Word: payments
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Dates: during 1960-1969
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After royalty and tax payments to the Zambian government that last year to taled $144 million from Roan Selection Trust alone, net income for the recent fiscal year was $69 million. For the first nine months of that year the dividends were $21 million or 46% of net income. Therefore a very considerable capacity exists for payment of dividends to both old and new owners, even after Zambia's very heavy taxation...
...banks started curtailing purchases of municipals in order to conserve funds for loans to corporate clients. Municipal-bond prices dropped, and interest rates on outstanding bonds rose from an average of 4.85% in December to 6.37% in September. Laws in several states, notably Pennsylvania, Michigan, Florida and California, forbid payment of that much interest on new bonds. Those states, and their local-government units, have been unable to float new issues. Last week local governments failed to sell $142 million in public housing bonds paying 6% interest -even though they were backed by the credit of the Federal Government. Proceeds...
...Riviera society. Most of the well-heeled guests at the charity affair knew the entertainer's depressing story of debts and eviction, an unpleasant irony that was not lost on Prince Rainier and Princess Grace. Since then the couple has contributed 10,000 francs toward a down payment on a new home for Josephine and her "fraternité universelle" -twelve adopted children of all races and nationalities. The St. Louis-born singer and her brood, after losing their chateau in the south of France, have now moved into a lovely white villa on the coast at Roquebrune-Cap-Martin...
...idea is popular with parents, who find that inflation has made extra cash scarce. Charging on the card often amounts to an interest-free loan for several months. Reason: banks take time in processing the bills, and payment is not due until 25 days after the billing date. Even then, payments can be spaced out, though interest charges amount to as much as 18% a year. Such steep charges can make the cards quite profitable for banks...
...Alaska held a down payment of $180 million; the rest is due in ten days. To cash the checks through ordinary bank channels would have required four days, and cost the state $180,000 in lost interest. But this was no ordinary transaction. The Bank of America chartered a jet (for $23,000) to carry the checks east to be cashed in time to be invested in Treasury bills the next morning...