'ICI' is definitely a strong possibility. Can't distinguish between it and 'icy eye' based on sound, but it would fit since it may have been in the financial headlines in the early '60s since (according to Wikipedia) "[the chairman's] reputation was severely damaged by a failed takeover bid for Courtaulds in 1961–62". I suggested above that 'the Chronicle' refers to the News Chronicle which folded into the Daily Mail in 1960; so maybe he's just referencing financial events of the time?

Maybe the mystery line before that is also referring to a company or something? Don't know of any company back then called 'Ascension' though...

@Jeri
Agreed on 'with' instead of 'full of' and 'you ought to lie' not sounding right. Not sure about 'July'; could it be 'all July' or 'old July' or something? But it still sounds a bit more like 'lie' to me
Re: MatchLyric, I think that's just taken the lyrics I had posted on Genius and removed the '[?]'s from where I didn't know the lyrics.