Word: accounting
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Dates: during 1930-1939
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Since July 27, the Department of Agriculture has made subsidy commitments on 5,700,000 bales against total exports of only 3,362,000 bales in the cotton year ended July 1, 1939. The balance of the subsidy fund should account for another 600,000 bales at $1 a bale. But if farmers, who have 3,941,950 bales in hock with the Government, start repossessing, they can flood the market all over again, break the price...
...Federal Reserve Board reports both figures weekly. Bank debits-the total of all checks cashed-account fairly closely for all the business done in the U. S., for even a cash transaction, such as an employer paying off his workmen with currency, is customarily preceded by drawing a check to obtain the cash. Bank loans are not, of course, a direct measure of inventories [because they are also used for plant expansion, payrolls, etc.], but they are an excellent gauge of the trend of inventories, for businessmen customarily borrow when they lay in larger supplies of raw materials, customarily...
...staff of the Paris Embassy last summer, Earle saw the inner workings of these dim steps to war, but more important, he talked with men of every station, from diplomatic dignitaries down. Only a few days before Germany marched, Earle visited Ambassador Biddle in Poland, and his account of feudal Poland is the high point of the book. It shows clearly the political set-up under which the Polish peasant labored and the nation's reaction to the inevitable annihilation ahead...
With no pretense of presenting an international expert's data and conclusions, Earle's book is nevertheless a valuable and very readable account of what happened before the lamps of Europe died once more. And of particular importance to Harvard, Blackout reveals what an undergraduate would see, hear, and feel of a war-bound Europe...
...Personal testimony and advice from men of recognized standing, who have been long concerned with these problems, is worth more to our ministers-to-be than formal academic courses, since a purely secular account of the facts does not satisfy the requirements of an ethical religion, even though it provides the subject matter for ethical interpretation." Dean Sperry said...