Word: payments
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Dates: during 1950-1959
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...humdrum title, "Law of Prices and Competition Regulations, etc.," but after reading all the small print, a Norwegian shipowner cried, "Which side of the Iron Curtain is Norway on?" The law empowers the government to control prices, profits, methods of calculating business costs, terms of delivery, ways of payment, quality of products, distribution of output, "and other controls . . . on conditions governing trade...
...profits tax" is a misnomer. The law does not merely take the "excess" profits, but starts its levy as soon as profits reach 85% of "normal," i.e., what they were during the "base period" of 1946-49. Furthermore, the tax has a built-in discrimination in the choice of payments. A company may elect to pay a tax based on its 1946-49 earnings, or one based on a fixed return (8%) on its total capitalization. Thus, debt-ridden companies with huge capitalizations, like many railroads, escape the tax. But well-run companies that keep their debt low can only...
...Morning Post last week, the three British banks still technically doing business on the Communist-ruled Chinese mainland ran an important ad: they would pay off all their depositors in local currencies on a sliding scale, depending on the dates when their cities were "liberated" by the Communists. The payment would be liberal-and with reason: the Red government had ordered the banks to refund not only the original deposits, but what they would be worth in terms of China's grossly inflated currency. The move would also be a windfall for the government. Unclaimed deposits, said the notice...
...claim for $250 to cover part of his personal expenses in repairing Star Dust. In 1951, after the Army Finance Center coldly informed him that it was "not authorized to develop claims involving accounts where the disbursing officer is in doubt as to the propriety of payment," George Ruckman took his case to Illinois' Senator Everett Dirksen...
...sister, Josephine. Edsel Ford died of cancer in 1943; Henry Ford, aging and ailing, lived on till 1947. * The biggest share went to Ford Motor's Secretary James Couzens, later U.S. Senator from Michigan, who got $30 million. The Dodge Brothers, who had taken stock in lieu of payment for some of the engines they supplied Ford, got $25 million, which helped buttress their own famed company. * An act which later cost Ford $9,000,000 to settle Ferguson's patent infringement suit...