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Domestic News
November 23, 1960
The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
The U.S. government's efforts to reduce the balance of payments deficit face a $307 million setback if Ford Motor Co. proceeds with buying its British subsidiary, Ford Motor Co., Ltd., for $361 million, mostly paid to foreign shareholders, worsening the gold drain.
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Full Text
Ford Plan to Buy British
Subsidiary Will Add To
Drain of U.S. Gold Supply
WASHINGTON, UP The government’s battle to stem the gold
drain and reduce this country’s
balance of payments deficit will
get a $307 million jolt if the Ford
Motor Co. goes through with its
plan to buy Ford of England.
The gold drain stems directly
from the payments deficit, which
represents the difference between
the amount that Americans pay
out abroad and the
amount received
from foreign sources. As
foreigners collect more
dollars
than they pay out, they use some
to buy American gold.
Ford of the United States
is
offering $361 million for complete
control of its British affiliate,
Ford Motor Co., Ltd. U.S. Ford
already owns 55 per cent of the
common stock of the British com-
pany.
If the deal goes through, most
of the
$361 million will be paid
to foreigners since they own most
of the
shares which
U.S. Ford
wants
to buy.
This would add
directly
to
the
payments deficit.
Subsidiary Will Add To
Drain of U.S. Gold Supply
WASHINGTON, UP The government’s battle to stem the gold
drain and reduce this country’s
balance of payments deficit will
get a $307 million jolt if the Ford
Motor Co. goes through with its
plan to buy Ford of England.
The gold drain stems directly
from the payments deficit, which
represents the difference between
the amount that Americans pay
out abroad and the
amount received
from foreign sources. As
foreigners collect more
dollars
than they pay out, they use some
to buy American gold.
Ford of the United States
is
offering $361 million for complete
control of its British affiliate,
Ford Motor Co., Ltd. U.S. Ford
already owns 55 per cent of the
common stock of the British com-
pany.
If the deal goes through, most
of the
$361 million will be paid
to foreigners since they own most
of the
shares which
U.S. Ford
wants
to buy.
This would add
directly
to
the
payments deficit.
What sub-type of article is it?
Economic
What keywords are associated?
Ford Acquisition
British Subsidiary
Gold Drain
Balance Of Payments
Us Economic Deficit
Where did it happen?
Washington
Domestic News Details
Primary Location
Washington
Outcome
$307 million addition to u.s. balance of payments deficit; most of $361 million paid to foreign shareholders
Event Details
Ford Motor Co. plans to buy complete control of its British affiliate, Ford Motor Co., Ltd., for $361 million, owning 55 per cent already; this would pay most funds to foreigners, directly increasing the U.S. payments deficit and gold drain.