Word: industrialists
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...candidate for director of the Defense Department's new Buck Rogers-minded Advanced Research Projects Agency: John A. McCone, California industrialist (shipbuilding) and onetime (1950-51) Under Secretary for Air. Defense Secretary Neil McElroy's plan is that ARPA will take charge of such new weapons systems as anti-missile missiles and, possibly, satellites themselves before they become factors in interservice rivalry. With such a charter, the ARPA boss could easily evolve into a weapons czar without any fanfare...
...Indian Banker G. D. Birla, whom Graham met in San Francisco at the International Industrial Development Conference (TIME, Oct. 28), made good on a promise to match the capital in rupees. Another Indian millionaire promised an additional $200,000 in rupees; two textile magnates raised $25,000 more. Indian Industrialist J. R. D. Tata, owner of 25-company Tata enterprises (TIME, Sept. 30), is expected to come in soon...
...Socialist bias of Nehru's political philosophy, which expressed itself two months ago in a tax on capital assets, discourages private industry, foreign and domestic. Said leading Indian Industrialist G. D. Birla: "As things stand now, there is not the slightest possibility of raising any sizable capital in India...
...William L. Graham, 46, back from starting a brush fire for capitalism with his modest Private Enterprises Inc. in India (TIME, Aug. 12), who in three days in San Francisco lined up a U.S. fund of $250,000 and got an offer from Indian Industrialist and Banker G. D. Birla to match the sum, thus making half a million dollars available for small business ventures in India...
...Industries, suggested that the job of economic world uplift is too big for the investors of any one country, instead proposed that investors form a multi-nation investment association in much the same manner that six individual contracting companies joined together to build the Hoover Dam. Such pooling, said Industrialist Beitz, would provide "a great new source of investment capital." It would be a private world bank that would receive and that would lend local currencies for investment anywhere in the world...