Word: donners
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...industry's herculean hunger for capital forced most private businesses to "go public." Today, entering an even more radically different era of expanding world trade and multiplying common markets, U.S. corporations may have to take the next logical step and, says General Motors' Chairman Frederic G. Donner, "go global...
...What Donner proposes is a vast broadening of industry's base that would make "the ownership of international corporations truly international." Before 2,500 delegates from 50 nations who attended the Eighth International Congress of Accountants in Manhattan last week, Donner argued that stock ownership of worldwide companies by the citizens of the countries where they operate would be a "natural complement to the rapidly widening acceptance of free world trade...
...Nuclei. "There is, of necessity," said Donner, "a close relationship between the business and the citizens of these countries. This relationship takes many forms-producer to customer, employer to employee, purchaser to supplier. Can we not now visualize the extension of these relationships in many cases to include the relationship of corporation to stockholder...
Conceding these initial difficulties, Donner suggested that U.S. corporations could help overcome them by such simple measures as printing their annual reports and stock certificates in foreign languages and quoting stock prices in local currencies. The benefits of global stock ownership, he declared, would infinitely reward such efforts. Individual investors the world over would benefit from "the stability provided by the broader markets and larger financial resources" of an international corporation. And the corporations would have created "a new kind of capitalism"-one, declared Donner, that could "make free private enterprise a more effective servant...
...Chairman, Frederic G. Donner, predicted "an excellent year," the likelihood of a billion dollar profit for the second time in G.M. history (the other...