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...served as a bomber pilot. He went to Africa to buy gold for his father's company, became so impressed with the opportunities that he began quietly launching his own ventures. By 1958 Engelhard felt strong enough to set up his $33.6 million American-South African Investment Co., Ltd., listed the shares on the New York Exchange, giving Americans their first opportunity to buy stocks in a South African company on a U.S. exchange. Last week he added to his holdings by agreeing to pay up to $17 million for two gold mines in which Kennecott Copper Corp...
...Engelhard-Oppenheimer investment giant, which will be called Rand Selection Corp., Ltd., is a holding company made up of a combine of six older holding companies, including three controlled by Oppenheimer and one, Rand American Investments, Ltd., owned by Engelhard. Rand Selection's portfolio will be 44% gold mines, some copper and coal mines, and industrial firms...
...Royal York Hotel last week, Liu denied that China has any further need for Canadian foodstuffs or metals, just the opposite of what Canadian traders had surmised. Last year more than 1,500,000 lbs. of Canadian nickel went to Red China via Hong Kong, and Sherritt Gordon Mines Ltd. shipped another 1,039,800 Ibs. to China directly, boosting Canada's 1960 China trade to $20 million. But in view of China's calamitous crop losses to flood and drought, Ottawa is still betting on a major wheat sale to China -the first since Trader Liu placed...
...Many businessmen, particularly oilmen, who need big chunks of investment capital, argue that Canadians do not have the funds to finance major projects themselves. Calgary's Oilweek trade bible cited as a typical case a nearly completed, $90 million financing by Canadian-owned Alberta Gas Trunk Line Co. Ltd. for a pipeline-gathering system. Since that kind of risk capital is simply not available in Canada, Alberta Gas Trunk will probably still have to turn to the U.S. money market and pay 6.3% interest instead of 51% to compensate...
...This was a mere quarter of a cent over the current price, but it represented the biggest futures spread in 19 years. The fraction was small, but in the tight silver trade it was a lot. It was also a warning signal, as London silver brokers Mocatta & Goldsmid Ltd. put it with characteristic British understatement, that "those, who take a longer view are inclined to foresee a deficiency of silver." Consumption of silver in industry and in coinage is far outrunning mine production (see chart), and London silver merchants are convinced that short supplies will soon send silver prices upward...