Word: melchett
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...Labor Government, which nationalized steel over the anguished outcry of industry and the Conservative minority, the new man is an astonishing-but shrewd-choice. He is an Etonian, a Tory and a peer-Julian Edward Alfred Mond, 42, third Baron Melchett, grandson of Alfred Mond, founder of Imperial Chemical Industries Ltd., and a successful merchant banker and gentleman farmer in his own right. Thus, in case of fiasco, Labor will always be able to blame a Tory. "It's quite a fascinating thing," he said softly, "to be asked to do something as large and as complicated...
...chasing and persuading"-to land him in the job. The quest began after it became obvious that nothing could stop Labor's comfortable parliamentary majority from acting at last on a basic commitment to nationalize steel. Convinced that the bill is broad enough to permit free action, Lord Melchett finally agreed to serve. A week later he quit his bank, Hill Samuel & Co., Ltd. and was hard at work learning about steel. Said he: "The job now is for capable people-Tory or anything else-to make sure it gets off on a proper footing and works well...
Flanked by his hand-picked directors in London's World Commonwealth Society Hall, Lord Melchett outlined his plans. The 14 steel companies that were officially taken over by the government account for over 90% of Britain's 32 million-ton steelmaking capacity, control 60% of its known iron-ore deposits. British Steel Corp. will be a single company, one-third larger than the next biggest steelmaker in Europe (August Thyssen-Hiitte), divided into four geographical groups. "We tried to build the thing logically, taking into account geography, product and raw-material supply," said Lord Melchett...
Formidable Challenge. The larger production units were created in the hope that British steel will become more competitive. For the time being, all 14 nationalized companies will continue to exist "supported and advised" by Lord Melchett's four boards of regional directors. They will then gradually take over the functions of individual company boards. Duplication will-hopefully-be eliminated from the start, and services and supply of raw materials streamlined to attain greater efficiency. The four units will not compete with each other in price, but in service, quality and productivity. "We will throw up real savings...
...16th Century psalter from Lord and Lady Melchett, on which England's first Queen Elizabeth had girlishly scribbled her name and a poem...