Word: melchett
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...Shrewd Englishmen of "The City"-London's "Wall Street"-weighed carefully what was said by Britain's chemical tycoon, Lord Melchett, upon his return last week from hobnobbing in U. S. tycoon-dom (TIME, Oct. 29). "American prosperity is based upon two factors. One is the large amount of money earned during the War at the expense of Europe, the effect of which was to enable America to remodel her old plants and build new factories. The other is the great productivity of the American workman, based partly on the greater use of mechanical power and partly...
...sophisticated observers, familiar with Tycoon Melchett's known passion for consolidation, amalgamation, did believe he had come to the U. S. to tie up his vast British interests with U. S. enterprise. To newsgatherers, he denied all reports of new I. C. I. deals with Allied Chemical in the U. S., or with the mighty German I. G. Farbenindustrie. Most obvious of remaining possibilities, therefore, was a merger of Mond Nickel with the "biggest" International Nickel Co., owning adjoining properties in the Froude Mines of Ontario...
...Lord Melchett returned from Canada, conferred privately and lengthily in Manhattan. Speculators, scorning merger denials, made hasty calculations. Assets of International Nickel total $75,000,000. Together with the Mond company's assets of $40,000,000, the new international nickel trust would be worth between $115,000,000 and $125,000,000. It would control all but a small fraction of the nickel supply of the world. To close the deal, speculators foresaw a split-up of International Nickel common stock, followed by an exchange of both International and Mond stock for shares in the new trust. Trading...
...great was the commotion in the stock exchanges that few heard Tycoon Melchett's pronouncements on world affairs. As a Tory, he will support Prime Minister Stanley Baldwin's government in the coming British elections. Students of English politics recalled, however, that his Toryism is of curiously recent vintage. His was the influence and his the bank account which helped the Liberal Lloyd George to power and kept him there. As Sir Alfred Mond, he took the Ministry of Public Works in the first Lloyd George cabinet...
...Thus the Melchett month ended. Having possibly merged, having certainly titillated, Tycoon Melchett prepared to stride unmirthfully up the gangplank, take off his hat and put it on again, glance at the dark Palisades, and sail"for England...