Word: armaments
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Causes. "The main causes of this Depression came from outside the U. S. . . . our wild speculation, our stock promotion, our loose and extravagant business methods, our unprecedented drought . . . the malign inheritances of the Great War . . . huge taxes . . . mounting armament . . . over-rapid expansion of production, collapse in price of many foreign raw materials ... the demonetization of silver...
...applied by hand. Petty officers sentenced flip seamen to this tedious work as a disciplinary measure. But last week the holystone passed out of U. S. Naval tradition. The new 10,000-ton treaty cruisers are being built as lightly as possible to carry the heaviest possible armament. Even the aluminum beams are whittled away wherever safety permits. The decks, made of expensive teakwood, are only 2 in. thick (compared to the 4-2-in. pine decks of U. S. Liners). Announced Secretary of the Navy Adams: "The use of holystones wears down the decks so rapidly that their repair...
Scot Henderson, courting European favor, made a long speech contradicting President Hoover's intimation to the International Chamber of Commerce that armament costs rather than high tariffs are the particular cause of Depression about which something should be done at once (TIME, May 18). "Among causes contributing to World Depression." cried Free-Trader Henderson, "the magnitude and high level of protective tariffs rank first and foremost...
...prospects for a truce between France and Italy as regards naval armament have dimmed considerably since the incompatible demands of the two countries have been made known. France has demanded a greater number of replacements before 1936 than Italy is willing to grant, while the ratio of French submarine tonnage to the English cruiser and destroyer is a possible source of trouble. To those in closest contact with the situation, there has never been much hope for a satisfactory solution...
...mimic sea battle, what made his swivel chair doubly uncomfortable in the Navy Department, was the fact that for the first time Naval strategists had so arranged their war problem that the full defensive power of aircraft would be truly tested. One side was made top-heavy with sea armament; the other's strength was in the air. At stake was everything "Dave" Ingalls had worked and talked and planned for during his two years in office...