Word: britain
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Dates: during 1940-1949
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...True, devaluation would make British exports easier to sell, but it would also make Britain's imports cost more in terms of sterling. Imports are already cut to the bare essentials. We are more certain that devaluation will increase the cost of imports than we are that it would increase the volume of exports. In the face of the U.S. recession, how do we know we can sell more British goods in the U.S. even if devaluation lowers the dollar price tags? If American domestic prices continue to fall, we would merely have to devalue again. The time...
...real trouble with British exports to dollar areas does not lie in exchange rates, but in Britain's high production costs. Get away from currency entirely and express these in man-hours per unit produced. The British product costs more than the U.S. product because British production is less efficient. No matter how she fiddles with the currencies, Britain cannot expand her U.S. market on a long-range basis until real costs are cut by more efficient machines, management and labor. The present crisis is a powerful pressure on British management and labor to become more efficient. Devaluation...
Good as this argument is, determined as Cripps is that there shall be no devaluation, it may come anyway. The very talk of devaluation persuades Britain's potential customers to postpone orders in the hope of being able to pay for them later in cheaper pounds...
...placid Queen Anne got tired of bouncing in a carriage over Britain's heaths watching the gentlemen of her court chase deer. She established the Ascot racecourse so that she could sit in one place and watch the gentlemen race their horses around. In the 238 years since then (right up into last week), interesting occurrences have taken place at Ascot...
...tuxedoed and evening-gowned audience that filled little Jubilee Hall at Aldeburgh on Britain's windswept Suffolk coast last week was beginning to feel self-conscious and uncomfortable. They had just learned that they could not sit back and listen to the premiere of Benjamin Britten's sixth opera, Let's Make an Opera!; they had to take part...