Word: regularizing
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Dates: during 1960-1960
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Like some modern Moloch, South Africa's mining industry has long come to expect its regular sacrifice of human lives. And even though in good years South Africa has 15 times as many fatalities per ton of coal mined as the U.S., the fact that most miners are black men has kept the subject from becoming too important in South Africa. But three weeks after the Coalbrook rockfall entombed 411 blacks and six whites in the worst mining disaster in the nation's history (TIME, Feb. 1), the Union finally was working up a real case of public...
...Subsequently, Congress spelled it out: a co-op was totally exempt if it did half or more of its business with members and met certain other tests such as limiting dividends on capital stock to 8%. If it did not meet these requirements, it was still exempt on its regular income if it was paid out to members in cash or in shares simply allocated to them on the books. Such allocations do not bind the coops, which can redeem them in cash when and if they want to, even lose the money without a comeback from members. Only when...
...other country grants cooperatives such tax advantages: France allows no corporate tax exemption for profits paid to members; Belgium disallows allocations; Canada and Denmark levy regular corporate taxes on a minimum of 3% to 6% of capital invested. Even on the mild Denmark plan, U.S. co-ops would pay some $90 million to the support of the U.S. Government. To many tax experts it is high time they paid. Says former Under Secretary of the Treasury Roswell Magill: "The exemption may have been necessary in the infancy of cooperatives. Now that cooperatives have come of age, it is quite unnecessary...
Heller gets his own money through regular banking channels at an average interest rate of 5^¼%, charges 12% interest for his loans. Some bankers consider the rate outrageous, but Heller's customers rarely complain. Says a Minnesota businessman now negotiating a Heller loan: "The bank interest, when you consider everything, works out to 8% or 9%, and you have to keep a big balance in the bank, on which you get no credit or interest. For the service Heller performs, his rates are not unreasonable. And we don't have to call Mr. Heller...
...battle between newspapermen and TV newsmen erupted as: a) Eisenhower banned TV at his regular press conferences...