Word: exports
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Dates: during 1920-1929
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...returned to the gold standard. This represents a fall of 3/16 of a cent from the previous week, and was supposed to be due to heavy British purchases of grain and cotton. U. S. bankers_ calculated that the exchange is now well below the point which calls for an export of gold from London to New York. It is expected that Britannia will draw upon credits of $100,000,000 and $200,000,000 respectively, at her disposal with J. P. Morgan & Co. and the Federal Reserve Bank, to avoid an actual gold shipment...
...plant were built, its power would be enough to supply most of New England with light, heat and motivation. Maine has a law against the export of water power manufactured within her borders. But that law is thought only to restrict fresh-water power. At a popular referendum to be held in September, the people of Maine are expected to set the restriction aside from Cooper's Fundy plan. To induce the voters to do this, Mr. Cooper has placarded the state far and wide. Sanctions from the U. S. and Canada will also be forthcoming...
During recent months, domestic consumption of copper has run about 65,000 tons a month; while the electrical industry has been taking less than previously, car-makers and railroads have been buying more. Moreover, the export demand for copper has considerably improved, especially from Germany and to a smaller extent from Britain, Belgium, Italy...
Concluding, he said: "If instead of restoring the gold standard we had regulated credit with exclusive regard to industry without troubling at all about foreign exchanges, we could no doubt have kept our export trade continuously booming at a loss until one exchange crisis after another had so undermined our international credit as to send the pound in the same direction in which the old German mark has gone...
Meantime, opponents of the Baldwin Government have not hesitated to attribute the current British business depression to this "high money policy." Prof. John Maynard Keynes in particular has assailed the gold resumption as a cause of unemployment and slackness in the British export trade. The cut in the Bank rate may be interpreted as the answer of the Baldwin Government to these charges. Yet undoubtedly the rate reduction has been really due to more serious factors, and has been justified by the strengthened gold position of the Bank of England...