairs. They pride themselves on being good citizens wherever they go. They contribute to raising the standard of living all over the world. Especially in recent years, they have been doing more than national laws requre to provide housing, transport, recreation and social services—as well as good pay and working conditions—for the millions of people they employ. Suit Themselves But, like any businessmen, they act in their own interest. They hire, fire, build, tear down, import, export, lend, borrow, transfer capital, pay divi- Peru Reform Slow LIMA, Peru (AP) - The military men who took over Peru's government three years ago, vowing to build a new station, are ruling in a style that defies traditional labels. But recent steps Indicate that economic problems are requiring the "revolutionary" government to moderate its ways of carrying out programs of sweeping reform. Increased efforts are being made to attract foreign investors, wary of steps designed to end what the military government has described as Peru's traditional dependency on foreign companies. The military leaders who expropriated U.S.-owned International Petroleum Co. declared recently an "open door" policy for foreign firms wishing to participate in a vast search for oil in the Amazon Basin and offshore areas. The government has signed exploration-development contracts with three U.S. companies calling for an even split of oil found. Other foreign firms have applied for contracts with similar terms. Efforts also are being made to interest foreign investors in the mining industry, which provides more than half Peru's annual Income. It has been hurt seriously by strikes and falling copper prices on the international market. Private Investors The government of President Juan Velasco also has shown increasing evidence of desire to come to terms with the country's private investors, frightened by reforms aimed at granting workers part ownership of industry and a voice In management. The military men on Oct. 3, 1968, sent an armored unit to the gates of the presidential palace, ousted the elected president, Fernando Belaunde, and Installed a government of gen- trals and admirals. dends and arrange their tax liabilities to suit themselves and not to suit governments. As a result, they help to bring about monetary and other crises, but are not much affected by them—nor by the solutions. "They" are the great multinational firms—someone has called them "cosmocorps"— like General Motors, International Telephone and Telegraph (IT&T) and thousands of others not so big. Americans own the stock in the big bulk of them, though by no means in all. Shell, one of the biggest, is British and Dutch. About 8,000 U.S. firms have set up foreign subsidiaries since World War II. Many of them operate in 50 countries and some of them have 40 per cent of their employees outside the United States. According to some forecasts they will be producing about a third of every thing manufactured outside the United States by 1975. Their huge growth in recent years has been financed in two ways: —By the great outflow of American capital that has played an important part in recent monetary crises. —By the help of another young international giant that has also escaped international regulation: the Euro-dollar and Euro-bond market. Take a composite, simplified and imaginary firm: the "Excelsior Food Company," whose concentrated "Gritties" can be supposed to appear on most American breakfast tables, and on an increasing number in other countries. Governments Competed Excelsior does not exist, and there is no existing firm that resembles it. There is no such breakfast food as Gritties. But the business operations described here are characteristic of multinational firms, although many do not engage in one or another of them. Imagine Excelsior as a small American firm: small, that is, compared with General Motors but still employing thousands of people. To get an idea of the multinationals' impact on world affairs, multiply Excelsior's activities by the 8,000 others. Excelsior has built a Gritty plant in Ruritania, rather than i n neighboring Belgravia. Although many Ruritarians and Belgravians resent Americans buying up large sections of their industry, and their two central banks are tired of holding so many dollars, the two governments competed hard to get the plant. Foreign investments in a country promote its growth, stimulate local business, create new jobs. Local authorities in both countries offered a 10-year exemption from real estate taxes, but the Ruritanian finance minister promised a break on the corporation tax as well. There was no question of bribery. It was just good business on the firm's side, and good politics on the minister's side. In time, Excelsior will earn a million a year from the Rurita nian operation and send a good deal of it back to the United States. But it will be some years before the total of repatriated dividends equals the original investment. Meanwhile, the U.S. balance of payments goes further and further into the red DAY SALE SPECIALS BIGGEST SAVINGS OF THE WEEK! BIG VALUES ON SALE TODAY AND B0TH MB OPEN TODAY 12 WELCOME Hutchinson News Sunday, Oct 3, 1971 Page Welles DEPARTMENT STORES BANKAMERICARD. OUTDOOR TV ANTENNA TOMORROW ONLY AT WELLES! NOON TO 7 P.M. „ iU JB . 17th and Lorraine 19 99 and white or . .pulls in extreme fringe areas. Complete with all hardware. UHF/VHF or UHF/FM. INDOOR TV ANTENNA REG. 6.99 4.99 All channel chrome plated UHF/arms with 6 position switch, lead-in wire. UHF /VHF type, Compare and save! Kills germs by mi lions on contact. For bad breath, sore throats, minor cuts. efficient TABLETS CLIANI DEtMTAINI-tlAVtt DINTUftll OOMTMI I «• INmitMllMtMIMIIHItllt \ "EFFERDENT" DENTURE CLEANSER TABLETS PACKAGE Effervescent cleansing action cleans • \ deep stains & leaves dentures odor free . . . Individually ->'l wr ^ped. 12 PACK OF 12-OZ. 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