Word: deficits
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Dates: during 1930-1939
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...presidency fell vacant, the disgruntled directors put Salesman Sandy Calder in the job on six-months' probation. He cut salaries and expenses $100,000 at once, shifted to imported pulp, at year's end had a neat $112,500 profit. A price war next year produced a deficit again, but since then Union has enjoyed steady profits. However, to take the drastic steps needed to catch up with the bag revolution, Sandy Calder needed control of the company. He and Brother Lou Calder, now president of Perkins-Goodwin, bought Union common stock steadily...
Instead of blasting the King's representative in Ontario as he had planned, Premier "Mitch," after the first paroxysms of his triumph, began behaving like the canny farmer he is. at heart. Claiming his Conservative predecessors had left him a budgetary deficit of $3,734,000 which they "falsely represented" as a surplus of $476,000, "Mitch" started balancing Ontario's budget by cutting his own salary as Premier from $12,000 to $10,000, cut his Cabinet Members from $10,000 to $8,000. Further slashing reduced Ontario Government salaries all along the line, cuts in some...
...week they were desperately ordering from abroad not scrap iron but finished steel (more quickly convertible into war materials) and to pay for it they were already beginning to ship abroad quantities of Japan's small store of gold. Internally the Government launched 200,000,000 yen of deficit bonds, announced it would be necessary "to readjust [private] investment capital," presumably a euphemism for a capital levy. The Knife of War was about to slit China's throat but it was also about to slit Japan's purse...
...Deficits. The fiscal 1937 deficit of $2,707,000,000 is only about 60% of fiscal 1936's deficit of $4,361,000,000. This is the smallest deficit since the New Deal began, but it is the seventh successive annual deficit...
Sermon. Franklin Roosevelt at press conference before the fiscal year-end delivered a little sermon. He pointed out that this seventh annual deficit would bring the public debt to the all-time high of $36,400,000,000. He preached, however, no hellfire to inspire reformation, but dwelt on mitigating circumstances. One cause of the rising public debt was the sterilization of gold. The Federal Government has borrowed to buy no less than $1,050,000,000 in gold coming from abroad in order to prevent its exercising an inflationary effect on U. S. trade. Since the Government has this...