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September 20, 1962: Commonwealth of Puerto Rico, Vol. 196, No. 6196

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September 20, 1962: Commonwealth of Puerto Rico, Vol. 196, No. 6196 The COMMERCIAL and FINANCIAL rTTPONTfT P Established 1839 V/ A A A \J V/ -JL. ^ M V^/ I J I J Reg. U. S. Pat. Off. Volume 196 Number 6196 New York 7, N. Y., Thursday, September 20, 1962 Price 50 Cents a Copy In 2 Sections — Section 2 COMMONWEALTH OF PUERTO RICO Aerial view of the road network joining the Old City of San Juan with the Santurce Business District. Modern freeways connect the major commercial and residential sections of San Juan and provide easy access to the Islands outlying areas. IMPRESSIVE ECONOMIC GROWTH ' - I A PRELUDE TO A GREATER TOMORROW Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The . 2 Commercial and Financial , Chronicle . Thursday, September 20, 1962 shows, concluded that year with has been active in developing this end of the fiscal year there were a net income figure of more than field. Loans for various tourist 4,116 hotel and guest house rooms Economy of Puerto Rico $381 million, a gain of more than projects such as large and small available, an increase of 369 over 14% over the preceding year. hotels as well as guest houses and the preceding year. restaurants have been granted. The gains indicated by the fig¬ As indicated, the chief source Is Recently, the Government De¬ ures shown above have been re¬ Steadily Thriving of this 11 gain was traceable to the velopment Bank disbursed an in¬ flected in the entire , . 1 1 .j economy of f , ■ ■ . manufacturing activities of plants By Dr. Rafael Pico, President, Government Development Bank teresting loan for a commercial Puerto Rico—in business gen¬ promoted by the Economic De¬ boat yard and marina, an added „ for Puerto Rico erally, in banking, in transporta¬ velopment Administration, the facility for the growing tourist tion, in public services. so-called "Operation Bootstrap." business. Superlative gains in Puerto Rico's economic progress are seen in This general expansion of the such figures as 11 per cent rise in net income and 14 per Production cent ad¬ by these plants, in Tourist trade in Puerto Rico this economy necessarily showed it¬ vance in terms of generated income, in¬ manufacturing — over the previous year. Year's 21 per cent past year continued its forward self in government income. The creased 22% which is clear evi¬ gain in exports testifies to industrial expansion. At the same time, climb. Tourist expenditures rose Government's General Fund re¬ dence of the remarkable expan¬ the domestic market fared equally well. Newest flourishing industry to $66 million, an increase of 18% ceipts totaled $247 million which sion which has taken place. The over the is tourism which gains 18 per cent over the prior year's figure. corresponding figure of was $29 million higher than the Planning Board reports that the the previous fiscal year. The previous year. Significantly, per¬ net annual income of the Eco¬ number of tourists sonal That the economy of Puerto Rico five stopping at income tax revenues gained years, the annual rate of in¬ nomic Development Administra¬ hotels and guest houses this 21% which indicated the extent to is truly flourishing was dramat¬ crease has never dropped below past tion factories now totals $233 mil¬ year was 219,000 and because of which ically illustrated last month when 7 % while prices in no one of family incomes in Puerto lion and represents nearly two- the Puerto Rico Planning Board these added hotel construction at the Rico rose during the period. years advanced over 2.8%. thirds of the total net manufac¬ was able to The Puerto Rico Planning Board turing income of Puerto Rico. make the an¬ has nouncement prepared this interesting tabu¬ Here are some additional in¬ lation of net income that by categories* during teresting figures of new records the past fiscal Among the several important set: 169 industrial enterprises year (the year factors which produced these very were launched compared with 118 ended June substantial gains this past year a year earlier. A total of 139 fac¬ How can 30, 1962) net have been: (1) the growth in tories actually began operations income rose capital investments, especially in this past fiscal year compared nearly 11% new construction; (2) the expan¬ with 123 the year before. help you (10.8% to be sion of manufacturing activities spot business and precise) to (3) increased governmental At the end of the fiscal year, reach the activities. Other contributing fac¬ 657 plants and factories were in in Puerto Rico record high tors have been a substantial in¬ operation under the aegis of the figure of $1,- crease in tourist trade and, to a Economic Development Adminis¬ 650 million. lesser extent, increased agricul¬ tration, providing employment for This per¬ Dr. Rafael Pico tural income. 