Word: armaments
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...Meanwhile at Bilbao and in the 15-mile swath of Rightist advance last week the Leftists had lost the richest iron mines, the largest smelters and steel mills and some of the finest munitions plants in all Spain. As any sophisticate of the armament business would expect, correspondents found that the manufacture of projectiles had not even been interrupted. The whirling lathes whined on, turning out gleaming 75-millimetre shells which would now be paid for by the Rightists, whereas a few days before they had been paid for by Leftists. Not only did Rightists attacking planes never bomb these...
...Gazing upon the trees and lawns of Matignon Palace he had heard the gospel of peace preached once more. Europe, declared the French Premier, is on the verge of catastrophe because everywhere arms are being piled up. Premier Blum's solution: let every interested power "make public their armament programs, together with the cost thereof"; let them then "agree not to exceed these programs...
Stanley Baldwin having been disposed of, the House got down to business. Up for discussion came the tax on growth of profits proposed by Neville Chamberlain in his Budget Speech (TIME, May 3). Leveled at Britain's fattened armament firms, this tax was originally designed to yield an annual revenue of $125,000,000 toward the cost of the Government's $7,500,000,000 five-year armament plan...
Pointing out that world armament ex penditures, even in terms of pre-War money, were running three times as high as in 1913, twice as high as in the 19205, the report observed: "Whatever may be said for the policy of public works in times of Depression, there can be no question about the undesirability of increased government outlay once the expansion of business is in full swing, for then there is the danger that extra stimulus may produce an unhealthy boom. . . . Considering the phase that has been reached in the business cycle, this increase comes at a wrong time...
...desk of overworked Dr. Hjalmar Schacht, president of the Reichsbank and Minister of Economics, there came last week a neatly typed memorandum signed by the presidents of a dozen large mortgage banks. The Nazi Government, they complained, scrabbling for every pfennig to pay for its fabulous armament program, has practically taken over their entire capital, making it impossible for them to issue mortgage loans, their chief source of income. If this practice is not stopped, some of the mortgage banks will be forced to close...