Word: exports
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Dates: during 1930-1939
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Several years ago Martini & Rossi, who used to have a virtual monopoly of the export trade in Italian vermouth, received violent competition from the enterprising younger firm of Cinzano. They plastered the billboards and fences of France and Italy with Cinzano posters, cut deep into Martini profits...
Commodity prices were the week's gloomiest news. Sugar sold at an all-time low of 1¢ a Ib. when Cuba's crop was estimated at 3,061,000 tons, about 800.000 more than expected. Copper sold at 6? for export, a record low, while domestic sellers offered it at 6¼, equal to the bottom price, and one offered to throw in 50 shares of Anaconda or Kennecott with each 1,000-ton purchase. Rubber (of which there is reputedly a 16-month supply in the U. S.) plunged through its old low of 4.1^ per Ib., when the February...
...countries borrowed abroad on a large and even reckless scale. When prices collapsed, these countries experienced great difficulty in meeting their foreign obligations and were compelled, in order to conserve their gold supply and to limit the depreciation of their currencies, to restrict their imports and to control the export of gold...
...Even six months before our tariff became law, Argentina, Australia and Brazil took extraordinary steps to control the export of gold. The desperate plight of many debtor countries plainly required that every possible aid should be given them to preserve their credit and to meet their obligations by selling goods rather than by exporting gold. This was desirable not only on account of the debtors themselves but of the world as a whole, since depreciation in some currencies tended to pull down the general price level and to intensify the depression throughout the world...
...through the world, did not deliberately seek to undo its work and to accentuate the depreciation of many currencies, such was the net result of our tariff. If the drastic decline in interest rates here and the premium on dollar exchange had not produced during 1930 a record-breaking export of short-term funds from the United States, our pull upon the world's gold supply would have been far more disastrous...