Word: importance
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Dates: during 1940-1949
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Ottawa gave one more small sign last week that it could be moved. With cabbage selling (where it could be found) at an average of 15? a lb., Doug Abbott lifted the import ban, took steps to bring the price down...
After long talks, Rene Mayer made one concession in the final plan he announced at week's end: France would permit no open trading in the pound. But it still might be possible for dollar-holders (e.g., U.S. traders who import from Britain) to buy francs on the open market, use them to get sterling credit at the official rate through a French agent-in effect, getting a pound for about $3. The British feared that dollars would be diverted from Britain to France, that Britain's booming export trade would bring in fewer dollars than Cripps...
Except for the assurance that France would try to stop cheapening of the pound, the French went ahead with the" Mayer plan. They pegged the "official franc" at about 214 to the dollar for use in the export-import trade, planned to set up a free market for trading in dollars...
...fixed in a week or two; controls on butter, to peg it around 73? a lb.; controls on certain types of fertilizers and a rollback of the price of chemical ingredients; extension of the government's price-control powers for another year. The government might even import butter from New Zealand. Rent controls would continue...
...futures was resumed for the first time since 1941, the price fell to a low of 3.63? a lb. (Last August the world spot price had been 8.5?.) The big fall was due to prospects of a huge crop in Cuba, little buying by Europe and a 1948 U.S. import quota smaller than Cuba had hoped for. In a few months, after U.S. refiners had used up their stocks, the drop would bring down retail prices...