59,000 factory workers. centage in¬ In recent years, Puerto Rico's crease was the greatest in the past entire economy has been altered Exports Up 21 Percent ten years. What lends added sig¬ from one basically agricultural to nificance is the fact that per Naturally, this industrial expan¬ an economy where industry now capita income also shows the sion was reflected in exports, and highest annual rate of increase surpasses agriculture as a source the volume of foreign sales of of income by more than 60%. new manufactured in the past ten years despite the products rose This has been to fact that the rate of Puerto Rican largely due the to $494 million. This figure was number of new manufacturing migration to the States has 21% greater than a year earlier. plants promoted under the Com¬ At the sharply declined in recent years same time, factories con¬ monwealth of Puerto Rico's eco¬ and consequently, the total popu¬ centrated on the domestic market nomic development program. lation of Puerto Rico has in¬ in Puerto Rico fared equally well creased. due, in part, to the expansion in Not Affected by U. S. A. Recession construction and the resultant de¬ Rapid Growth Is Real mand for construction materials It is interesting to note that the and, in part, to increased home These great gains were not any manufacturing industries in The first Puerto Rican office of The Bank result of reactivation of an econ¬ Puerto consumption. Rico, which in the second of Nova Scotia was established on the omy which had been declining. quarter of 1961 had shown signs In the public sector, income island more than 50 Quite the contrary! In fact, the of acceleration at a time when years ago. Since then flowing from activities of the 11% increase this economic contraction in the past year came Commonwealth of Puerto Rico the bank has accumulated a vast store of United States had directly on the heels of an in¬ just about and its municipalities — total crease of 9% in the preceding ended, continued to advance experience and information on trade be¬ wages and sales — advanced to year and again of 9% in the year rapidly in the course of the fiscal tween Puerto Rico and the North American $221 million, a payroll increase before that. Actually in the past year 1961-62 and, as the table of $23.5 million. This increase was mainland—all readily available both to chiefly accounted for by the ex¬ Net Income by Categories pansion and improvement of the you and your business customers through educational system of Puerto (Millions of Dollars) Rico, any Scotiabank office. the budget for which, this past Sector of the Economy— 1960-61 1961-62 % Change In addition, the year, was some $12 million higher special incentives offered 4.7 Agriculture $198.3 $207.6 than the year before. Another to business in Puerto Rico are concisely major item Manufacturing 333.2 381.4 14.5 accounting for the in¬ outlined in the Scotiabank brochure crease was $3 million additional Construction by contract & 105.2 14.3 mining- 92.0 in the health budget. Advantage ofa Puerto Rican-Based Opera¬ Government, state & municipalities 197.9 221.4 11.9 tion. can You obtain your free copy simply Agricultural Gains Federal Government 87.0 84.5 — 2.9 by completing and mailing this coupon. Agricultural production, last All others (including rest of world) 580.3 650.0 12.0 year, totaled $255 million, slightly higher than the figure for the Total $1,488.7 $1,650.1 10.8 previous year. As the Planning The Bank of Nova Scotia, Board has pointed out, however, Business Development Department this does not present a true pic¬ 44 King Street West, Toronto, Canada ture of the gains in the agricul¬ tural sector of the economy. The Gentlemen: plain figures do not show, for ex¬ Please GOURMET PEOPLE ample, that year by year the num¬ send me a copy of Advantages of ,v\? ber of cattle ./-vfei-li i V keeps increasing not a Puerto Rican-Based I Operation. GOLDEN PEOPLE KWlil II U' only to meet growing demands for milk and dairy products but also FUSSY PEOPLE because of increased meat con¬ sumption. J Name ... come to the Caribe Hilton to soak up the sun, Indicative of this is the fact the fun, the sports, the scenery... to meet the - | Bank (or Company). that in the year under review I world'ynost interesting people. It's the most the number of head of beef cattle popular hotel in the whole bright resort world I increased by 35,000 which in dol¬ Address. because everything's fun, friendly, lar happily Hilton! value signifies a gain of more So reserve early! EUROPEAN PLAN: From $17 than $5 million. single or $21 double—May 15 to Dec.
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