Word: abbotts
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...million credit loan from the U.S. Export-Import Bank was not particularly disturbing, nor were the new restrictions (a limit of $150 a year) on pleasure travel in the U.S. Restrictions on imports from the U.S. were harder to take. Finance Minister Douglas Charles Abbott said they would be "temporary." But for the time being (best estimate: three to five years) Canadians would do without U.S. cars, radios, refrigerators, jewelry, candy, fresh fruits and vegetables. Even less welcome was the new 25% excise tax on goods manufactured in Canada out of U.S. parts...
Hardly a day after Abbott's announcements, shortages appeared and prices spurted. Overnight, cars were up as much as $500. In Montreal, spinach jumped from 12? a lb. to 28?, green beans from 30? to 43?, lettuce from 16? to 29?, electric toasters from $12.50 to $15.63, refrigerators from $350 to $437. The spurt brought back price ceilings this week on processed foods...
Canada's Government, well aware that its austerity schedule would be hard to take, used two of its most persuasive radio voices to sell the regimen to the people. Prime Minister Mackenzie King, speaking from London, outlined the crisis in general terms. Finance Minister Douglas Abbott followed him on the air from Ottawa with the details...
...will get a $300 million loan from the U.S. The Export-Import Bank will furnish it, if private financing is impracticable. But another $300 million must come from the savings in consumers' goods from the U.S. Devaluation of the Canadian dollar-often rumored-was "considered and rejected," said Abbott...
...When Abbott Joseph ("Joe") Liebling was six, he read in a New York newspaper that a heavyweight named Carl Morris was the White Hope to lick World Champion Jack Johnson. A couple of days later, a fighter named Jim Flynn licked the trunks off the White Hope. That was in 1911. Joe Liebling has mistrusted newspapers ever since...