Time Clock: Capitalism in Britain

single steel complex —the five-plant United Steel Cos. Ltd., which last year produced 13½% (2,172,000tons) of all British steel — went on sale to the public last week. It was the first nationalized steel company to be offered for public sale,* thus represented the biggest step yet taken by the Conservatives to turn the industry back, as promised, to private ownership.

Former owners of United Steel got first crack at the shares, and even though the company has been modernized and expanded nearly 100% while in government hands, they can exchange, on a value-for-value...

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