THEIR DAILY BREAD.

Auckland Star, Volume LVII, Issue 26, 1 February 1926, Page 7

THEIR DAILY BREAD.

ENORMOUS U.S. MERGER. PHILANTHROPIST AT WORK. MAN WHO LOVES MANKIND. (By Cable.—Press Association.— Copyright.) (Received 12 noon.) NEW YORK, January 31. The unobtrusive filing of papers, incorporating the Food Products Corporation, with a capitalisation of 200.000,000 dollars, disclosed the plans for one of the largest commercial combinations in the w-orld, involving a gigantic merger of 157 baking establishments, producing one-tenth of the bread consumed in the United States. It is also a unique business incorporation specification, by which the profits, after preferred but before common stock dividends are paid, may be used 'to promote the welfare of the American child, to make it fit mentally and physically for citizenship. The control of the corporation will be vested in Mr. William Ward, aged 41 years, whose family made millions from baking. Mr. Ward stated: ' - I have so much money, I don't want any more. I want to give it away quietly and let such donations come from the business itself." Mr. Ward recently gave one million dollars and 1000 acres of land in New York State for the establishment of an old folks' home.

The combination will enable Mr. Ward to carry out his ambition to handle every angle of the bakery and food production, from the time the grain is planted until the finished product reaches the consumer.— (A. and N.Z. Cable.)