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...less than $7,000,000," and most of the money was in Ghana. Part of the earnings had come from his printing company and two daily newspapers in Accra, but Nkrumah's biggest moneymaker was the National Development Corporation, which held a virtual monopoly on Ghana's import trade and was the only automobile insurance company that Ghanaian civil servants were allowed to use. Unless he could get his hands on the money, Nkrumah might quickly starve to death. All he had with him when he flew to Peking fortnight...
...with a 5.13% interest return, one of the highest yields ever placed on a corporate issue of its type. The Federal National Mortgage Association had to pay a record 5.38% to sell $250 million of 14-month debentures. Despite an extraordinarily high 5½% interest, Washington's Export-Import Bank was able to sell only half of a new $700 million issue of participation certificates in existing loans. That embarrassing failure damaged President Johnson's plans to sell off $4.7 billion of U.S. paper assets to cut next year's budget deficit-the size of which...
...with natives: 99.3% of its employees are Latin Americans, including almost all store managers. The company offers a share in stock ownership as well as jobs. In Venezuela, for example, employees through profit sharing have accumulated a 17% stake in the local subsidiary. Because Latin American countries have prohibitive import barriers. Sears buys 80% of its merchandise from 9,000 native manufacturers, who produce such goods as refrigerators, washing machines and blue jeans. Sears's local purchasing program amounts to a private Alliance for Progress that has made a lot of suppliers rich and helped the company become...
...port showed a surprising rate of growth. Between 1945 and 1959, the average volume of import-export cargo almost tripled. Construction and improvements involved huge expenditures, however, so the Massachusetts legislature terminated the Port of Boston as a government agency and in 1956 created the combined Massachusetts Port Authority. The Authority, which presently operates and controls Logan International Airport, Hanscom Field, Port of Boston properties, and the Mystic River Bridge (whose revenues are bigger than those of the port properties), is a curious mixture of business and government designed for the purpose of making the port a commercial concern, rather...
...confidence, perhaps, is justified. For if the New Boston has learned anything, it is not to rely on the past which has left it so out of touch with the present. It has accepted automation, for instance. (Boston's four largest import commodities, petroleum products, sugar, gypsum, and salt are now completely handled by automated machinery. The New Boston, in addition, has begun to learn from other cities. Old South Station and the New Haven yards are to be torn down to make way for a Trade and Transportation Center which features accommodations and showrooms for visiting businessmen, very similar...